"As for the hardware store, I would continue to accept the credit cards and look for ways to increase sales. The 3% charge on $1000 is only $30 and I believe that is a pretty reasonable way to offer instant credit. If you start changing payment policy your most likely outcome is a loss of business and when you discover that it is too late and your store is labeled as a bad place to do business and it may not be easy to change that. If a business is viewed as a good friendly place to go it will bring in more business than any 3% discount."
Exactly. Everyone runs their business their own way but this is exactly what I was trying to convey in my earlier post yesterday. In the retail business there is what's known as variable pricing and the manager/owner has to determine what the top 20% of the merchandise sold is and be aware that those items are what the customer's price perception of that store is based upon. For example - grocery stores it is bread, milk, eggs. Parts stores: oil, filters,lower end wiper blades, etc., lumberyards: 2x4 pre-cuts, 7/16 OSB, 1/2" drywall and roofing. The retailer sells those items at or near cost. Other items are slower turns and have a higher margin on them and that is where a manager would need to make up some of the incidental margin losses on such things as bank cards. My cost of goods sold was slightly higher but my NET at the fiscal year's end was much higher. A good example is a big box store home center. Compare their prices on nails, screws, plumbing fittings (the pipe would be a variable price item) and paint sundries. Their margins are astronomical on those items as few people compare or price shop those things. They can't give everything away and must make a decent margin to stay in business, too.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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