Listen and Learn From Others...they really like to help

There we were in November 2008 with only one income. Not the age to collect, not the age to be hired particularly, if we even wanted to be hired somewhere, but with a small successful retail business that we were still rounding the learning curve with. The key word there is successful. We needed to keep it successful.

One of the first things I did was draw on my marketing background and from some very smart people that I had met at a few networking events to realize that there was something to the social networking or “new” marketing as I referred to it. I had explored some, created accounts in some but I was not focused or working any of them. Thanks to people like Gayle Tabor who is part owner of Glynnes Soaps and owner of Biz Buzz Social who sat down with me and helped me understand Twitter and to Action Coach Reggie Shropshire who reinforced the value of these “Free” marketing tools such as Facebook, Merchant Circle, and Twitter for networking and brand building. I’m a good listener and quick learner. My advice is to take every offer of assistance seriously and make time in your already busy business schedule to learn from others.

One of the first things Mike did was look at our expenses. Wow…we needed to give ourselves a military high and tight buzz cut. We were ordering too much art with each artist order. We were using our credit line to seasonal buy in quantity. We had too much on our shelves. We were doing very little true sales projections. Our packaging supplies were over ordered. We agreed to advertising opportunities too readily. We ate out too much. We were buying and giving our logo brand t-shirts away. The list went on… Mike’s advice is list your expenses or print them if you are using a program like Quickbooks and go down the list to see where a change can be made even a small change to start.

For us it was inventory. We were paying for art that might last us 2-3 months on display or in stock on shelves above the shop. We adopted the not so new JIT - Just In Time order philosophy. Each time we had to order we negotiated lower minimum order requirements from our artists and Net 30 terms. We might order more often through the year but we would not be tying up cash and we had a month to sell it before we had to pay for it. From end of year 2008 to end of year 2009 our inventory valuation dropped 37%.

That was a step in the right direction and only one of the steps we took moving into 2009.

Our advice…take some steps in 2011 to continue your success and be open to advice and help from others.

post 3 of It's a new year, it's a new blog...

Our Wake Up Call

year over year change in retail sales, source: census bureau

Looking back is always easy. It’s looking ahead that is tricky when you are a small business that relies on the consumer. But looking back for me is important in assessing what was working and what wasn’t working. 2007 when we purchased our fine hand-crafted glass shop the economy was still strong, though those watching the indicators saw the dominoes shaking in place. Mike and I knew very little about retail and jumped in head first with excitement. We ordered too much and we planned too little. We simply loved selling beautiful art glass, interacting with people and were caught in a high of owning our own business together. Even the beginning of 2008 lulled us down the same path of stocking the shelves, adding artists and not asking what if?

It really took the October 2008 stock market crash to wake us up. That was a good thing actually for us when I look back now. At the time it was devastating. Our comfortable bubble burst. Our savings took the hits of the shattering stock market. Consumers abruptly zippered their wallets and tightened their belts. If we had maintained the same modus operandi at Crescent Moon we surely would not have survived the recessionary period in 2009 and 2010.

Looking back, I can clearly see our weaknesses:

1. Overstocking product – tying up cash
2. Didn’t pay attention to cash flow as closely as we should have
3. No business plan or setting our goals
4. Taking the economy for granted
5. No marketing plan – operating on a hit or miss plan
6. Didn’t understand our client clearly

But we were having fun! Thankfully we both have solid business backgrounds that we could draw from when we finally opened our eyes in the retail reality world.

Looking back, I can clearly see our strengths:

1. Educating ourselves on art glass and techniques of the trade
2. Building solid customer service practices
3. Drawing on our backgrounds in Marketing (me) and Operations (Mike)
4. Attending every free seminar that came our way
5. Willingness to work hard
6. Solid partnership with each other

November 2008 we woke up and put our thinking caps on.

New small business journal started January 10, 2011 - check the archive

A New Year A New Blog

BLOG: Many blogs provide commentary or news on a particular subject; others function as more personal online diaries. taken from Wikipedia 2011.

So I decided Crescent Moon’s blog should become the diary of the small local business, its survival, success, trials and tribulations. Why not, it’s a subject that I’m becoming quite the knowledgeable thinker on. Thinking is a lot of what I do these days to plan for productive days and profitable ways to keep our little glass shop thriving.

I will need to be purposeful with this blog, to help other small businesses by providing informational links and again by offering my thoughts on the challenges of day to day operations and decisions for a Mom & Pop. This could prove to be the best tool I use for myself to work through some tough months ahead.

So… It’s A New Year It’s A New Blog…come along and join me on this online journal.

On a personal note

On a personal note...

My belief is if you put positive energy into the universe...positive energy will come back to you. Simple. Its' root in my life is from my time as a holistic massage therapist and Reiki practitioner. I would stand along side a client and be present to offer to the best and loving support at that moment. I've experienced some strong affects to what energy work can do.

This past week the positive energy that surrounded Crescent Moon was undeniable. We were fortunate to have WECT and WWAY interview and highlight us. Judy Royal's Retail Details column in the Star News along with Encore's Magazine Gallery page photo have brought more new customers and advertising results than ever before. Our website orders were strong. Our loyal customers continue to give us compliments that humble us.

With the season of celebrating at its' cusp Mike and I celebrate the life we are living! We love our careers and we love our community. Be a positive influence and let the Universe reward you.