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.
News, Views and Happenings in the world of Canadian Natural Health.
Reach 10,000+ natural health store professionals via CNHR Magazine. CNHR is delivered by Canada Post six times per year to virtually every health food store across Canada. Retailers are your true sales force. So, get your product into more stores and get them selling for you.
Remember, your first sale is to the retailers. CNHR can get your message in front of them. Connect with the retailers who sell and recommend your product.
Put CNHR’s many resources to work for you: Display ads, Product Profiles, Trade Talk news in CNHR Magazine along with Facebook, CNHR web page, podcasts, inserts, videos posted to our website, sending product samples to stores…we have the access to Canada’s natural health retailers. Put our many resources to work for your company and products today.