Money Management is a Critical Skill For Those Who Own a Dollar Store

Most of us feel we are pretty good money managers. We feel we have a good grasp on what we are earning and what we are spending. Yet once you make the decision to own a dollar store, you'll find things are happening so fast you need to fine tune those money skills. As sales grow, there will be a rapid influx of money from sales. At the same time your dollar store costs are also growing at supersonic speeds. Yet rather than sitting in your office managing money all day, there are a couple simple rules of thumb you can follow to make the process easier. Read on as I present those two rules. In this article I present money management is a critical skill for those who own a dollar store.
Money rule of thumb #1 is easy for those who own a dollar store to understand - Spend money as if you were a pessimist. Spending is the time to be a worrywart and keep a tight rein on dollar store costs. Don't assume the best will happen - assume the worst case scenario instead. For example, don't overload yourself with pre-purchased products for an upcoming holiday. Don't assume it will be your best year ever, especially when you don't have a year or two of experience under your belt. Don't accept the optimistic order provided by an aggressive sales person who is really after the commission, not necessarily your best interest!
In this example it would be better to temper your order to keep dollar store costs under control. You definitely need adequate merchandise to cover the holidays. Yet as the holiday approaches you can always locate some other source for products that sell out too early. Even if you end up scrambling around to locate suppliers with your desired products, that sure beats carrying hundreds or even thousands of items that didn't sell for the twelve months until the holiday rolls around again.
Money rule of thumb #2 is - On the other hand become the eternal optimist whenever you are ready to make money. Assume your shoppers like your store and the products you carry whenever you are dealing with them. If a shopper asks about a product you carry, assume they are there to buy. Do everything you can to make that purchase a quick and easy transaction.
If you own a dollar store use these rules of thumb in your decision making. While there are no absolutes, these should help you avoid running up dollar store costs without thinking through the pros and cons of the spending decision. They should also set you up for higher sales. Your optimism will carry over to your employees, your customers and others who deal with your business.
To your success when you own a dollar store!