The Importance of Employee Recognition Programs

Whether your business is small, large or anywhere in between, you should implement an employee recognition program. Doing so will not only reduce your turnover rate, but it will also encourage workers to push themselves for excellence. Far too many businesses owners and managers overlook this fundamental principle, resulting in poor performance by their employees. This, of course, can be prevented with an employee recognition program in place.

The single most notable benefit of employee recognition programs is their show of appreciation to the hard-working individuals in your business or company. Rather than simply cutting a paycheck to your employees, you can go one step further by rewarding those who excel at their job. This show of appreciation and recognition will encourage employees to go above and beyond the call of duty. Studies have shown that employees work harder and more efficiently when they are "recognized" for everything they do.

Trophies and Awards

There are dozens of ideas for employee recognition programs, one of which is a personalized trophy or award. If an employee is able to produce X amount of sales within a fiscal quarter or given time period, then perhaps you can reward them with a personalized trophy. This is an excellent form of recognition that will serve as a sense of accomplishment to the recipient. If he or she ever needs a boost of self-confidence, they can look back at their trophy.

Of course, a personalized wall plaque is another excellent idea for recognizing employees. Unlike trophies, plaques can be flush-mounted to the wall. You can choose to either give the personalized plaque to the employee, or you can mount it on the wall where others can see it.

Other Recognition Ideas...

Cash is another form of employee recognition that many businesses use. If you are looking for a universal reward that all employees will appreciate, you can't go wrong with cold hard cash. Offering a bonus check to workers who meet a certain criteria is a great way to promote efficiency in the workplace.

Gift cards can work just well, if not better, than cash for employee recognition programs. Try creating "tiers" for your employees to strive for.  If an employee reaches one of the lower tiers with their sales, leads, promotions, etc., then you can reward them with a $50 gift card. However, if they reach a higher tier, you can reward them with a $100 or even $500 gift card.

Tips For Opening an Electronics Store

Are you thinking about opening a retail electronics store? Doing so can be both fun and financially rewarding, allowing you to earn a living while helping customers find the right electronics. Because of the unique characteristics surrounding electronics, however, running a retail store isn't always an easy task. You must educate yourself on the current trends and prices to ensure your business is profitable. With the right strategy and a little bit of work, however, you can turn your new endeavor into a success.

What's Hot?

The secret to running a successful retail electronics store is to focus on products that are currently hot. As you probably already know, electronics come and go in trends. A product that's popular now might be forgotten about in a year or two. This is why it's important to focus your store's inventory around products that are in high demand. So, how do you know whether or not a product is in high demand? There are several different tools for locating this information, but one of the most effective methods is to view products on marketplaces like Amazon and eBay. Open up these websites and sort the electronics category by popularity. This will allow you to see exactly which types of electronics products are selling right now.

Another idea for locating electronics in high demand is to browse some of the national electronics stores. They will likely keep their "hot" selling products out on display where customers can easily see them. Taking a stroll through some of your competitors' shops will give you a better understanding of which products are in demand and which ones aren't.

Buying and Selling Used Electronics

You should consider buying and selling used electronics as well as new models. Most of the national electronics stores focus solely on new products, leaving the niche wide open for smaller retail stores. Buying used electronics either online or from local customers is an excellent way to acquire more inventory, and it allows you to offer produces at rock-bottom prices.

If you intend on buying and selling used electronics, you should perform a test on them beforehand to ensure they are in working order. When a customer brings in a used product to sell, perform a quick test to make sure it works. If you are purchasing a used product online, see if it comes with a return policy; otherwise, you could end up with a dead product.

Tips To Improve Customer Satisfaction In Retail Jewelry Stores

Customer satisfaction is a key component to running a successful retail jewelry store. You can offer the best selection of high-end rings, necklaces, earrings and bracelets all at rock-bottom prices, but it's all for nothing unless your customers are 100% satisfied. Retail jewelry is a cutthroat industry that requires a focus on customer satisfaction and service. Without this element, customers will take their business elsewhere. In this post, we're going to reveal some effective tips to improve customer satisfaction in retail jewelry stores.

Offer Flexible Financing Options

Let's face, customers aren't always able or willing to shell out the full price for a diamond engagement ring or some other piece of high-end jewelry. However, you can help them out by offering flexible financing options based on their income and credit. As long as the customer is fully capable of making monthly payments, you should give them the ability to purchase the ring. It's not a bad idea to offer a 6 or even 12-month no-interest financing plan where customers have a certain amount of time to pay it off without interest. If they aren't able to meet these obligations, the customer will then be faced with interest charges.

Free Ring Sizing and Engravings

You can set your jewelry store apart from your competitors by offering free sizing and engraving services with rings purchased at your store. Instead of nickle and diming customers for services such as these, why not offer them free with the purchase of any rings in your store? This will encourage customers to purchase your products while sending the message that you care about the customer. It's a win-win scenario that benefits both parties.

Sizing and engravings take very little work and time. Even if you are unfamiliar with the process, you can outsource these services to a third party. However, it's important to only use the services of a third-party company that you know and trust.

Jewelry Sales and Promotions

Running special promotions and sales on your products will also result in higher customer satisfaction. Customers want to feel like they are getting a good deal on their purchases. So, try running sales around the holidays, weekends or special occasions. You could even offer a "back-to-school sale" for certain jewelry products in your store. Spread the word about your promotions through various outlets and marketing material so people know about it.

4 Tips For Running a Successful Sports Memorabilia Shop

Running a retail sports memorabilia shop is a lifelong dream for some. There's nothing quite like the feeling of turning a hobby into a lucrative business venture, which is why so many people are drawn to the industry. However, turning a profit from sports memorabilia trade isn't always an easy task. The baseball card market took a huge hit just over a decade ago, forcing many shops to liquid their assets before closing. The good news is that sports memorabilia is still a hot venture, but it does require a different approach to become successful.

Tip #1 - Go For The Autographs

One surefire way to get a return on your investment is to purchase autographed trading cards and game-used memorabilia. While the value of non-autographed trading cards will drastically fluctuate throughout the years, autographs typically become more valuable over time. There's a unique element of autographed sports memorabilia that's not found elsewhere. Knowing that you own a trading card of item that was personally autographed by the player creates a sense of pride and accomplishment in the collector.

It's important to note that certified autographs hold more value than non-certified autographs. Basically, this means the card or memorabilia was certified by a third-party to ensure its authenticity. It's not something shop owners like to think about, but fake autographs do occur.  Opting for certified memorabilia will help to protect your business investments.

Tip #2 - Check Prices

There's nothing wrong with purchasing sports memorabilia form collectors who enter your shop, but you should always check to the value of the item before conducting a transaction. Prices of sports memorabilia tend to fluctuate, and a card that was worth $100 a year ago might only be worth $50 now. Taking a couple minutes to check its value could potentially save you a large chunk of money.

There are several different ways to check the prices of sports memorabilia, one of which is Beckett.com. Beckett has been in the business of valuating sports cards and memorabilia for decades, so it's safe to say they know a thing or two about the industry. Another option is to check the going price on eBay. Thousands of dealers and collectors use this site on a daily basis for sports memorabilia transactions.

Tip #3 - Focus on Local Teams

A third tip that's sure to help your sports memorabilia shop is to focus on the local teams. Customers are naturally drawn to memorabilia from local teams. You can use this to your advantage by displaying a greater amount of memorabilia from them. For instance, if your shop is set up in the Atlanta, GA area, then perhaps you can display Atlanta Falcons and Atlanta Braves memorabilia.