In a recent Today Show interview, CNBC’s business anchor Erin Burnett was asked to explain the Wall Street chatter in layman’s terms, putting things into perspective. I mean sheesh…since when could you buy a share in a major oil company for less than a gallon of gas or pick up GE cheaper than a couple of 60 watt lightbulbs?
After explaining the realities of finance, Burnett made a keen observation familiar to storefront retailers everywhere, regarding the other piece of the puzzle:
I do think a lot of this is psychology. The reality is grim, and there’s going to be a shift in living standards and what we’re able to achieve in this country. That has brought a broader malaise and it’s true and you can’t deny it.
But there are still signs that we will come out of this. We’ve been calling them “crocus.” In Kansas, they’ve been having more ribbon cuttings in Topeka than they did a year ago. Restaurants, furniture showrooms. People are going about their business, and with the layoffs, you’re starting to have more entrepreneurialism.
In the Great Depression, we had the invention of the chocolate chip cookie, and it sort of brings a smile to your face. It goes to show you that in times of great crisis will come innovation and will come that creativity. But you have to try because psychology is important.
She’s absolutely right. And storefront retailers, you can be the first line of defense (see here and here). The mindset we promote with customers who walk through the door will not only be reflected in cash flow, but throughout the community.
Don’t hole up and hang onto the checkbook with a death grip. Get real. Get smart. Get educated (the 80/20 rule has never been more vital). And get moving. Make a big, sloppy, free form list of all the things you do well. All the things you sell well. And all the things customers complement you on.
Narrow the list to three of each. Then rally the troops and brainstorm about how to pump each one up, either with more visibility, more shelf space, or more active promotion. These are “feel good” nuggets that undoubtedly bring you revenue (if you’re good at something or enjoy doing something, it’s hard to be bad at it…other than singing, but that conversation’s for another day).
The longer you allow the negataive news to call the tune, the longer you’ll have to dance to it.
Sorry. Another music reference. Too much American Idol in my world.
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