Discover | Transform | Thrive
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 Most people believe that inventory reports provide two insights; the first when to order more stock and second how well items are selling. I learned, early in my career, that inventory reveals more than what is in your stockroom, warehouse, the refrigerator, freezer or on the retail floor. Working in a restaurant and department store taught me that. Here are three insights I learned about my business from analyzing inventory. Most people ignore the problems inventory reveal. Don't delay, address these issues immediately or they will eat away your profit. Inventory speaks, do you see what it is telling you. As you read this article, ask yourself, "Does this sound familiar?" Is it time for training? Have you noticed an increase in finished goods waste? Or experienced an increase in missing raw materials? If so, it is an indication that your employee engagement level is low or it is time for training. Higher raw material and finished goods waste is expected when on-boarding new employees but waste should return to normal quickly. However, if new employees aren't a part of the equation, this is a clear indication that technical training is needed. Or more important attitudinal training is needed. Whichever it is, be sure to address it immediately. If it is allowed to fester, it will be a costly problem to fix. Give me cash or give me your food/clothes/gear, etc. Have you noticed your stock is decreasing but your sales are not increasing? Your inventory will tell you if money or product are walking out the back door. Or you have product walking out the front. Look closely at your inventory. What is missing, in what quantity, in relationship to what else? Paying attention to these variables, they will tell you if money or products are being taken and by whom. You rely on employees to help train new employees to do the job right. Keep an eye out, because they also train each other how to take advantage. Shrinkage Are you having trouble reconciling your inventory to your sales? Missing small and moderately priced items indicates customers are walking out the front door. Discrepancies with secured and expensive items indicate an internal issue. However, the costliest shrinkage problem is a high inventory of a moderately priced item combined with a low inventory of an expensive item, as this represents several different issues. Need help analyzing your inventory? Contact Madelon Wallace; she will help you transform your company into an even more thriving business in any economy. Click here to sign up for my monthly newsletter to get business tips and updates emailed directly to you. Discover | Transform | Thrive
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 Successful leaders share seven core concepts. Some of these concepts may surprise you and others are no brainers. Let’s get right to them. 1. Clarity Successful leaders are crystal clear on what they want and don't want. They spend the majority of their time focusing on and producing in the areas that they love. They develop a top-notch team, or their TNT, to take care of the rest. 2. Continuous Learning A key tenet of great leaders is “I’m never done learning,” which keeps them relevant in their industry. However, it is their willingness to take action and use the knowledge they have that sets them apart from the crowd and thrive. 3. Constraint Leaders know when to use restraint and when to let go. Great leaders don’t blow up on a whim or when it’s inappropriate. 4. Creativity Great leaders are masters of creating something out of nothing. Their drive and determination inspire them to be innovators. They find winning solutions were others can’t. The lesson here is multitasking is a myth, at best an exception to the rule. 5. Concentration All the top leaders I’ve worked with, spoken with and those I’ve studied, credit their ability to single-mindedly focus on their goals and priorities as the number one reason for their success. 6. Courage No one can make it to the top without courage. Courage keeps us motivated, engaged and committed, which is essential to staying focused. Your courage will sustain you when people tell you that your dream is impossible. 7. Competence Great leaders are masters of their domain. They are current on trends, fads, industries and markets. This article only scratches the surface. Want more? Contact Madelon Wallace, she will help you transform the leaders in your organization into great leaders. Click here to sign up for my monthly newsletter to get business tips and updates emailed directly to you. Discover | Transform | Thrive!
 Just like you, your business has a story. Historically stories were told to engage, educate, preserve culture and instill values. Storytelling is the most powerful way to communicate. The key people to share your story with are your customers and your team. Doing so will increase customer and team engagement, deepen your customers bond based on shared values, instill company values in your team, and preserve your company culture. This article focuses on the effect of sharing your story with your customers. 1. Authenticity It is essential to share the good, the bad and the ugly of your story. This may make you feel vulnerable. Exposing your vulnerability, proves you are human. Further, it makes you more relatable and translates into authenticity. Here is why authenticity is important, it transforms customers into your brand champions. Every time they share their love for your brand, it deepens their loyalty. 2. Deeper Connection Consumers want to connect with their favorite brands in a deeper and more meaningful way. The starting point for them is to understand why a brand exists and how it came to be. The more they know about a brand’s culture and values that fit their lifestyle, the better. People enjoy experiencing their favorite brands in new and non-traditional ways. An optimal way to expand your customer's experience with your brand is licensing. Licensing is also a significant growth opportunity that is highly profitable. 3. Growth People love, understand and retain stories. A powerful story will help you stand out from competitors, it is your why and it makes your business unique. It is an easy way to connect your brand with others who share your beliefs. Would you like to build a strong bond of loyalty and trust? Share your company's story! You will be surprised by the positive impact it will have on your customers as well as your business. Authenticity promotes a deeper bond that drives growth, licensing is a way to make growth more profitable. Need help developing your brand message? Contact Madelon Wallace, she will help you develop a powerful message that will transform your company into an even more thriving business in any economy. Click here to sign up for my monthly newsletter to get business tips and updates emailed directly to you. www.SolutionsByM.com | www.MWallaceFPcoaching.com Discover | Transform | Thrive Even the most successful people, sometimes, find themselves overwhelmed. Maintaining and/or growing a booming business can be a daunting undertaking. There are several moving parts, decisions to make and challenges that can make the journey seem rough and long. After all, this is your dream and you know it is worth it.
How do you survive and thrive? Do what the most successful entrepreneurs do: call in your business coach. Your business coach will help you utilize your talents and skills with the right tools so you can navigate your own path and achieve your goals. When is it a good time to call in a coach? 1. Do you have clear goals? What do you want to get out of your business? Do you feel like you’re working really hard but getting nowhere? Your coach will help you clarify your vision and set clear goals. Clarity makes it easier to plan each step you need to achieve success. Your business coach is there to push and challenge you to be and do better. 2. Are you looking for new ideas? Do you feel like your business has become stagnant? Your coach will help you challenge the status quo and what’s holding you back. This is scary. But you don’t have to do it alone. Your business coach provides a different perspective and feedback on ideas to help breathe new life into your business. Your coach will help you figure out how to take your business from where it is now to where you want it to be. 3. Accountability, where is it? Do you find yourself getting off track? Your business coach stays focused on you so you can focus on your business. When seemingly great opportunities come your way, your business coach will help you determine if it is the right thing for you right now. Think of them as your accountability partner, keeping you focused on what is most important for you to achieve success in business and in life. Your business coach provides a confidential and safe environment for you to ask questions and explore concerns or doubts. Your business coach will help guide you in the right direction. Do you want to get to your next level of success faster than you ever thought possible? Contact Madelon Wallace, she will help you transform your ideas and company into an even more thriving business in any economy. Click here to sign up for my monthly newsletter to get business tips and updates emailed directly to you.  Most people understand demographic and geographic data. Some people understand how to apply them to their business planning and marketing. However, few people understand psychographics. Even fewer people know how to use psychographics or why it's important to understand it. If you truly want magnetic marketing, it is imperative that you get to know the psychographics of your ideal client.
What is psychographics? It is the human side of demographics. It looks at consumers attitude, values, interest, lifestyle, aspiration and behavior. Simply put, it helps you understand your customers ‘Why.’ Here are five reasons every company should strive to understand their customers' psychographics. 1. Magnetic Marketing Message: Understanding your customer’s psychographics will help you build a clear marketing message. Even better, this information allows you to make your message magnetic. 2. Stay Connected: The best way to stay connected to your customers is to focus on their wants and needs. It is also a way to motivate your customers to take action. 3. Alignment: Ensures that your values are in line with your customers. People are more likely to purchase when there is a value match. 4. Meet Customers Where They Are: Knowing what interest your customers allows you to connect with them easily. It will benefit you to advertise, promote, and sell your product or service at your customer's points of interest. 5. How You Serve Your Customers: Does your product or service fit their lifestyle? Your product/service must fill a need or desire that they feel will improve their life. Understanding your customers wants needs, interest and challenges help you connect and communicate with them clearly. Most important, it helps you stay focused on what's important to you (and that is your customer). Do you need help developing your story and marketing message? Contact Madelon Wallace, she will help you transform your ideas and company into an even more thriving business in any economy. Click here to sign up for my monthly newsletter to get business tips and updates emailed directly to you.  With the right preparation, writing an RFP is easier than you think, it can also be simple. Before you begin writing, get absolutely clear on your property’s W5H (why, who, what, when, where and how), your target audience and channels of distribution. This information will help you determine who to target as licensees. Then decide how you will communicate the RFP. Once you have this information, you are ready to begin writing. You want your audience to clearly understand your vision, who you are, and why your company exists. Introduce or update prospects on your property. Explain the situation or gap. Be careful not to give a solution. Why? The way to find the best solution is to give someone a challenge to solve and let them find the answer. A quick summary of each element to include. Why: Start by sharing your property’s story. The reason your property exists, why your audience connects with it, the current situation, gaps, and your unique selling position. Capture, in words, your property’s essence. Who: Explain who you are, your company, your property and it’s core demographic, both customers and retailers. Include your vision, values, mission and goals. What: Let your prospective licensees know what you are looking for in a licensee and what categories you want to fill. Share with them the top two to three things, that, if done right, conveys success to you. When: Timing and deadlines are very important. Include the date their proposal is due to you. When you want products in the market, when you will make your decision and all other important dates. Where: Be clear about where you want product distributed, this includes but is not limited to retail, countries and on-line. How: The format in which prospective licensees will present their proposal (i.e. in person presentation, written, etc.). Provide contact information for the person managing the proposal process. Getting questions answered in a timely manner and the proposal to the right person are important. Note: the clearer you communicate your brand and more transparent you are about your needs, the better the proposals you will receive. When done right, you will find the perfect match for you, your property and your company. Need help with your next RFP? Contact Madelon Wallace. She will help you transform your idea and company into a thriving business in any economy. Click here, to sign up for my monthly newsletter, to get business tips and updates emailed directly to you. |
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