Why You Should Reward Yourself in Retail | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

On my site, on RetailDoc.com, you can take under, I think it's Retail 101, and you go down and you can see my resource center, and you can take the retail assessment, and one of the first questions is, are you taking money out of the business? And I can't tell you, like 90% of people answer that no. Well, that's silly, because you should take something out as a reward that you are the business owner. I don't care if it's only five bucks a week, I don't care if it's five a month. You have to at least get in the idea that I'm paying myself, because otherwise you just become this victim, and I'm not making any money, and I'm only paying my employees. And then everything just goes down. If you just accept that you have to pay yourself something. So set a goal for what you want to make. Get your profit margin in the right place. Limit your discounts and promotions. Get some retail sales training. Hire more people than you think you should. Train them well, hold them accountable, and you're going to be successful.

If you love what you heard on Retail Today, connect with Bob by visiting RetailDoc.com, or send a message to Bob@RetailDoc.com. Thanks for listening.

If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!