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Do You Check How Happy Your Employees Are?

Employee Morale

You might do annual employee reviews, but how often do you check how happy and motivated your employees are? High employee engagement at work is linked to a business’ overall success, and companies such as John Deere are taking that ... Read More »

Retail Inventory Shrinkage Up in 2015

According to the 2016 National Retail Security Survey (NRSS), conducted by the National Retail Federation and the University of Florida, retailers’ inventory shrink averaged 1.38 percent of retail sales, or $45.2 billion in 2015, up by $1.2 billion from 2014. ... Read More »

Insights from a Succession Planning Expert

In the July issue of Hardware Retailing magazine, we discuss the succession planning process for the entering generation in the article, “Stepping In.” In the story, we share best practices and real-life examples from retailers who have gone through or ... Read More »

The Psychology Behind Impulse Shopping

Impulse Shopping

When a customer walks through the doors of your retail operation, do they make a beeline to the items on their list? Or do they browse the store and discover items they’d like or forgot to pick up last time they ... Read More »

Are You Ready to Buy?

  Are you ready to buy a business? In the July issue of Hardware Retailing, we talked with four owners who had recently purchased a business, or are in the process of purchasing a business. They talked about their experiences ... Read More »

Stepping In: New Owners Discuss the Challenges of Buying a Business

To view a PDF of the story, click here. Stepping in as the next-in-line owner of his family’s business has added significantly to Pete Klingbeil’s to-do list. One of his tasks was earning the trust and respect of customers who ... Read More »

Looking to Expand Your Business?

Many independent home improvement retailers are looking to expand their businesses by adding store locations, which bring new customers, new product mixes and new opportunities. Recent data gathered by the North American Retail Hardware Association (NRHA) shows that more than a quarter of independent retailers plan ... Read More »

Using Financial Benchmarking to Grow Profit

Financial Benchmarking

The variance in profit between a typical and high-profit store is $100,000. You have an opportunity to grow your store’s profit by understanding how your business compares to other operations in the industry. “Every business needs to know the benchmarks ... Read More »