Retail Trends & Strategies


  • Better market positioning: This involves more careful identification of market segments and providing service superior to that of competition.
  • Market intensification: This involves clustering more stores in the same metropolitan area and contiguous markets.
  • Secondary markets: Expansion will be increasingly focused on secondary markets  of under 100,000 population because there may be less competition from larger retailers, and costs, such as wages, may be lower.
  • Differences in store size: Retailers will have a more flexible portfolio of different sized stores depending on the size of the community and existing retail competition. More use of second-hand space will occur because this can result in savings of 30 percent or more in rent.
  • Productivity increases: The application of central checkout, self-selection, and low gross margins to areas of trade where these techniques have not been used before will occur. Look now at toy supermarkets, home-decorating centers, and self-service shoe stores.
  • Fewer product options: Product lines will increasingly be consolidated, and new product development will be cut back.
  • Service growth: Services retailing will continue to grow as a percentage of total retail sales. Services already represent about 50 percent of the gross national product.
  • More mergers: Increasingly, smaller and weaker firms will be absorbed as more retail outlets struggle to survive.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Sales Secrets


  • You have to be honest;
  • When making a proposal to somebody, put yourself in the shoes of that person;
  • You’ve got to know your business. Constantly increase your knowledge;
  • You must work. If you have all the knowledge in the world and are the most honest person, if you’re going to stay home, can you make any business?
  • Never, ever get discouraged and disappointed. No matter what business you’re in will have ups and down. Don’t think this is the end of the world.

As Fortune magazine puts it, “Of all the big time insurance salesman, Mehdi Fakharzadeh must surely qualify as the most improbable. For although he has lived half his life in the US, he continues to struggle with English language. Yet Mehdi has achieved fantastic success—because of his honesty and his extraordinary instinct for serving clients personally.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Highly Effective People and Organizations


Why don’t highly effective people always run successful organizations? And why aren’t all successful organizations run by highly effective people?

We have all seen successful organizations being run by people who don’t come close to being highly effective, whilst people we know to be highly effective sometimes work in unremarkable, underperforming companies.

What is going on then?

The answer lies not in re-examining the laws that govern personal effectiveness but in reviewing the similarities and intrinsic differences between highly effective people and organizations. So where do we start?

We know that highly effective people:

o     Control all decision-making from one place – their brain;

o     Coordinate thought and action centrally in their brain and can make their mouth, hands, feet and everything in between do what they want when they want;

o     Have a single mouthpiece; and

o     Are driven by a single social paradigm – the character ethic.

Organizations, on the other hand:

o     Have multiple decision-making points and use multiple decision-making criteria:

o     Cannot centrally control every aspect of their operation;

o     Struggle to send uncorrupted messages from the center outwards and are often unable to receive incoming messages from distant parts of the organization at all;

o     Are driven by a variety of conflicting influences;

o     May try and influence behavior through corporate values without defining and weighting underlying motivations, failing to make them either relevant or meaningful to anyone apart from the team that created them;

o     Are unlikely to be able to manage relationships in a consistent manner without making a determined effort to do so; and

o     May have a leadership team covertly hostile to each other’s motivations, beliefs, individual social paradigms and ideas about corporate culture.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Managerial Accounting


Managerial accounting refers to the internal use of accounting statements by managers in planning and directing the organization’s activities. Perhaps management’s greatest single concern is cash flow, the movement of money through an organization over a daily, weekly, monthly, or yearly basis. Obviously, for any business to succeed, it needs to generate enough cash to pay its bills as they fall due. However, it is not at all unusual for highly successful and rapidly growing companies to struggle to make payments to employees, suppliers, and lenders because of an adequate cash flow. One common reason for a so-called “cash crunch” or short fall is poor managerial planning.

Managerial accounting is the backbone of an organization’s budget, an internal financial plan that forecasts expenses and income over a set period of time. It is not unusual for an organization to prepare separate daily, weekly, monthly, and yearly budgets. Think of a budget as a financial map, showing how the company expects to move from Point A to Point B over a specific period of time. While most companies prepare master budgets for the entire firm, many also prepare budgets for smaller segments of the organization such as divisions, departments, product lines, or projects. “Top-down” master budgets begin at the top and filter down to the individual department level, while “bottom-up” budgets start at the departments or project level and are combined at the chief executive’s office. Generally, the larger and more rapidly growing an organization, the greater will be the likelihood that it will build its master budget from the ground up.

Regardless of focus, the major value of a budget lies in its breakdown of cash inflows and outflows. Expected operating expenses (cash outflows such as wages, materials costs, and taxes) and operating revenues (cash inflows in the form of payments from customers and stock sales) over a set period of time are carefully forecast and subsequently compared with actual results. Deviations between the two serve as a “trip wire” or “feedback loop” to launch more detailed financial analysis in an effort to pinpoint trouble spots and opportunities.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Learn the Language


If you are going to spend a year or more in a country—definitely, absolutely, do your utmost to learn the language. It will make a tremendous difference to your state of mind. Ability to understand the local language seems to play a major role in adjustment to culture shock and personal success in a foreign world.

It is not clear why speaking the language makes such a big difference, but it does. Obviously it makes getting around a lot easier. In hundreds of moments of struggling to get something done, from shopping to household repairs to getting directions, just knowing some of the language removes huge portions of aggravation and helps you gain a sense of safety and self-assurance. When people around you are babbling away in a foreign language, you become vaguely insecure and feel isolated. Knowing the language gives you a sense of mastery in situations where you may feel vulnerable.

The more process of learning the language gets you more in tune with the culture, and breaks the ice, putting you in the right frame of mind to adjust. In some places, speaking a second language is important to enhance your image as a well-bred, educated person—you may be somewhat better off if the language you learn is not the language spoken in the country.

The frequent traveler should think about learning languages too, of course, depending on the amount of travel and bilingualism of the business community. Speaking a language fluently can permit you to attain levels of relationship and business advantage unattainably by someone who doesn’t.

Fluency in the language will allow the traveler into otherwise exclusive realms of local business. The process of negotiation often depends on behind-the-scenes information flow.

Learning the language is no substitute for learning the culture and appropriate behavior. People who are fluent in a language but not sensitive to the culture can make worse mistakes, perhaps because the local experts more of them. And there are dangers in speaking a language if you are not competent in it. Not knowing the nuances of words or being careless with intonations, you might say things you don’t mean. In most languages, some common words have extremely vulgar meanings if pronounced incorrectly. Or you may hear unintended meanings.

If you don’t speak the language well, it is best to reveal that you have made the effort to learn—but then rely on English or an interpreter. Experts advise that is generally best to speak the language for socializing and daily activities, but not when transacting business. As a rule of thumb, if you are not fluent and your foreign counterpart does not speak fluent English, always transact business with an interpreter. Traders who meet frequently with foreigners say that while English is the business language around the world, buyers are far more comfortable talking in their native language, and even if they can speak English, it is often better to have an interpreter. They don’t have to struggle so hard, and it puts them at ease.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

The Pregnant Pause


The use of the pregnant pause in selling is very much like fishing with a net. You put some bait in a net and silently wait for a fish to swim in.

Once you get to the point in a sales pitch where you have asked for commitment, don’t speak again until the other person has replied in some fashion. Don’t restate your case. Don’t lobby. Don’t tell him you know it’s tough decision, but …

The buyer may be struggling with his decision and conducting an internal dialogue with himself. Don’t help him out. If he asks a question, answer monosyllabically. Even if the silence is deafening, just let it sit there.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight

Previous Older Entries