“The nice thing about not planning is that failure comes as a complete surprise rather than being preceded by a period of worry and depression.” — John Harvey-Jones If you get in a car in Chicago with the intent of driving to Los Angeles, the GPS rarely plots the California portion of the map while…
What Did COVID Teach Us About Employee Management?
Well, we didn’t see that coming! How many of us would have predicted that for the better part of two years, the entire planet has had their professional lives turned upside down due to the COVID-19 pandemic. From industries that were shuttered to millions of us forced to work remotely, our work lives have been…
Why Should an Independent C-Store Operator Develop a Policy and Procedures Handbook?
“Badges? We ain’t got no badges. We don’t need no badges! I don’t have to show you any stinkin’ badges!” – from “The Treasure of the Sierra Madre” As a small business owner, you may wonder why one would need to get organized from a policy and procedure standpoint. After all, you may only have…
How Can the Independent C-Store Improve Sales Forecasting?
A while back, a gentleman who wanted help selling his company approached me. I asked him, “So, what do you hope the purchase price to be?” He looked at me and said, “$5 million.” I then asked, “How did you come up with that figure?” He looked at me and said with a straight face,…
How the Independent C-Store Operator Can Become Operationally Excellent
Managing a retail store is tough work. Between operations, merchandising, marketing and facility upkeep, retail business owners have their hands full. Managing the details of retail is the difference between making it or not. All too often, retail owners become lax in their operation and put themselves at an unnecessary disadvantage with their customers. It…
How Can C-Stores Navigate the Post-Pandemic World?
Raise your hand if you had the word “pandemic” in your strategic plans at the start of 2020, and yet, unexpectedly, the world quickly changed as COVID-19 arrived. While convenience stores were spared total closure during the lockdowns and volumes were off – i.e., fuel – most survived. Now, with a changed landscape, c-stores can…
How Independent C-Store Operators Should Manage Capital Expenditures
When it comes to the long-term success of a business, one of the key drivers is prudent capital re-investment. Unlike operational expenses that are used to run the daily business or working capital to purchase inventory, money invested in the business that yields incremental income is known as capital investment. Generally, these investments are made…
Evaluating Real Estate Sites
Evaluating potential new sites for the multi-unit operator can be a daunting task. The operator is constantly chasing several potential opportunities — whether through new builds or through acquisitions — only to have a few select sites come to fruition. Complicating the site selection process is generally a lack of an evaluation tool that can…
Why It’s Important for the Independent C-Store Owner to do a Diagnostic Store Assessment
Conducting a diagnostic store assessment is an excellent way to gain opportunistic perspectives for your location. Walking through and evaluating your store — from the eyes of the customer — can provide both strategic and tactical ideas for improvement. Whether it’s the exterior appeal of your location or the interior product assortment, layout and merchandising,…
How Independent C-Store Operators Maintain Master Store-By-Store Databases
There comes a time in every multi-unit retailer’s business cycle that they want to launch a new product that requires a reconfiguration to their store. The challenges arise when the equipment goes to the store, and the manager asks, “where does this go?” and proceeds to find a home for it. Over time with each…