May Mastermind Recap

Now We’re Rollin’

Wow! Y’all really bring the action! It’s clear how dedicated you are and that the growth mindset is important to you and how you do business. Special shout-out to our General Managers! That call was full of insightful shares, strategies and ideas. We wish we could have chatted for an extra hour.

Over 42 hardware stores were represented throughout the day, spanning both coasts from California to Florida. We can’t wait to see more folks join in the coming months. Tell your friends! Send them a link to our next event!

Key Takeaways

We had a lot of tangible takeaways from this month’s mastermind, so be on the lookout for important links!

Marketing Mastermind Takeaways:

Snagajob is proving to be an effective hiring tool.
Although the world has gone digital, you’ve found that direct mailers with coupons still prove to be an effective way to reach customers in rural areas.
Innovators devote 3% of sales to marketing.
Having a marketing strategy with 6 months’ worth of images, video and content makes creation a breeze.
Having an updated website is crucial for reaching a younger demographic.

GM Mastermind Takeaways

Dexter is an effective tool for communicating with store managers and helping to delegate tasks.
Things to regularly ask your managers: Where are we at with the numbers? Where are we at with our processes?
Training new managers involves education on both managing people and planning.
Some innovators offer free in-town delivery but find that people prefer to come into the store.
Change is hard. Whether you’ve inherited a new store or are opening one from the ground up.
Implementing quarterly meetings with store managers has been a huge win. They share what they do at their stores and work to make processes consistent.
Finding time to work on the business instead of in the business is tricky.
Economic volatility is a concern for these general managers as they plan for the future of the business.

Owners Mastermind Takeaways:

Building store leadership has been a big priority since COVID.
Rand mentioned the books Radical Candor and Originals as powerful tools for developing leadership skills.
Transitioning store ownership is not without its challenges. Whether the current owner is resistant to change and leaving or the incoming owners are nervous about being handed the ropes. The key to either issue is transparent communication.
What is the answer to flat sales? Is the answer e-comm or new stores if your neighborhood is saturated?
All owners agree that having control over your margins is crucial.
Many hardware stores are multi-generational. An Innovator shared a Life Church podcast episode about generations. The first generation is the risk-takers. The second generation is risk-averse. They don’t want to mess up what the first generation built. Finally, the third generation is entitled. They want to know, “What’s in it for me?”
How do you reward your hourly employees? Some stores do quarterly profit shares. This way, it’s not just the managers getting the rewards.

B2B Sales Mastermind Takeaways:

Shipping estimates for small-town stores are a big issue when quoting accurate delivery times.
Most stores only have one dedicated B2B person, but it’s hard to have the time to be outside sales and inside sales.
When do you know it’s the right time to bring on a second B2B person?
Walking through the store with your customers is a surefire way to increase sales.
Finding the right team members for B2B sales can be tricky as it takes a specific personality.
Rural stores can become THE store in their town by offering more than the typical hardware store. Be the place that has it all!

LET'S chat

Are You On Board?

Does the idea of a monthly meet-up with other retail hardware stores sound valuable to you? Are you interested in sharing resources, asking questions, and participating with your peers on-demand with an exclusive slack channel?

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