Empathy is the Secret to a Successful Brick and Mortar Retail Business

Girl sales personnel providing good service to a customerThere is a so-called “mall apocalypse” in America today. It refers to the closing of large regional malls because of their drastically reduced foot traffic and sales that keep them from being as profitable as they used to. This phenomenon is due to the rise of e-commerce businesses. According to analysts, however, there are still aspects that brick and mortar businesses can do better than online stores and businesses: fostering relationships. How exactly do you achieve this, though?

A Feeling of Community

The feel of familiarity when walking in a store can go a long way, especially if you’re a shop selling handmade goods with a unique story or if you’re already a regular customer of a neighborhood business. This sense of community is just something that online retailers cannot establish.

A Fun Experience Throughout

Customers today have a different attitude towards buying. When walking into your store, they will usually look at their phones to compare your products or services to what your competitors are offering. It is vital, therefore, to offer a happy experience, so it gives them a reason to choose your product instead of the competition or simply buying what they want online. Thefriedmangroup.com is active in helping businesses achieve just that. Their courses teach managers how to lead and cultivate a genuine sales and service culture.

A Matter of Empathy

Brick and mortar retail stores simply can’t afford to provide bad customer service. Their employees should always be proactive in assisting customers and finding solutions to their concerns and problems. If a store’s employees don’t care, or even project their bad days onto customers, it gives shoppers no reason to build a lasting relationship with the store.

Human interaction and connection are what sets brick and mortar businesses apart from e-commerce stores. Make sure to provide each customer that walks in your store genuine service, and you’ll reap the benefits later.

ISO-55000: Less on the Numerals, More on the Value

Man Using the LaptopA stranger to asset management will only see numerals, especially with the ISO-55000. But, for companies involved, the rapidly growing industry deals with more than just numbers — it’s all about increasing the value.

A suite of standard houses the operations of asset management. Since the beginning, organisations focus on managing their assets to improve their businesses. Unfortunately, countless factors (e.g. cost reduction, safety initiatives and other ideas) distract their efforts. The secret behind every success relies on the unity of initiatives through excellent engineering to bring good value.

The ISO-55000’s Relationship with Value

In the case of the ISO/PC25, experts define the management system framework of asset management with three international standards. The aim of the ISO/PC521 is also to increase the understanding on asset management.

Looking at the ISO-55000, value remains one of the fundamental factors. Asset management does not focus on the management itself, but on the value assets can provide for the company. It also emphasises the idea that value can either be tangible or not or a financial matter. For example, values serve as straightforward needs to deliver the right profit for an asset base.

So, what is the connection between the ISO-55000 and assets? Assets under the BSI PAS55 serve a physical asset; in terms of the ISO, the definition includes anything that adds value to the organisation. This still addresses physical assets, but it also encompasses less tangible items (e.g. brands, licenses, contracts and agreements).

Asset Management: More than Just a System

ISO-55000 is proof that asset management is more than a managing system. This encourages companies to deliver important elements about their operations and leadership. The ISO highlights the areas industries should pay attention to: information, culture and asset base knowledge.

Simple implementation of the ISO-55000 will not solve all asset management problems. It is important that companies develop strong leadership and a stable culture as well.

When it first came out in early 2014, the ISO-55000 promised big impact on various industries. Apart from good leadership and culture, the ISO makes lives easier and delivers higher values.

How Much Can You Earn from Management Rights?

businessWhen you buy management rights, you pay 4 to 5 times the profit of the property in the last 12 months. For example, you will pay $500,000 for a business with a nett worth of $100,000 and a multiple of 5 times. But wait until you hear about the profits.

Body corporate, care-taking, letting — these are some of the technicalities you need to learn to keep up with hotel management companies and other competitors buying into the business.

Know this business well and be ready to manage.

Care-taking Knowledge

Once you have obtained management rights, you will be the resident unit manager.

You come into an agreement with the body corporate, who is the property developer or the land owner representative, regarding your care-taking role. The contracts are categorised as either administrative or private.

Under the administrative deal, you are in charge of workers paid by the body corporate. In the private contract, you will do the tasks by yourself or hire your own staff. You should settle this matter clearly because usual agreements have combined private and administrative terms.

Resort Brokers Australia says management rights for Gold Coast properties are great investment opportunities. Your monthly salary will be about $1,000 to $1,200 yearly for every unit. This goes up as the years go by, as per the consumer price index trend. Make sure this is specified in your contract.

Letting Wisdom   

Your options include a permanent or holiday letting business. You need to be a certified resident letting agent. Part of your job is to convince the owners to entrust their units for lease to you as the resident manager.

As their letting agent, you will earn a fee of 12% for holiday class gross profits and 7.5% for the permanent type as set in a letting appointment contract. You may have other business opportunities by providing cleaning and maintenance services as well as car and equipment rentals.

The big players acquiring management rights of hotels and other establishments in Australia indicate that there is good profit in this business. Find the property you can manage and see your profits multiply.