CNHR columnist and business coach Dave Fuller has written a book called Profit Yourself Healthy. The book has been designed to help business owners and managers, increase sales and profits, deal with cash flow issues, develop strategies for future expansions, manage people issues, implement systems, reduce cost overruns, and plan for exit and succession. For more info, visit unstuckstrategies.com.
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Walking into a Whole Foods or a Loblaw’s is exciting for most people for so many reasons: the food smells simply incredible, the atmosphere is electric with the chatter of happy shoppers and the ring of the registers is almost soothing. These aren’t just circumstance - they are planned. Just like the floor you walk on and the perfectly lit product you race to.
Perhaps the most challenging aspect of running a retail operation in the wellness industry in Canada is working with suppliers who have inconsistent or unsustainable pricing strategies.
The result is that retailers are left between a rock and a hard place and have to be very adept when setting their retail price. Just high enough to maintain margins, but low enough to retain credibility. Due to market conditions, online sales, and industry consolidation, this balance is and will become increasingly difficult.
One of the keys to a business’s success, and a factor that needs to be paramount in the success of many small businesses, is the ability to relate to customers and sell his products and services. While selling seems to come natural to a few people, to most of us entrepreneurs, it takes work and we need to understand that there is a science to it. Below are the steps to being successful in selling.
A manager of an independent natural food store, when her store was smaller, met individually with her department managers every week to talk about how things were going in the department. If this GM noted any performance issues in the department, she would bring them up in this meeting. She would ask if the manager wanted any help in strategizing how to address the issues. Sometimes they would go over “talking points” for the manager to use in a conversation with an employee.
If you happen to be in Saskatoon and are hoping to see Lovie Wesolowski, there are two places you are likely to find her. The most obvious spot is her store of 40 years, Nature’s Health Centre. It’s where she has helped countless people regain and maintain good health. It is also where she has helped launch the careers of many elite athletes.
Suzie and John Wensley of the Good Health Mart in Collingwood, ON celebrated the 10th anniversary as owners of the store with what they described as “the best customer appreciation day ever.”
For father and daughter team Dennis and Leane Janz of Good N’ Natural in Steinbach Manitoba, it was time. “We were maxed out on our selling space, as our sales per square feet in our store were exceeding good retail practices. So, we could not realistically anticipate growth beyond increases attributed to inflation,” says Dennis.
For entrepreneurs without a strong financial background, the job of capital budgeting can seem overwhelming. Capital budgeting – essentially the process of deciding how to invest excess cash within a company on items that are not regular “operational” items – covers a wide range of activities, and can include everything from purchasing a new piece of equipment to making a substantial investment in capital assets for a new location.
When Jason Sebeslav took ownership of The Peanut Mill Natural Foods Market from his mother Antje Wirth in 2009, things were already in good shape. Established in 1976 by Antje, the St. Catharines, ON store was one of the longest serving and most successful in the Niagara region.
If you were at CHFA East, you were probably hearing a lot of buzz on the show floor about #NHPsAreNotDrugs, our latest campaign in support of the natural health product industry. If you weren’t in attendance, this is a critical issue for our entire industry and we need everyone to help.
News, Views and Happenings in the world of Canadian Natural Health.
An early show requires early messaging. Get your Spring sales message out early with an ad in CNHR. Reach the key retailers well before CHFA West. Here’s what your ad can do for you:
• share your spring promotional plan with all retailers
• help your sales team reach sales targets
• introduce your new products BEFORE the show
• tell retailers about your show specials early
• help open doors for your sales team
• create traffic at your booth
• solidify brand loyalty
• tell retailers about your new services, too!
• support all of your in-store, digital and consumer marketing efforts
Advertisers: FREE value-added features As an advertiser, you’ll be in one of our biggest issues of the year. (There will be loads of bonus circulation during CHFA West.) Along with your ad being viewed by more than 10,000 owners, managers, buyers, product recommenders and floor sales staff, you also get some great free editorial opportunities, including Trade Talk, Product Profiles and Pre-Show Buzz. Here are the details: Trade Talk is one of the highest read sections of CNHR and your vital link with retailers. Keep current and potential new customers updated on your new products, new staff, new website, new promotions, etc. Deadline for Trade Talk: November 7
We have lots of advertising options at many price points. Tell me what ad size you’re considering or what your budget is, and I will personally customize a proposal just for you. I’ll explain all of the value-added features CNHR has to offer your company!