MidwestLandlord
Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
759%
- Dec 6, 2016
- 1,479
- 11,229
Sort of a vague post lol
What you have listed is more mindset stuff rather than business, ya know?
The "do's and don'ts" really depends on the actual business...
And in a real business, the do's and don'ts are soft rules anyway. I've successfully done many "don'ts" in my retail B&M biz that most everyone else would think was nuts haha.
I'll give an example:
My top selling vendor is Coca Cola. 2 years ago they were trying to force a huge price increase on me during our contract negotiation. I don't mind paying more if their costs go up, it happens. But what I don't like is paying more than my competition pays, and I knew their new offer was higher than that. (especially on their storage fees)
When they refused to budge, I threw them out of all of my locations and gave their space to Admiral Beverage (Pepsi bottler)
I took a sales hit for sure. Big time. But I knew Coke would come crawling back because of my sales volume and because their prices were out of line and they knew it.
They did, about a month later...with a price that was acceptable to me.
That was a big "don't" for sure. I mean, who stops selling their top product? But it worked, and saved me ten's of thousands of dollars.
tl;dr:
DO what works.
DON'T do what doesn't work.
Rules are not set in stone.
What you have listed is more mindset stuff rather than business, ya know?
The "do's and don'ts" really depends on the actual business...
And in a real business, the do's and don'ts are soft rules anyway. I've successfully done many "don'ts" in my retail B&M biz that most everyone else would think was nuts haha.
I'll give an example:
My top selling vendor is Coca Cola. 2 years ago they were trying to force a huge price increase on me during our contract negotiation. I don't mind paying more if their costs go up, it happens. But what I don't like is paying more than my competition pays, and I knew their new offer was higher than that. (especially on their storage fees)
When they refused to budge, I threw them out of all of my locations and gave their space to Admiral Beverage (Pepsi bottler)
I took a sales hit for sure. Big time. But I knew Coke would come crawling back because of my sales volume and because their prices were out of line and they knew it.
They did, about a month later...with a price that was acceptable to me.
That was a big "don't" for sure. I mean, who stops selling their top product? But it worked, and saved me ten's of thousands of dollars.
tl;dr:
DO what works.
DON'T do what doesn't work.
Rules are not set in stone.