“Business with GRIP has been easy because they deliver products in a world class response time and they get us what we need when we need it. Thanks Elias!”Neil Hahn
As mentioned, I have been talking with buyers and several themes have surfaced that I believe are worth of sharing. First, we recognize that business today is very different from 10 or 20 years ago and our customers have many choices where to spend their money so we work every day to deliver massive value to our customers.
The internet has changed our world and yours too. Amazon has created a set of expectations around delivery time (Think Amazon Prime) and buyers bring these expectations to work. Here are just a couple of things to think about while you are devising ways to grow your business.
TIME is Money
One of the many things that have changed is that everyone is so incredibly busy. And the buyers that I have spoken to think that it is very important to get their needs addressed quickly. When they need new products, delivery time matters. Faster is better. When they have an issue, they want it taken care of on the first call. Velocity is a competitive differentiator and we have taken this to heart as we continue to speak to the changing needs in our industry. While I consider myself a family man, I see this same change at home with my kids. They are wired with mobile phones, iPads and always on internet. I can’t wait to see what things are like 10 or 20 years from now. That is the topic of this new book that I am writing, The Future of Retail, and you can sign up for a free publisher’s copy of the book HERE.
ORIGIN: Time is money, a phrase used first by Benjamin Franklin in Advice to a Young Tradesman 1748
CASH is King
Another topic that comes up often when speaking with buyers is how important cash or money is when building a retail business. Managing cash flow can make or break any business but in retail, this issue is magnified, especially if the buyer has not properly forecasted sales. Too much product in inventory is CASH sitting idle, not moving and can be the kiss of death. Not enough inventory results in lost sales, many times to competitors.
We understand this issue and work diligently with our customers to help them with forecasting and many times can be a partner by keeping back-up inventory on hand. This strategy along with our net terms to our clients can make a big difference in cash flow for the retailer. We too must always be concerned with this. However, this ability for the retailer to test new products without making a huge inventory commitment is an important part of the value proposition that we deliver.
By Elias Amash