12 TODAY SEP-OCT 23
This is a story about two besties who decided to open a business in Las Vegas. One was named Hope the other Faith. Now Hope and Faith have been best friends for many years. As they formulated the business plan for their new joint venture they were excited about the prospect of opening a shoe store together. Should any business problems develop they would have a unique and almost utopic solution. After all Hope had Faith and Faith had Hope. Oh absolutely what could be better? I can almost see the eye rolls from the NSRA veterans reading this.
Definitions
Hope is defined as “wishing for something with expectation of its fulfillment” and having confidence and trust. Faith is defined as “belief that does not rest on logical proof or material evidence.”
The Hope and Faith Concept
The Hope and Faith concept sounds nice enough in theory but unfortunately it is hopelessly naïve. Here is their recipe for dealing with business issues:
- Hope had faith that she would buy the right amount of merchandise.
- Faith had hope for the vendors especially that they would ship complete and on time.
- Hope had faith that employees would want to work for them because they were such nice people.
- Faith had hope for the employees they hired. She was expecting that they would be extremely loyal and productive.
- Hope had faith that the rent was reasonable.
- Faith had hope for sales to be sufficient to cover all the expenses.
- Hope had faith that the social media marketing campaigns would be so novel that business couldn’t help but be successful.
- Faith had hope for all positive responses to marketing efforts.
- Hope trusted the vendors when they said they would never sell to a competitor.
- Faith had hope that the vendors would not compete with them online.
And so on and so forth.
Conclusion
Hope and faith are desirable attributes to possess but way too esoteric when not matched up with sound time-tested business practices. Here’s an exam-
Hope and Faith
I have hope that my house won’t burn down and I have faith that it won’t. I also have taken preventative steps to make certain everything is in good working order and I have an insurance policy in case of a worst-case scenario. Hope and faith are fine qualities to have if they are accompanied by reasonable and responsible actions.
Responsible actions to combine with hope and faith:
- Inventory – Have a solid merchandise plan and open-to-buy based on classification sales desired markups correct turnover and ideal timing of deliveries.
- Personnel – Make sure that your pay scale is competitive including benefits and that employees feel valued and enriched.
- Expenses – Review expenses periodically to make certain they are in line with industry standards. Adjust as needed for local variances.
- Marketing – Make sure your message is being clearly conveyed. Pay attention to … message pricing.
- Competition – Frequently shop other stores in your area and always review distribution policies with a vendor prior to purchasing. You must also keep a continuous eye on vendor websites for pricing.
- Outside input – The benefit of outside independent third-party counsel either from a mentor or consultant would be essential for these two owners. He or she would provide a dose of reality to balance Hope’s faith and Faith’s hope and keep them on track.
If you combine positive actions along with the vision or outlook you have (aka hope and faith) you have a fighting chance of success. If you don’t chances are more likely than not that things are not going to end well.
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Published in the September/October 2023 issue of Shoe Retailing Today Copyright © 2023 National Shoe Retailers Association Tucson AZ www.nsra.org. All rights reserved.
Able to Control Forgiveness
While we may not be able to control if or how others apologize to us we can control forgiveness. Apologies can be an effective way to build stronger relationships and business culture one that encourages sincere and timely feedback and solving problems as they occur. Taking steps to practice apologizing using the steps outlined in this article may help teammates become more successful at adding apologies as a tool for more productive and fulfilling relationships.
About Dr. Carol Wittmeyer
Dr. Carol Wittmeyer is interim dean of the School of Business at St. John Fisher University. She teaches at the Family Business Center at Loyola University of Chicago and is also a founding faculty member of NSRA’s NextGen initiative.
The Role of Hope and Faith in Business
If you combine positive actions along with the vision or outlook you have (aka hope and faith) you have a fighting chance of success. If you don’t chances are more likely than not that things are not going to end well. Unfortunately Hope and Faith’s business venture did not work out as they had planned (assuming they ever had a plan) leaving their dreams shattered and their bank account drained. Though adequately capitalized at the beginning the idealistic approach of relying on merely hope and faith to solve every problem was not sufficient to overcome their lack of sound business practices.
Sadly too many people end up going into business with only hope and faith as their only source of guidance. If you know of any retailer approaching their business this way let them know that there are services available that can provide the guidance needed to help them avoid the many pitfalls they are sure to encounter.
Having learned much during their short-lived retail careers Hope and Faith have moved on to other opportunities. If you are ever in Las Vegas and encounter them please let me know how they are doing. I hope they are doing well and have faith that they are.
About Ritchie Sayner
Ritchie Sayner is with Advanced Retail Strategies LLC an affiliate.
Management One
Sayner’s book Retail Revelations: Strategies for Improving Sales Margins and Turnover (2nd Ed.) is available on Amazon. He can be reached at advancedretailstrategies.com.
Include all your property and liability policies businesses business autos workers compensation etc. You MAY be able to combine multiple businesses under one umbrella but this would be an exception worth asking for.
I would love to hear your comments feedback and questions on these random insurance thoughts. Please email or reach out online to connect. I hope you gained value from this article.
Take Advantage of the NSRA Member Program
Offered by Hobson Insurance we specialize in the industry and can shop the market to find you the best price without sacrificing coverage.
Kristy LeRay Longfellow is Vice President and Certified Insurance Counselor at Hobson Insurance a division of Hub International. Contact her for more information at kristy@businessquote.com www.businessquote.com or 1-800-296-7985.
Insurance Coverage
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NextGen
Continued from page 11
Hope and Faith
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Initially however most store owners underestimate the cost of remodeling in today’s market. And sometimes the designs present some ideas that are worth a few extra dollars to get a bigger bang for the buck over time. Also it’s important to have a contingency fee for things that may go awry.
LF: What advice would you give to other independent shoe retailers who are moving a store?
MW:
- Begin planning as early as you can. Do not wait.
- Communicate with your staff and customers as much as possible about the move.
- Take inventory before you leave and when you are fully moved.
- Update all your contact information and address on your website all social media and all other marketing materials and any online business listings.
- Hire a professional commercial moving company – do not do this yourself.
> Post your new address at your old location.
> Hire a retail design firm – it was the best decision we made as we would have been lost without them. ■
Summary
The article discusses the story of Hope and Faith two friends who opened a shoe store in Las Vegas relying heavily on their optimistic outlook rather than practical business strategies. Their venture ultimately failed due to the lack of sound business practices highlighting the importance of combining hope and faith with responsible actions and planning to ensure success. The article emphasizes the need for realistic business strategies and external guidance to avoid common pitfalls in entrepreneurship.
“Hope and faith are fine qualities to have if they are accompanied by reasonable and responsible actions.”
Real-World Examples of Combining Hope Faith and Responsible Actions
The story of Hope and Faith illustrates the importance of pairing optimism with practical strategies in business. Here are some real-world examples where hope and faith are balanced with responsible actions:
- A startup founder has faith in their innovative product’s potential to revolutionize the market. However they also conduct thorough market research create a solid business plan and seek mentorship from experienced entrepreneurs to ensure a successful launch.
- A non-profit organization hopes to make a significant impact in reducing homelessness. They pair this hope with strategic partnerships fundraising initiatives and evidence-based programs to effectively address the issue and measure their impact.
- A restaurant owner hopes to attract more customers with their unique cuisine. They complement this hope by investing in targeted marketing campaigns enhancing customer service and continuously adapting their menu based on customer feedback and seasonal trends.
