From time to time we invite our strategic partners to contribute to the Family Financial Centers blog. No doubt you will enjoy this contribution from one of our partners, Phil Young. Family Financial Centers franchisees benefit from our industry credibility, relationships and our process that has been proven for 15-years! We are very well positioned in both “franchising” as well as the “Money Services Business” industry. – Jack Wilson
Recently I read another prediction about the demise of the Retail MSB Business. This prediction was the zillionth prediction I read- it was quickly followed by government statistics showing growth in retail sales. So, what is the truth? What is YOUR TRUTH?
Both are true. Many MSB Retailers will go the way of dinosaurs and those who perform will thrive. Will you thrive?
Do you have clear, detailed goals and plans? Have you divided your MSB into three parts?
1. Customer facing retail
2. Merchandising and Advertising
3. Back Office and number crunching
Customer Facing Retail Do you know your “regulars” by sight and name? Do you spend time cultivating local businesses so they will send their employees to you? Is your retail space clean and well lit? Are you (personally) friendly? Do your employees look professional and respectful? Do you love your job? Does it show?
Merchandising and Advertising Are you selling what your customers want to buy? Are products and services clearly priced and easy to buy? Is your advertising and merchandising local in content, not just price based?
Back Office and Number Crunching Are you penny wise and pound foolish? Do you buy the cheapest POS, not the most cost effective? Do you spend time/money preventing fires? Do you pick your vendors’ brains to maximize turns on invested cash? Do you spend your time trying to squeeze vendors for small discounts?
No one can be excellent in all 3 categories. If I had to pick one, I would pick Customer Facing Retail. That’s where the regular customers are built! If I know my customers, I can become more effective at Merchandising and Advertising because I know what my customers want/need/think they need. I can then work with my vendors to make my Back Office and Number Crunching more effective. My vendors will be happy to work with me if I am a winner. If I chisel for every penny all the time, I will not get too many return calls.
Become more Retail Facing. That’s why customers come back.
Advertise and Merchandise what your customers want. Not just what’s cheap.
Get professional help with the Back Office. Hire an Accountant that specializes in your business, an AML Consultant, a Technology Consultant, and consider buying a Franchise. Be good at retail. Make some money, be the winner – not Dino the Dinosaur.
Phil Young is President of Swift & Secure Systems, Inc., which was founded in 2007. It is the sales agent for CheckWare Systems which has been developed to meet the needs of the Money Services Business Retailers who want to increase profitability while remaining in complete compliance with MSB/AML Check Cashing Requirements.