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Unique initiative offers small retail businesses $3,000 of training and mentoring

Small businesses will be offered $3000 of training and mentoring with a specific focus on financial management under a new initiative spearheaded by the Australian Retailers Association (ARA).

The new nationally accredited program – called RAPID (Retail Accredited Productivity Improvement Development) – is planned to commence in April 2008 with workshops in Sydney and Melbourne and is the first of its kind in Australia.

ARA Senior Retail Consultant, Garry Terrill says the comprehensive program is designed to support and strengthen retail businesses with practical improvement and execution strategies.

“Each participant is supported by a program of education, mentoring and structured networking groups with fellow retailers through both workshops and on site visits.”

RAPID is an Australian Government funded initiative under the Building Entrepreneurship in Small Business program. Administered through Ausindustry, the project targets business owners and senior managers in the fashion & apparel, gifts & home ware, and hardware & paint segments of the retail sector.

The new program aims to equip participating businesses with business performance improvement measures to ensure they remain competitive in the marketplace.

Terrill says up to 70 percent of small retail businesses close or fail within the first five years. Many of these businesses fail because proprietors lack the skills and knowledge to compete effectively with the specialty chain stores and larger ‘category killer’ stores. Terrill adds financial mismanagement can also lead to the demise of what could have been an otherwise healthy business.

The retail financials aspect of the program makes up almost 40 percent of the program’s material, covering a broad spectrum of topics including merchandise buying and stock management; financial analysis – including margins, stockturns, inventory; understanding profit & loss statements and balance sheets; cash flow planning and management; and financial forecasting and budgeting.

“By participating in the RAPID Program, retailers will be able to complete retail financial forecasts and implement controls with action plans. They will also be able to develop a range of business strategies and plans that address future local market and industry issues and trends, so they can be less reactive and better able to cope with the dynamism of the industry,” Terrill said.

The program also focuses on retail management issues covering subjects such as store layout and visual merchandising; advertising and promotions; store systems, policies and procedures; and retail customer service. Retailers interested in more information about the RAPID workshops should call 03 9321 5000.

All trainers and mentors are from the ARA Retail Institute, with years of hands-on experience running or managing their own successful retail operations. The ARA Retail Institute is a leading retail industry training and consulting provider working with large numbers of retail businesses annually.

For over 104 years, the Australian Retailers Association (ARA) has been the peak industry body in Australia's $292 billion retail sector which employs over 1.2 million people. As an incorporated employer body under the Workplace Relations Act and with a range of member services including business consulting, policy development, advocacy and education, the ARA promotes and protects over 5000 independent and national retailers throughout Australia. Visit www.retail.org.au or call 1300 368 041.

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