NZ HARDWARE JOURNAL

Aug

09

2018

Financial management, the key to success (Part 1)

The first in a series of articles on financial management to serve as a useful reference for you in the future.

Jul

06

2018

CONTROL, WHAT CONTROL?

Running a successful hardware operation requires more than experience and in-depth local knowledge...

Jun

08

2018

BETTER BUSINESS PLANNING

Our latest "Money Matters" article is about using your borrowing power to improve your business.

May

11

2018

Planning cash flow for success

How many times over the last 25 years have I heard the following from owners and managers of hardware stores?

Apr

19

2018

Succession planning (Part 3)

There’s a right way (and a wrong way) to bring family into a business...

Mar

12

2018

Are you prepared for the next 12 months?

It is now over two decades since I have been writing regular financial management articles in NZ Hardware Journal.

Feb

05

2018

Goodwill – prepare now for the future

If you are looking to sell your business at some point, I’ve said it before but it’s worth repeating – the value of the business’s goodwill will be important to the outcome.

Dec

14

2017

Succession planning (Part 2)

Another option for an owner exiting their business is to sell to a staff member or to a number of staff.

Nov

27

2017

Succession planning (Part 1)

The old saying goes: “there are only two certainties in life – death and & taxes”.

Oct

24

2017

Don’t hide behind “new technology”

As each day goes by, more and more technology is shoved in our face to make our personal and business life easier and time saving.

Sep

13

2017

Try the “one minute report”

The latest "Money Matters" column from Peter Cox addresses inventory management.

Aug

04

2017

The importance of making the right choices

The latest Money Matters column covers inventory management and choosing stock.

Jul

10

2017

THE “FIVE PS” AND THE EFFECT OF POOR SERVICE ON PROFIT

To increase profit and the value of a business, it needs to grow. Going for turnover isn't the best way to do this.

Jun

13

2017

MONEY MATTERS – GETTING YOUR FINANCIALS RIGHT

Banks and other financial institutions are tightening up credit procedures – what are their KPIs?

Apr

19

2017

How many of our “top 10” can you tick off?

The following are all things that can go wrong in businesses. How many are affecting yours?

Mar

08

2017

Is the customer always right?

Remember - you do not have to deal with every customer who wants to deal with you...

Feb

07

2017

Succession planning – are you up to the challenges?

Looking out there, as the moon follows the sun, along the timeline of every privately owned store there will come a time when the business needs to proceed “under new management”.

Dec

12

2016

Are you a risk taker or are you risk averse?

Everyone is different when it comes to making financial management decisions.

Oct

21

2016

Reducing overheads is not everything!

In my last article I said in my opening line that sales turnover is important and, for many outsiders, will be the key barometer of business success.

Sep

09

2016

Turnover isn’t everything!

Firstly turnover is important – just read the financial pages in the newspapers during the reporting season for public companies.

Jul

01

2016

Thieves – how many types are there?

Shrinkage and stealing – customers and staff aren't the only villains...

Jun

03

2016

Why paperwork = profit

One area where I believe profit is lost within a hardware store is in the goods inwards procedures.

May

10

2016

Why is cash king? Just ask Dick Smith

Do you know how to check your liquidity position? Peter Cox shows how to calculate the Cash Cycle.

Apr

08

2016

Rebates as a form of discounting

Retailers and retail groups ask for and receive rebates from suppliers, for many reasons. Usually it is a volume rebate, whereby the retailer or distributor buys up big and the more they buy the greater the rebate.

Mar

10

2016

PRICE POINTS THAT SELL PRODUCTS

Formulating a price is a balancing act – it is the outcome of a variety of factors.

Feb

17

2016

Fraud – are you protected?

Having visited many different retail businesses over the last 12 months, I have become concerned at the loss of cash and profits that I am hearing about due to fraud.

Jan

19

2016

Looking for one of our regular columns?

Looking for one of our regular columns? To help you find your way around the new website, use the following links...

Dec

11

2015

Using loss leaders – can it work?

Loss leaders fall into the category of stock that I call “cash cow” products – products with low Gross Profit Margin but with a high stock turn, sales rate.

Nov

20

2015

Inventory management: how to do it?

I am often asked by hardware merchants and retailers to nominate a software programme which will solve the perennial problem of being overstocked.

Oct

12

2015

Inventory management – being good at it

Over the last 12 years of writing in this magazine I have repeatedly banged the drum on improving inventory management.

Sep

15

2015

A different path to inventory analysis and planning

It is 2015 and still many hardware stores are not planning their purchases nor do they have an idea of exactly how much stock they should have in the store or by department or stock line.

Aug

05

2015

Using profit sharing to increase add-on sales

Over the last decade I have commented in this publication that generally you won’t get ahead if you discount to increase sales.

Aug

04

2015

The dangers of discounting

Why is the hardware / trade industry endemic with what I call uncontrolled discounting?

Jul

01

2015

Get it right cash flow, sales & profit

When one looks at the day to day operations of a hardware / trade store, the focus should be on financial management.

Jun

01

2015

How to make every Dollar count

Survival in hardware is knowing exactly where every Dollar is being generated and making every Dollar count.

May

01

2015

How to keep your hardware store liquid

There is more to good financial management than simply keeping an eye on break-even performance. The list of key performance indicators you can monitor runs into the hundreds.

Apr

01

2015

Choosing the wrong partner: making a practical choice

A rule of thumb I have always been taught and have seen in real life is that good friends make poor business partners. Like oil and water, business and social relationships simply do not always mix.

Mar

01

2015

Hurdles in hardware (Part 2)

In the last issue I examined four of what I see as the top 10 pitfalls in operating a hardware store: competing on price alone; location and the competition; coping with cutting prices; and matching your offering to your customer mix.

Feb

01

2015

Hurdles in hardware (Part 1)

I have put together a list of what I see as the stumbling blocks in selling products to your customers and which have an effect on profitability, cashflow and your enjoyment in opening the doors of the store each day.

Dec

01

2014

Now is the time to review overheads!

I have never been a great exponent of getting an axe and ruthlessly cutting the operating expenses/overheads in hardware stores.

Nov

01

2014

“Businesses do not plan to fail, they fail to plan” (Part 5)

This fifth and final article brings it all together and shows how you use the budget to generate extra cash flow – the life blood of any business.

Oct

01

2014

“Businesses do not plan to fail, they fail to plan” (Part 4)

In the last three articles we reviewed how to put together a realistic Sales Budget as well as a realistic Gross Profit Margin target and as such a $ Gross Profit target.

Aug

01

2014

“Businesses do not plan to fail, they fail to plan!” (Part 2)

In the last article we reviewed one method of setting the sales target – the bottom line budgeting approach. Using this methodology, a profit target is set, overheads are added, calculating the Gross Profit in dollars. Dividing that number by a target Gross Profit Margin derives the sales target for…

Jul

01

2014

Is it too easy to use your store as a bank?

Just because you may have heard that statement many, many times doesn’t mean that it isn’t absolutely true.

Jun

01

2014

Using profit sharing to increase add-on sales

Over the last decade I have commented in this publication that generally you won’t get ahead if you discount to increase sales. Why?

May

01

2014

Is it too easy to use your store as a bank?

Have you been to the bank lately to apply for a loan?

Apr

01

2014

Handling price and product objections

An unfortunate aspect of this industry, like most retail industries, is that while managers and staff call themselves salespeople they are more like order takers and traffic directors and nothing more.

Mar

03

2014

Yearly review KPI #4: Return on Investment

Return on Investment percentage (ROI), also sometimes referred to as Return on Capital Employed (ROCE), is the financial ratio that links the Profit & Loss statement and the Balance Sheet.

Feb

03

2014

Yearly review KPI #3: Your margin of safety

This is the third in a series of five articles that looks at the Key Performance Indicators (KPIs) of your store’s financial performance and what you should be targeting to achieve. In my last article we reviewed how a financial institution might examine your operation. But what is the real key indi…

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Financial management, the key to success (Part 1)

CONTROL, WHAT CONTROL?

BETTER BUSINESS PLANNING

Planning cash flow for success

Succession planning (Part 3)

Are you prepared for the next 12 months?

Goodwill – prepare now for the future

Succession planning (Part 2)

Succession planning (Part 1)

Don’t hide behind “new technology”

Try the “one minute report”

The importance of making the right choices

THE “FIVE PS” AND THE EFFECT OF POOR SERVICE ON PROFIT

MONEY MATTERS – GETTING YOUR FINANCIALS RIGHT

How many of our “top 10” can you tick off?

Is the customer always right?

Succession planning – are you up to the challenges?

Are you a risk taker or are you risk averse?

Reducing overheads is not everything!

Turnover isn’t everything!

Thieves – how many types are there?

Why paperwork = profit

Why is cash king? Just ask Dick Smith

Rebates as a form of discounting

PRICE POINTS THAT SELL PRODUCTS

Fraud – are you protected?

Looking for one of our regular columns?

Using loss leaders – can it work?

Inventory management: how to do it?

Inventory management – being good at it

A different path to inventory analysis and planning

Using profit sharing to increase add-on sales

The dangers of discounting

Get it right cash flow, sales & profit

How to make every Dollar count

How to keep your hardware store liquid

Choosing the wrong partner: making a practical choice

Hurdles in hardware (Part 2)

Hurdles in hardware (Part 1)

Now is the time to review overheads!

“Businesses do not plan to fail, they fail to plan” (Part 5)

“Businesses do not plan to fail, they fail to plan” (Part 4)

“Businesses do not plan to fail, they fail to plan!” (Part 2)

Is it too easy to use your store as a bank?

Using profit sharing to increase add-on sales

Is it too easy to use your store as a bank?

Handling price and product objections

Yearly review KPI #4: Return on Investment

Yearly review KPI #3: Your margin of safety

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