Real Retail TV: 12 Traits Of Successful Retailers

In almost 36 years– it’s hard for me
to even say that. But in almost 36
years of retail, I have observed thousands
of independent retailers and what I’ve
found is that there are 12 traits of super
successful independent retailers and if you want
to know what they are so that you can benefit
from this information this episode is for you. [MUSIC PLAYING] So for 19 years, I owned
the Mackinaw Kite company. My own retail business
for almost 17 years. I’ve been here at WhizBang! Retail Training and I’ve worked
with and talked to and spoken in front of
literally tens of thousands of independent retailers. And the best of
the best are this– the 1st trait is
that they are brave. To open a store, or to buy
an existing retail business, or to take over an existing
family retail business takes courage. And you have to bring
courage every single day when you’re an independent
retailer don’t you? There’s payroll to meet. There’s cash flow issues. There’s staff problems that
you don’t want to deal with, but you have to be brave. You have to have courage and
the best independent retailers are brave. They have courage. And because they are brave,
they have confidence. Confidence is the 2nd trait. You see courage is like
a muscle and the more you use it, the stronger it is. And the more you
fight through the fear and do what you need to
do the more confident you become in your abilities,
in your mentalities, in your mindset. So the best
independent retailers are brave and confident. They’re also proactive. Being proactive
is the 3rd trait. The best independent retailers
don’t wait for things to come to them. They bring it. If something needs to
be done, they do it. They find a way to
make things happen. And not only do they find a
way to make things happen, they take responsibility. Responsibility is the 4th trait. They understand that
what happens good and bad is a result of the
decisions they make, the actions they take, and
the way that they think. They don’t blame the economy. They don’t blame the government. They don’t blame their vendors. They understand
that it’s on them. Which leads to the 5th trait. They’re problem solvers because
the best independent retailers are taking
responsibility, they know that if things aren’t
working the way they are supposed to they have
to go out and find a way to make it better. When things aren’t right,
they make them right. They find a way to
solve the problems. Which leads to the 6th trait. They’re learners. You see almost anybody
can figure something out with brute force, with
effort, with time. But the best retailers
recognize that someone has done it before them. They recognize if there’s ideas
out there that can bring them to the next level. They recognize that they
don’t know everything, so they go to the
best conferences, they read all the
best books, they invest in the right programs
and products and services. They’re always learning and
because they’re always learning they are constantly improving. And constantly improving
is the 7th trait of great independent retailers. They’re always getting better. Getting better is part
of their retailer’s DNA. They’re never satisfied. They always want better. They want a better team. They want better displays. They want better profits. They want to have more fun. They want to give their
customers a better experience. So that challenge of
improving is what drives them. It makes them great. It also leads them
to the 8th trait which is they embrace change. You know retail is changing at
the speed of light right now, and the best independent
retailers do not fight it. They don’t live in the past. They recognize
that the future is theirs to own if they
just go out and grab it. So change is part of
their entrepreneurial DNA. They recognize that change
represents opportunity, and they are willing to
grasp that golden ring. The 9th trait is
that they keep score. They’re very, very clear about
what they’re trying to do and they’re making sure
that they are making definite steps towards it. They look at their numbers. They manage their inventory. They pay attention to the
ROI from their marketing. They pay attention to
what their team is doing. They keep score. They understand that if you
measure it you can manage it. And if you manage it,
you can improve it. The 10th trait is my favorite. I love independent retailers. I especially love successful
independent retailers, and the most successful
independent retailers are generous. They understand that they
are part of something bigger than themselves
and they are anxious and willing and
enthusiastic about giving back. They give back to
their community. They’re generous with their
associates and their team members. They’re generous
with their customers. Generosity and
reciprocity are part of the way that
they think and act and they understand
it intuitively. The 11th trait is they
take the long view. They recognize that Rome
wasn’t built in a day. A training program isn’t
built in an afternoon. That a customer is more
than a transaction. A customer represents
lifetime value. They understand that if
you do a promotion once and it’s not as
good as it could be that if they stay with it
that in a couple of years that promotion is
going to be awesome. So they’re past
thinking in the moment and they’re looking
at the future. The 12th is that they work hard. The best independent
retailers work hard and I might add work smart. But they’re willing
to do the work. They’re willing to
put in the long hours. They understand that
hard work pays off. And then here’s the bonus trait. The best independent
retailers not only work hard but they play hard. They understand that their
business serves them. They understand that they’re
putting in all this work. They’re putting all this energy. That they’re devoting
so much time and passion into this thing and that
it should serve them. That they deserve vacations. Nice vacations, long vacations
that they deserve the best that life has to offer. And because they’ve made
the investment up front, they have no problem having
a good time at the end. So there it is. 12 traits of the most successful
independent retail business owners with the bonus. The bonus of play hard. So here’s your action plan
should you choose to accept it. I’d like you to take
out a piece of paper and go through this video
again and rate yourself on a scale of 1 to 10 for
each of the 13 traits. How do you stack up? What is your score? Because let’s remember again
that if you can measure it you can manage it. If you can manage it,
you can improve it. And if you start to be better,
to work harder, to do more, you’re going to have a
more successful business and a better life. So I hope you found it helpful. If you haven’t signed up for our
WhizBang! tip of the week yet, I’d encourage you to go
to and sign up. Every Wednesday, you’re going
to get great information in your inbox. Information that will help
you grow a better business. So as always, I
appreciate your likes, your comments, your shares. And I’m Bob Negen and
I’ll see you next time. Group buy. Doing what’s that? It wasn’t that good anyway. I’m sorry if you can– let
me start that one over. That really make for
a successful retailer. And if– that wasn’t good. I was going to hope I
was going to nail this. So for the blooper
reel, I could go ha.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *