Relief Efforts for Small Businesses Impacted by the COVID-19 Given the unprecedented temporary shutdown of businesses in the U.S. and around the world, G.A. Wright wants to reassure small businesses that there are resources available to help you through this crisis.  We’ve put together a list of resources for those impacted by the COVID-19 (Coronavirus).  We will be updating this page frequently as we learn more information.

 

Small business owners like you across the country are facing tough decisions.  Not knowing if you need to permanently close, sell, or file bankruptcy is a real issue for many.  Before you decide about the future of your business, consider all options available. Since this is a global issue, it is best to wait for more information on funding that will become available in the near future to help keep businesses open and ensure employees can get their jobs back.

 

Currently, there is disaster relief funding already available for small businesses in need.  For example, SBA (Small Business Administration) is assisting small businesses with counseling and navigating personal preparedness plans throughout the country.  The SBA is working to provide vital economic support to help small businesses overcome the temporary loss of revenue.  We anticipate additional state and federal programs to announce similar programs to help recover economic losses.

 

TOP RESOURCES FOR SMALL BUSINESSES:

 

For those of you who make the final decision it is necessary to go out of business, G.A. Wright is here to help you make that smooth transition.  Our consultants will be able to get you the most out of your remaining inventory. Please contact us so we can send you a complimentary packet of information on the best way to close your store. Call us at 303-333-4453 or email garywright@gawright.com

 

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Going out of business sign on the side of a retail establishment.

For the new entrepreneur, starting up or purchasing an existing retail business can be risky because, honestly, the future is pretty unknown. It is impossible to know how the well the business will do in general, if it will be successful in the local area, or what the future will hold. All we can do is plan and strategize.

No one wants to see their business fail, but anyone starting a new retail business has to face that possibility. It’s better to accept that possibility rather than hold on to false hope. If you find yourself in the unfortunate place where your store remains well stocked with items for sale, but the customers aren’t coming in and you’re losing revenue faster than you can earn it, it may be time to take a hard look at whether you need to exit your retail business.

Self-evaluation and the Future

When deciding if you should fight to recover or if it is time to finally move on, there are some questions you should ask yourself:

  • “Do I still enjoy getting up and going to work?”
  • “Am I still passionate about what I am doing?”
  • “Is working negatively affecting my physical or mental health?”
  • “Have I been thinking hard about my plans for retirement?”

It may be time to reevaluate your personal goals and decide whether or not your business can help you meet those goals. If you don’t generally look forward to getting up in the morning and opening the store, it is a pretty obvious sign something is wrong.

If you are often tired, feeling overworked, or frequently getting sick, you should assess to see if you are under too much strain because of your business. Perhaps it’s time to have a closing sale and move on. If you’re thinking about retirement, it may be wise to exit your retail business to get the most out of your investment now.

 Profit vs. Loss

If you have been in business for a few years or more, it is reasonable to assume that you should be making a profit. Of course, it may be difficult to judge just how much profit you are bringing in during your opening year. After a couple of years, however, if you are making a profit and have the ability to bring home your own paycheck after expenses, you are doing well. If not, and you find yourself struggling to meet budget requirements and are always in the red, it is time to take a more serious look at exiting your retail business. If you find yourself continually adding personal cash to support your business, racking up high credit card debt or are considering taking out a loan just to keep the doors open – stop! There is something terribly wrong.

Supply and Demand

When accounting for your inventory, carefully consider if you are trying to sell products that are still in demand. If sales have dropped dramatically you may have old or outdated product. During the personal computer revolution of the 1980’s and ‘90’s, an abundance of stationery stores saw the writing on the wall and chose to exit the retail business. You should also consider whether you are selling products you personally enjoy, but they are no longer seen as in demand by the majority of consumers. You may be trying to sell something seen too much as a novelty.

If you have added an online store to help boost the sales of your brick-and-mortar store, you may notice that online sales are better than those in the physical store. That is a good indicator that it may be time to streamline to only an online store and close the physical location to cut out the overhead. As online sales have taken over many marketplaces, we see many people turning to online retail only in lieu of exiting their retail businesses completely.

GA Wright Can Help

It can be incredibly hard to close up a shop that you have dedicated part of your life to. It can be even worse if you are having to do so earlier than you thought you would. Unfortunately, sometimes you may have to swallow your pride, especially if you are outspending your income, or are having health problems. Ask yourself, “Is it time to exit my retail business?”

Whether you have made that decision or want help in evaluating it, contact our team here at G.A. Wright. We have decades of experience in almost every type of retail business. We have worked for years helping people potentially meet their bottom line, or with exiting their retail businesses. While some may say, “It could be time to cut your losses,” we say, “Let us help you get the most out of your business through a “Going out of Business Sale.”

We’ve been helping retail business owners like you throughout the US, Canada, and beyond, for decades. Contact GA Wright today and have a member of our team help you analyze what may be best for your business, and your future.

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How to Liquidate a Smoke Shop

In general, liquidation sales are not particularly easy. Much planning goes into any closeout. But in liquidating a smoke shop, there are even more details due to government regulations regarding age restrictions, and additional licenses needed. Smoke shop owners are no doubt familiar with the many age-related regulations for their products in general, but particular attention should be made during a closeout. It is wise to get assistance from those who specialize in planning and executing closeout sales in all facets of the retail world.

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Common Cause of Cash Flow Issues

Cash flow, or lack thereof, can be a major problem for any type of business. In a retail business, it can hinder the stocking of shelves, hiring additional staff, and you, the owner, taking home your own paycheck. Understanding potential common causes of cash flow issues may help prevent the problem, although sometimes it may just be out of your control. Let’s take a look at some of those reasons.

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There comes a time when a retail business owner may decide it is time to close the doors. If you think it’s time for you to start your outdoor gear closeout sale, you should take the time to do serious planning. After all, you don’t want to just give your inventory away, when you could get a fair price for all of that outdoor adventure, hiking, and camping gear. No matter what time of year you choose have your closeout sale, there will probably be items out of season, but that’s OK. With the right preparation it will sell. A consultant from G.A. Wright Sales can help you plan and hold your closing sale.

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It happens to every retailer. Sometimes you make either order too much of something, or simply order a product you think your customers will buy, but they just aren’t interested. Having a surplus of unwanted merchandise can hurt the aesthetics of your store, take up valuable storage or retail space, and become a financial burden.

However, there is good news! When you end up with excess merchandise that simply didn’t garner the interest you thought it would, there are a variety of ways you can salvage the expense and liquidate surplus from your store.

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What is remerchandising?Whether you have been in the retail for a short time, or a lifetime, remerchandising is an important part of retail sales. By its very definition, remerchandising is simply the act rearranging products of a store to give the store a fresh feel, highlight new or seasonal products, or to feature sale or promotional items. For any particular item, it is the act of physically moving that item from one location to another, particularly if the item is part of a discount or sale promotional.

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Build Your Brand - GA Wright Sales

When it comes to marketing your business, simply sending out flyers or posting fancy advertisements in your store window are gone. These days, it takes much more than that to build your brand. Why? Perhaps because every form of media — including social media — is inundated with ads. There are many businesses offering similar products and there’s fierce competition. Marketing today requires a development of a brand. And when it comes to developing a brand, studying the buying habits of one demographic in particular holds the key.

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GA Wright Comic Books StoreWhy Do Comic Book Stores Have Difficulty Staying in Business?

In July 2019, “Avengers: Endgame” became the highest grossing film of all time. It grossed worldwide movie ticket sales reaching $2.79 billion. With the incredible success of the Avengers films, and overall success of many comic-based films over the past decade, you might think that comic book stores would be enjoying successful profits, as well. However, that often isn’t the case.

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6 Common Mistakes that Keep Your Customers from ReturningLet’s face it, in running any type of retail store these days, you have to be creative. For many, money is tight, and the competition can be fierce. A major key to keeping your doors open is keeping your customers coming back. GA Wright can help with you with customer retention strategies, many of which are general for any type of retail business.

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