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Ci7 Education: Small Acts for Financial Gain [5]
- By Liz Button [6]
The “Operations & Finances: Small Acts for Financial Gain” education session at the seventh annual Children’s Institute [7] in Pittsburgh, Pennsylvania, taught booksellers about some of the little things that can be done every single day to boost a bookstore’s bottom line.
Booksellers can watch a full video of the session on ABA’s Education Resources page [8] (a BookWeb username and password are required; e-mail [email protected] [9] for login credentials).
The Thursday, June 27, session [10] featured bookstore panelists who have effectively pinched a penny here and saved a penny there speaking about how to identify small costs that add up; where to look for savings; and small actions booksellers can take to impact overall savings and sales.
The panelists included Adlai Yeomans, co-owner of White Whale Bookstore [11] in Pittsburgh, Pennsylvania; Katie Orphan, manager of The Last Bookstore [12] in Los Angeles, California; Ariana Paliobagus, owner of Country Bookshelf [13] in Bozeman, Montana; and Suzanna Hermans, co-owner of Oblong Books & Music [14] in Millerton, New York.
First, panelists discussed tips for cutting down spending in-store and other store hacks.
Keep an Eye on Expenses
- Phone and internet bill (every few years call up the phone company and make sure you’re getting the best deal)
- Get an itemized point-of-sale bill (are you paying for services you don’t use?)
- Spending on frequently used items
- Source office supply products (you may find it cheaper through another company)
The Side(line) Hustle
- Sidelines are good because you can control the price
- Be aware of discounts and bargain sales
- Take advantage of free freight, show sales, and other discounts
- Ask for free samples of sidelines
- Bring in some high margin sidelines (unlike books, if you run out you can always wait for bargain sales to restock)
Next, panelists discussed how to avoid unnecessary time-wasting activities while operating your store.
Time Hacks
- Plan ahead (every bit of time you take planning saves a proportionate amount of time later)
- Make appointments with yourself (if you miss the appointment, reschedule it on your calendar)
- Try not to reinvent the wheel
Educate Yourself
- Take advantage of ABA education (review the Wi14 session How to be a Highly Effective Bookseller, Manager, or Buyer [15] for helpful tips)
- Join a bookseller discussion group
- Don’t be afraid to ask questions
- A little planning and learning on the backend will save time on the frontend
After that, booksellers discussed whether and when advertising is worth paying for.
Using the Media
- Most of the time it doesn’t pay to shell out money for ads
- Try to get features in local media (earned media)
- Partner with local tourism groups to suggest your store as a stop
- Try cross-promoting with partnered organizations
- Social media marketing (sometimes a Facebook boost is worth paying for)
- If you have a relationship with a local newspaper, see if you can get a discounted ad
Then, booksellers discussed how to make the most of publisher relationships as well as other publisher tips and tricks.
Ask Publishers About...
- Book fair accounts
- Indie partner programs to get better terms
- Call tags for larger scale off-site events (always before, never after)
- Ask for drop shipping for off-site events
- Special event discounts (certain publishers have special deals for events if the book is the ticket. Only order as many as you are certain to come.)
- B2B sales can get better discounts
- Other available promotions
Finally, booksellers discussed expenses that are actually worth not cutting corners for.
Things That Are Worth Investing In
- Price gun
- Laminator
- Book-based POS system (more expensive than general POS systems but better for inventory management and reorders)
- Staff
- Payroll