Minimizing losses during a retail crisis can appear to be a daunting task. More often than not, owners and managers believe asking for help would be tantamount to failure when a retail establishment finds itself in a challenging financial situation. The opposite in fact is true; though many may not be aware, knowing when to ask for help is the sign of expert management skills. The solution is a management consultant who specializes in retail “Crisis Management, Turnarounds and Liquidations”. It takes extensive knowledge of the retail, marketing and advertising industries to give clients an edge in solving their retail dilemma.
These type firms are usually very familiar with turnaround and crisis management, because at least one or more partner, or the sole owner, has had decades of experience in large scale retail him or herself. Though there are many out there, there are few with pragmatic experience that truly translates into a solution for the company in trouble. This type businessperson must have personal experience, offer guidance and leadership, and follow-up to assist troubled companies in returning to profitability. Utilizing successful merchant and business skills, he or she must be able to assist store management in recognizing problems and the successful implementation of solutions. The turnaround firm must have a unique understanding of the problems and opportunities facing store owners gives his clients a fighting chance in the marketplace when all seems lost.
Ideally, such a retail establishment needs a seasoned retail professional of whom he/she does not know, with no emotional attachment to the business, the owner, or even the community being affected. While researching “business turnarounds”, we found a leader in the retail turnaround industry, The Waldoff Group, fun by the legendary retailer Milton Waldoff. His approach is to make recommendations that will allow clients to return to profitability, pay their debts and survive. In addition he provides guidance when it is desired or deemed necessary to close businesses profitably. Mr. Waldoff engenders trust and enthusiasm from current and past clients.
Donna Lamarca of Annex Two in St. Louis, MO said, Without your expert “coaching”, the Annex Two team could not have won the game of a Closing Store / Retirement Sale. Our opponent – the Economy! Annex Two was not favored to win. While Peggy Fenwick The Lollipop Shop Pineapple Cupboard Camden, AR Stated, Many times business owners wish to have someone who not only understands their business but also genuinely cares about the business as they do.It was my good fortune to find this when employing The Waldoff Group.I found the advice and direction I was given to be accurate, timely and well worth the reasonable fee. Josi and Steve Wert Josi’s Minneapolis, MN Spoke Highly of Mr. Waldoff saying, Steve and I both agree that using the services of the Waldoff Group greatly helped us deal with the many aspects involved in closing a business. Actually, the Waldoff Group brought to our attention many aspects of closing a business that we would never even considered.
During a retail economic crisis, there are several factors to take into consideration. Some crisis situations cannot be turned around, and will require management and liquidation. Reducing dollar losses alone will not rescue a failing retail establishment. There are often multiple problems that must be dealt with immediately, while the solutions are being implemented. To protect oneself, and even possibly thrive in a turnaround, it is critical to find a retail turnaround specialist who has the experience to assist in developing attainable goals based on the unique situation of each establishment.
Unsung hero Milton Waldoff owns and operates The Waldoff group which specializes in retail crisis management. PenAndInkInc, a professional full-service web design service specializing in ethical SEO, discovered Waldoff while researching the retail industry.
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