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Monthly Archives: November 2011

Opening Decision

Businesses make their money off selling things, and spend lots of their money on paying employees to sell things. Labor costs in my experience in the restaurant was kept right around 20% of costs, and they did whatever it took to keep they costs stay that way. On days like black Friday it is a difficult decision to choose when to open the store. If the store is open and sales aren’t good obviously the labor costs will be higher if the sales are lower. Some stores have a difficult decision to make weather to open at 10PM or 12AM or 4AM or even 8AM all times that stores open on the day of madness Black Friday.
Reason that this even crossed my mind was that when I was out at legends every store was open but Scheels. I found this very odd, considering the volume of people that was at the legends. If Scheels had been open than the store would have been packed… so I find it to be a very interesting decision that they decided not to be open late at night. Many reasons could be behind the decision not to be open late at night on black Friday. The main reasons that I could think of is to even keep that store open my guess is that it would take 75 people to keep it running even on a slow day. Considering the volume of people that would have been there that night they may have needed 100+ people to run the store. Plus consider the cost of labor that they would have to pay that many people and they would more than likely have to pay them overtime considering it would be a graveyard shift and on a holiday as well. May be all things that played into the reason the store wasn’t open. Just an interesting observation.

 
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Posted by on November 26, 2011 in Uncategorized

 

Black Friday

In the spirit of the holidays, or at least the holiday season all the stores open up early the day after thanksgiving and slash prices to kick off the holiday shopping. It has been deemed black Friday for reasons that we all know, Because your are up and out of the house when it is still dark outside of course. Everybody wants a good deal they want to go to best buy and get a $500 TV for $199 I mean who doesn’t? The famous Black Friday sales create quite a rush at all the stores every year. People line up outside hours before the store will even open. This year I think that their were people in tents outside some stores around 5PM and the stores don’t even open till Midnight. Some years people get trampled trying to get into the stores just to get their hands on one of the screaming deals.

Here in Reno the Legends outlets opened their doors at 10PM with each individual store offering their own discounts anywhere from 15% to 50% off the entire store. Granted it’s a great deal is it really worth braving the crowd to go? I was brought out their for the sales, and honestly it was the busiest I had ever seen the Legends entering a store was like being herded into a cattle truck as soon as you got in either you couldn’t even move or the lines to check out wrapped around the entire store. Great for stores business and bottom lines getting that many people in the doors that really want what you have to offer is difficult. I’m sure the storeowners wished they could do that on a weekly basis.

 
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Posted by on November 25, 2011 in Uncategorized

 

Quality Versus Quantity

Quality beats quantity, in most cases. For instance if someone is going out for a good steak dinner they would probably much rather pay the same price for a bit smaller steak that was prepared properly, cooked exactly to your liking and seasoned well versus going to a restaurant that served a lesser product. If given the option I think that most would choose this better quality product even though they must pay the price for it. Who wants to go eat and have a bad cut of meat prepared well done when you ordered it medium rare.
Point being that even if someone has to pay a bit more for you product if they see and taste in this case the superior quality of you product they will choose you over the other guys, and are much more likely to recommend family and friends to come to you if they feel the quality of their service was above and beyond their expectations. This situation is a key element in developing relationships with customers and building your clientele base. Businesses facing the challenges of today’s economy need to have a strong clientele base in order to keep their business operating with positive cash flows.

 
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Posted by on November 20, 2011 in Uncategorized

 

Current Market Challenges

The Reno market has been facing a lot of challenges since the economic downturn in 2008. Although we have faced even more challenges than that since the increase of Indian gambling in California it has taken a lot of our tourism business away. This has posed a large problem for businesses in Northern Nevada. There are many more things that play into the struggles for business in Reno. 2011 has been a very tragic year for northern Nevada residents and businesses. Starting with the shooting at Ihop in Carson, Numerous shootings in downtown Reno at or near the freight house district. The tragic plane crash at the Reno Air Races, and the shooting at the nugget in Sparks during Street Vibrations it has brought a lot of uncertainty to the local businesses.
Just today to add insult to injury there is a huge fire that started near Caughlin Ranch. Nearly thirty residents so far have lost their homes and businesses are reaching out to try to lend a helping hand to those in need. Effects of this fire have reached everyone including business owners. Just this morning I visited the Squeeze In South Reno and they were giving out free coffee with your breakfast, after we ordered the power went out and they couldn’t even serve us. There is no way to predict natural disasters, in situations such as these all you can do is keep your cool and make the best of the problems at hand. Keep your chin up Northern Nevada 2012 is right around the corner there are better days to come.

 
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Posted by on November 18, 2011 in Uncategorized

 

To Fire Or Not To Fire

In the past I have talked about the hiring process and the difficulties of choosing who to hire but equally as difficult as hiring if not more difficult is firing. The decision to fire someone may be the hardest thing that employer may ever have to do unless the employee makes it a clear decision. Meaning that they are say caught stealing from the company or hit a customer for instance.

It makes it much more difficult to fire someone when you are forced to cut your labor force. These decisions cant be personal they have to be completely professional and have some basis for why they are being fired. Weather it be they are always late or even something such as the fact that they are the least productive worker. This is where the tough part comes in, even if you may like the employee or may have some sort of personal friendship with this person it is in your professional interest to do what is right versus what feels right, for you friendship. Just as if you were to promote someone just because they were your close friend instead of promoting someone that had worked for that position for a long time. If would be unfair to promote the new guy just because he had an in with you. It all comes down to business ethics within the workplace. There is a learning curve and all things can be learned on the job its just a matter of how many people you annoy on the way their.

 
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Posted by on November 17, 2011 in Uncategorized

 

Book Review: Branding Yourself By Erik Deckers and Kyle Lacy

Branding Yourself By Erik Deckers and Kyle Lacy is a very informative well-written book that really keeps your interest. Dialogue between the authors is thrown in as well as a bit of humor and stories that breaks up the content rich text. A must read for anyone wanting to better their online presence and really make the most of social media.

 
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Posted by on November 12, 2011 in Uncategorized

 

Ethics Role in Business

Ethics plays a large role in the business world. I am a firm believer that you can only be as good as your word. Your word is your reputation if you have a bad reputation your words mean nothing and you more than likely will have a struggling business. In all reality who will visit an dishonest business and knowingly put themselves at the dishonest discression of the people who don’t even care about them, Just their money. To do something like that you must either be ignorant or just dumb.

Anybody in their right mind wouldn’t put themselves in a situation that they questioned weather they would come out of it getting what they actually paid for. Even if they had to pay a little bit more for the service that they a looking for at a reputable company they will more than likely pay for the quality of the work rather than just the economical price. Running a reputable business is key to having loyal customers. If they feel that they can trust you they are more than likely going to come back. Perception is everything, if you feel you have gotten a good deal you are also more than likely going to come back rather than going somewhere else that you don’t get that fulfillment.

 
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Posted by on November 12, 2011 in Uncategorized

 
 
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