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Measuring for profit PDF Print E-mail
Written by Michael J. Knell   

FROM THE HGO MERCHANDISER

There's an old cliché which goes: Only that which can be measured can be improved. That's particularly true for the independent furniture, mattress and appliance retailer looking to improve the bottom line in a tough economy. Figuring out what to measure, how to measure it and then using the results to devise strategies for improvement is perhaps the most important service the Dufresne Retail Solutions Group, or dRSG, believes it offers to its members.

"Ours is a pretty simple business," dRSG director Steve Braniff says. "We need to create traffic, and once those people are in the store, we need to convert that traffic into sales."

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Steve Braniff
But the reality of succeeding with that simple idea is fairly complicated and often stressful for independent retailers.

"That's because they're juggling a number of different priorities every day, and everyone feels their concern is a high priority," Braniff says. "What we do is help them cut through the noise and stay focused on what's important - the make-or-break issues that happen in every business."

He says dRSG has developed what it believes to be the most effective metrics program being offered to independent retailers. It measures every key aspect of running an independent furniture store, and helps store owners understand the business and know what needs to be improved.

"This is an inexpensive program. The financial investment required is minimal relative to the potential, and once it's done the first time, the ongoing time investment is also minimal and can be handed off to a manager," Braniff says. "What it does is provide a structure or framework for the store owner to monitor."

The program focuses on four key elements: store traffic, the capture rate, the closing rate, and the average ticket (in dollars). "A 10% improvement in any one of these areas will result in a 10% increase in sales," Braniff says.

Read our complete report, Measuring for Profit, beginning on Page 34 of the Spring 2012 edition of the HGO Merchandiser. Click here to download your copy.

 

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Picture of the Day
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Jim Caldwell (far right), president of The Brick, kicks-off the retailer’s campaign to raise some $100,000 for Children’s Miracle Network hospitals in Canada. The campaign, which ends in February, is centred on the sales of Brickley Bear (left), a new stuffed toy created by Gund. Click here to read our full report.


 

 

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