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A well regulated Militia being necessary to the security of a free State, the right of the people to keep and bear Arms shall not be infringed.It is not that difficult to determine the meaning of these terms as used in the Second Amendment. Though not a scholar, I have some experience in linguistics and textual and historical criticism, so I will give my opinion. It is critical to research how these words were used in a similar context in the historical documents of the time. Though I said it was not difficult to determine the meaning of these words, I did not say it would be simple or short. It takes time to sift through historical documents to see how these words were used during that period, and I provide just a few examples, though there are many more.It is also important to note that the meaning of the words and the meaning of the entire text are different things, though the former has bearing upon the latter. Historical and linguistic context are critical in determining the meaning of the entire text, as we tend to interpret things by the context we know today rather than the historical context in which it was written. We first have to know what the writers of the Constitution were speaking of before we can determine how that applies to legal situations today.The first word is easy. “Arms” as used at the time has basically the same meaning as today: weapons capable of being used for offense or defense. At the time, this referred to muskets, long rifles, pistols, bayonets, sabers, mortars, cannon, etc. and the necessary ammunition. Since cannon and mortars were expensive and not many individuals owned them, they may not have necessarily been included in the intent of the amendment, but they met the definition, and were not excluded. Arms meant weapons, then and now.“Well regulated” is probably the most debated and misunderstood term. Both the terms "well regulated militia" and "well regulated army" and “regulating” the militia were often used at that time, and can be found in the Federalist Papers, the Journals of the Continental Congress and various state constitutions.One example is in the Federalist Papers, no. 29, "Concerning the Militia" (The Federalist Papers):The power of regulating the militia, and of commanding its services in times of insurrection and invasion are natural incidents to the duties of superintending the common defense, and of watching over the internal peace of the Confederacy. It requires no skill in the science of war to discern that uniformity in the organization and discipline of the militia would be attended with the most beneficial effects, whenever they were called into service for the public defense.A second is Virginia’s “An Act for Regulating and Disciplining the Militia” passed by they Virginia Assembly on May 5, 1777, which statedThat a well regulated militia, composed of the body of the people, trained to arms, is the proper, natural, and safe defense of a free stateThe last example is from discussions during the Continental Congress, where the term “well regulated” is so used in reference to the making the American army "a well regulated army" (Journals of the Continental Congress, Vol. 9, A Century of Lawmaking for a New Nation: U.S. Congressional Documents and Debates, 1774);Resolved, As the opinion of this Congress that it is essential to the promotion of discipline in the American army and to reformation of the various abuses which prevail in the different departments, that an appointment be made of inspectors general, agreeable to the practice of the best trained European armies:Resolved, That this appointment be conferred on vigilant and experienced general officers, who are acquainted to whatever relates to the general economy, maneuvers and discipline of a well regulated army.To review from time to time the troops, and to see that every officer and soldier be instructed in the exercise and maneuvers which may be established by the Board of War: that rules of discipline are strictly observed, and that officers command their soldiers properly, and do them justice.These and other documents of the time make it clear that when referring to either the militia or the army, “well regulated" meant a militia or army that was properly organized, equipped, drilled, disciplined, and ready to fight. The term was used in conjunction with outfitting a militia or army, training an army or militia through drilling and instruction to prepare them for battle, and making sure officers were trained in tactics and maneuvers that would enable them to direct the militia in battle. In this context, "well regulated" had nothing to do with government regulation of the sale and distribution of firearms to individuals.That brings us to the third word which the question asked to be defined, “militia.” Again, we want to look at the historical use of the word at the time in the same context. The term militia was used in two ways. The first defined the broad category of people who made up the militia: all able-bodied men, in most instances with defined age limits, such as able bodied men between the ages of 18 and 45. If you fit that description you were technically militia. The second use was in referring to an organized body of militia under the control of a state or local government authority. That authority could call up for service the entire militia or a portion thereof.In Colonial America - before the Declaration of Independence, Articles of Confederation, and US Constitution - towns, counties, and colonies organized the militia for defense. In times of trouble, the militia was called up or activated. For example, the Massachusetts Charter of 1691 gave the royal governor and his officers power totraine instruct Exercise and Governe the Militia there and for the speciall Defence and Safety of Our said Province or Territory to assemble in Martiall Array and put in Warlike posture the Inhabitants of Our said Province or Territory and to lead and Conduct themAlmost a hundred years later at the time of the American Revolution the term militia was used in much the same way, but the government authority under which the militia was organized had changed. As each of the colonies determined that they had the right to govern themselves independently from the British Crown and Parliament, each colony and later each state set up laws governing militias in their constitution or in separate legislation, or both.The Militia Act of 1775 formalized the organization of the militia in Pennsylvania and a few adjacent areas, as the existing groups of militia werevery willing to defend themselves and their Country, and desirous of being formed into regular Bodies for that Purpose, instructed and disciplined under proper Officers, with suitable and legal Authority; representing withal, that unless Measures of this Kind are taken, so as to unite them together, subject them to due Command, and thereby give them Confidence in each other, they cannot assemble to oppose the Enemy, without the utmost Danger of exposing themselves to Confusion and Destruction.The section of the Virginia Declaration of Rights June 12, 1776 addressing the militia had similar language to the Second Amendment, but does not mention the right to bear arms:That a well regulated militia, composed of the body of the people, trained to arms, is the proper, natural, and safe defense of a free state.Subsequently, the Virginia Assembly passed “An Act for Regulating and Disciplining the Militia” on May 5, 1777. It is a lengthy document fully outlining the makeup and organization of the Virginia militia. The act stated the militia were to beformed into companies of not less than thirty two, nor more than sixty eight. . . and these companies shall again be formed into battalions of not more than one thousand, nor less than five hundred men, if there be so many in the county. . . Each company shall be commanded by a captain, two lieutenants, and an ensign; each battalion by a colonel, lieutenant colonel, and major, who shall take precedence and command of each other according to rank and seniority, and the whole by a county lieutenant. These officers shall be resident within their county, and before they enter on the execution of their office shall, in presence of the court of the same county, take the following oath: I [space] do swear, that I will be faithful and true to the commonwealth of Virginia, of which I profess myself to be a citizen. . .There shall be a private muster of every company once in every month, except the months of January and February, at such convenient time and place as the captain, or next commanding officer, shall appoint, and a general muster in each county, on some day in the months of April and October, in every year, to be appointed by the county lieutenant, or other commanding officerOther state constitutions and documents specifically use the term militia in this manner. In all of these quoted documents and others written at the time, just prior to the writing of Second Amendment, the use of the term militia always referred to a body organized under the authority and command of a duly recognized government. Such militias were to be well regulated: organized, trained, outfitted, prepared for battle, and led by officers answerable to the government. Militias at the time were not activated until a government authority called them into action, usually a state governor, but also local officials. During the American Revolution these local and state militias were called up under various authorities and provided the bulk of the fighting power, particularly until army “regulars” under Congressional control could be outfitted and trained, but also throughout the war.Technically, that completes the answer to the question, which asked merely what these terms meant. However, since the Second Amendment and its meaning are at the heart of the current debate about gun control, and since various self-appointed bodies claiming to be militia are arming themselves today and patrolling the streets, I will extend my answer to talk about the overall meaning of the text.First, since we have just discussed it, note that in the documents of the time the term militia never refers to a band of citizens who take it upon themselves to use armed force apart from the authority of a government body. Though in one sense the term militia was used to define all able-bodied men in a municipality, county, or state, the idea of a group of armed citizens from this pool of men banding together and using armed force apart from a government authority was not entertained as healthy to the peace and security of a state or the nation. In fact, it was the fear of such groups that eventually led to the adoption of the US Constitution. Armed insurrections began to occur in the new nation, the most well known being the 1786–87 Shay’s Rebellion in Massachusetts. This rebellion began in rural Massachusetts as citizens there rebelled against state taxes and bank practices they felt were unfair toward farmers and rural landowners. Though many were sympathetic, state and national officials, including George Washington, became alarmed as a large group of armed citizens through threat of force shut down courts and tax collectors. In historical documents referring to Shay’s rebellion and others incidents, a clear distinction can be seen between a duly appointed militia and an unauthorized band of armed citizens. Participants in Shay’s Rebellion “marched on the federal Springfield Armory (at which weapons were not only manufactured but also stored) in an unsuccessful attempt to seize its weaponry and overthrow the government.” Under the Articles of Confederation, the “federal government found itself unable to finance troops to put down the rebellion, and it was consequently put down by the Massachusetts State militia and a privately funded local militia.”The Whiskey Rebellion of 1791–94 is another example. It began as farmers in western Pennsylvania refused to pay the federal tax on whiskey, took up arms against federal authority, burned the home of a tax collector, and some threatened to declare independence from the United States. To stem the insurrection, President Washington asked several state governors to call up their militias according to the Militia Acts of 1792. This militia force of over 12,000 was federalized by President Washington to march to western Pennsylvania and put down the insurrection. To show this militia was federally sanctioned, President Washington, the hero of the American Revolution, ceremonially led the militia on horseback for a time as they marched west. The 500 or so armed tax resistors were not considered militia, they were considered insurrectionists, in rebellion against the United States.Fries's Rebellion was a similar incident in 1800, and again based on opposition to a federal tax by Congress. In this case, a local group of militia, unauthorized by the state, attempted to detain federal tax collectors. Federal marshals arrested some of the armed group, but later other armed members of the group, under threat of violence, forced their release. President John Adams and Congress used both federal troops and duly authorized state militia to arrest the unauthorized armed group of insurrectionists and bring them to trial in federal court.These incidents make two things quite clear. First, now that the states had become independent and had representative governments, citizens were expected to pay their taxes. Second, unauthorized bands of armed citizens who opposed the laws of the state or federal government by violent means would not be tolerated. In the first incident, under the Articles of Confederation the weak federal government could not act, so duly authorized state militias put down the insurrection.Shay’s Rebellion was one of the reasons the Articles of Confederation were replaced by the Constitution, in which the federal government was strengthened to be better prepared to deal with domestic and foreign threats. In the second two incidents occurring after the Constitution had been adopted, the President of the United States and Congress expected citizens of the United States to pay their federal taxes. This was not taxation without representation, as they were represented in Congress by duly elected officials. If they opposed the tax, they had peaceful and legal means to express their opposition. Again, the President, Congress, state governors, and state governments would not allow groups of armed individuals or an unauthorized group of militia to roam the country and use violence or the threat of force just because they disagreed with the the law. Such groups were considered insurrectionists, in rebellion against the United States. The organization of lawful US militia has changed over the years with the passage of several laws, but the basic premise of militias remains the same (see notes at end). The state militias include the National Guard, Naval Militias, and State Defense Forces. All able-bodied men between 17 and 45 are considered part of the “unorganized militia” eligible to be called up to serve, but only if current laws concerning compulsory service are changed, either temporarily or permanently.It is both sad and ironic that today unauthorized groups of armed individuals acting apart from any government authority consider themselves patriotic militias and appeal to the Constitution and the Founding Fathers they so revere. By all the official documents and writings of the Founding Fathers, they would have considered these groups dangerous, at best, or illegal, depending on their activities. It is not illegal to form a group to collectively conduct training in firearms or even military tactics. It is illegal for such a group to claim or assert official authority or take military or law enforcement action as a group. The type of law and order envisioned by state and national leaders in the newly formed United States was one that existed through the will of the people as expressed through their elected officials, who were to create local law enforcement and well regulated militias answerable to the government elected by the people. It was the will of the people as they expressed it through duly elected representatives that mattered, not the opinion of a group of people who believed government should function according to their ideas of how it should be run.Let’s now look at the entire Second Amendment and its grammatical construction. As you may know, there were four written versions of the second amendment ratified by various states, the main difference being in capitalization and punctuation. This was not uncommon for that era, as government documents were handwritten, and capitalization, punctuation, and even spelling were not as standardized as they became after type-printed government and legal documents became the norm. In my opinion, these differences did not in any way change the meaning of the amendment as written. This is the version originally approved by Congress for ratification by the states:A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.Here is one variation, with the first comma omitted, which was the version approved by New York, Pennsylvania, Rhode Island, and South Carolina. In my opinion, this is the most “correct” punctuation in that it separates the two main ideas contained in the amendment, and probably the one most used today, but in any case the meaning is the same in all versions.A well regulated Militia being necessary to the security of a free State, the right of the people to keep and bear Arms shall not be infringed.The first part of the amendment is introductory, making a statement supporting the validity of the rest of the amendment. It is easier to distinguish this if you look at it from the interrogative:Q: Why should the right of the people to keep and bear arms not be infringed?A: Because a well regulated militia is necessary to the security of a free state.Now comes a key definition, not included in the original question: who are “the people” who have the right to keep and bear arms? In the context of language used at the time, there are only two possibilities. “The people” is used as a collective term to represent all of the people in a state or the nation. It is also used to allude to the collective will of the people expressed by the government through representatives of the people. The Tenth Amendment makes this distinction:The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.In the Preamble to the Constitution, “the people” is used in the second sense.We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.Obviously, all of the people in the United States did not collaborate in the writing of the United States Constitution. Rather, their representatives at the Constitutional Convention entered into debate and discussion to forge and approve the document. It was then ratified by Conventions in each state representing the people of each state.“The people” was used in state constitutions, also. The Virginia Constitution opened with, “A declaration of rights made by the representatives of the good people of Virginia.” New York’s Constitution made its declarations, “in the name and by the authority of the good people of this State.” South Carolina’s constitution stated the framers to be Serving as a “full and free representation of the people.” In the Massachusetts constitution you find, “We, therefore, the people of Massachusetts” and in Pennsylvania’s “the people of this State.”The people, then, who have this right are the people of the United States, or in each state, and the governments who represent the will of the people. The Tenth Amendment, which was added primarily to allay the fears of anti-Federalists, makes clear what the Constitution and first nine amendments had already established: In matters of individual and states rights, if any branch of the Federal government using its proper authority had not or could not exercise that authority on a matter of governance or individual liberty, state governments had the right to do so, and if the matter had not been acted upon by the state government, the people retained the right to make their own decision, including their right to address a matter through representative government - be it local, state or federal.The Tenth Amendment was patterned after a similar statement in the Articles of Confederation, Article II:Each state retains its sovereignty, freedom, and independence, and every power, jurisdiction, and right, which is not by this Confederation expressly delegated to the United States, in Congress assembled.That the Second Amendment speaks of both states and “the people” makes sense, as the context of the Second Amendment and the nine other amendments that came to be known as the Bill of Rights was the resolution of the conflict between the Federalists and anti-Federalists over the authority of the federal government over the states, and the principle that all just governments derive their authority from the people. For various reasons, from trade to slavery to fear of centralized power, individual states wanted autonomy on certain matters. Originally, the binding together of the states came about as each colonial government sought to become independent of British rule. The loosely written Articles of Confederation attested to the reluctance to yield power to a central authority. As it became clear the collective United States needed better protection from foreign powers and internal insurrections, a Constitutional Convention was called so “the people” could “form a more perfect Union” between the state governments. The bitter disagreement between Federalists and anti-Federalists, and the different priorities of the states with an economy based on agriculture and slave labor vs the other states, resulted in many compromises, such as the Three-Fifths Compromise.Perhaps the most significant compromise was the addition of the Bill of Rights, which several state Constitutions already had. Federalists who had opposed a bill of rights being in the Constitution now supported it being added by Amendment. It speaks well of those on both sides that these differences were resolved peacefully. That is not to say that the Federalists, anti-Federalists, delegates to the Constitutional Convention, state governors, and state legislators always acted nobly or without self-interest. It does mean that, having just survived a costly war for independence, they valued the peaceful, political resolution of differences over armed conflict. There were a few anti-Federalists who wanted to resist the implementation of the new Constitution by force. However, even the ardent anti-Federalist Patrick Henry refused to take up arms against a government established by the will of the people, and other prominent anti-Federalists agreed. The Constitution was now the law of the land, so compromise was sought to add a Bill of Rights to protect the rights of the people and the states.I said all that to again emphasize it would be historically inaccurate to think that the Second Amendment was not written in the context of protecting the rights of state governments duly elected by the people. State governors and state legislatures had the right and duty to protect their citizens, and included in that right and duty was the the establishment, organization, and training of a well regulated militia. Standing armies, like those the British had quartered among the people, were suspect. This was the impetus for the Third Amendment:No Soldier shall, in time of peace be quartered in any house, without the consent of the Owner, nor in time of war, but in a manner to be prescribed by law.The best way to keep the necessity of a large standing federal army to a minimum was to have organized, well trained, well outfitted, well commanded state militias available. This was also the best way for each state to protect itself, as deploying a federal force to a threatened region could take weeks. In the case of a threat to the entire nation or an overwhelming threat to one or more states, the federal government at the time, specifically the Executive Branch and the President as Commander in Chief, could call up state militias to be put under federal control, as was done in the case of insurrections, including the Whiskey Rebellion and Fries’ Rebellion.What, then, does the Second Amendment have to do with today’s debate about gun control and the right of a citizen to own firearms? Not much. The right of individuals to own firearms was never questioned at the time the Second Amendment was enacted. It was assumed that most people did own firearms. Though of late there has been a debate about the number of households that owned guns at the time of the American Revolution, written records support a high percentage of gun ownership. Probate inventories are one good source, though obviously incomplete since not every estate went through probate, and often the items listed were incomplete. Still, a study was done of “250 estates of farmers with sufficient itemization to list beds in five counties in New Jersey and Pennsylvania. . . in six, one year samples made between 1714 and 1789. The percentages of guns in probate estates is 60% in the frontier and 50% in more settled regions.” In another comparison of “221 probate inventories in Surry County, a relatively poor agricultural Virginia county, from 1690 to 1715” and where “the staple crops-tobacco and corn-needed to be hoed several times a year” only 34% of estates listed any hoes. However, In the middle income group (30th to 90th percentile), where 35–41% of household estates listed hoes, 63–69% listed guns. Tables were listed at 50-64% and seating furniture at 40-68%. Are we to conclude that only 50% of middle income people had chairs and tables? I think not. More accurately, ownership was transferred without probate or the ownership of these items had been settled apart from probate. The same can be concluded of guns. However you extrapolate it, gun ownership was quite common, probably more common in rural areas but also in urban areas.The second amendment was not specifically about the right of individuals to own firearms. It was about the right of “the people” and their representatives in state and local governments to organize, train, outfit, and maintain militias apart from federal authority. Though many called up to serve in state and local militias used their own firearms, state and local militias also maintained armories in which assorted arms were kept, including canon and mortars but also musket, long rifles, powder, and shot. The Battled of Lexington and Concord began because the colonial militia was alerted that British troops were marching to seize their stores of arms and supplies.Let me restate the significance of the historical context again. The second amendment specifically addressed the right of “the people,” through duly elected state and local governments, to organize, train, outfit, and maintain state and local militias apart from federal control. The second amendment did not address the rights of individuals to own firearms, as that right was already assumed. In my opinion it is wrong for either side of the debate about gun control to deny the historical context in which the Second Amendment was written. It was wrong, in my opinion, for SCOTUS to make any decision about individual gun ownership based solely on the Second Amendment, since the right of individuals to own firearms was already assumed when the Amendment was written. What was in question was the right of “the people” in each state to organize armed militias for their defense apart from the federal government “allowing” them to do so.Here is the larger question: Does this mean the government cannot regulate firearms? No. Absolutely not.Whether you take the position that the Second Amendment protects individual ownership of firearms (as SCOTUS ruled in some instances) or that this right was assumed, that does not mean the government does not have the right to regulate firearms or the conditions under which this right can be exercised. Constitutionally, in order to protect the rights of all citizens, all rights have limitations. Freedom of speech does not mean you can intentionally attempt to persuade a crowd to commit illegal or violent acts. In the case of inciting criminal or violent action, protecting the public takes precedent over free speech.Also, the Federal, State, and local governments have always asserted the right to regulate arms among citizens, which is why you cannot buy an RPG launcher or fully automatic weapon at Walmart, and why there are restrictions on sawed-off shotguns and .50 caliber machine guns. The state of Arkansas had laws making it illegal to carry Certain firearms since 1838.Carrying a weapon has been proscribed in Arkansas since 1838. The earliest version of the law against carrying weapon barred carrying “any pistol, dirk, butcher or large knife, or a sword in a cane, concealed as a weapon, unless upon a journey.” The penalty was one to six months in the county jail and a fine of $25 to $100.Univ. of Arkansas Taff v. StateOver the course of your other weapons were added, but the statute was never challenged on Second Amendment grounds in court. It remained valid until “In the 2019 legislative session, both houses of the Arkansas General Assembly passed resolutions declaring that Arkansas is a constitutional-carry state in light of the Arkansas Court of Appeals’ 2018 decision in Taff v. State” - a case that never mentioned Second Amendment tights, but rather sought to exclude confiscated drugs and a confiscated handgun based on illegal seizure.Another such long was passed in reconstruction Texas in 1870, after the the radical reformist Governor Edmund Davis, appealed to the state legislature because of high violent crime rates in TexasThat summer, the state legislature partially fulfilled Governor Da- vis's request by passing a law forbidding the carrying of any "bowie- knife, dirk or butcher-knife, or fire-arms, whether known as a six shooter, gun or pistol of any kind," at a variety of locations:any church or religious assembly, any school room or other place where persons are assembled for educational, literary or scientific purposes, or into a ball room, social party or other social gathering composed of ladies and gentlemen, or to any election precinct on the day or days of any election . . . or to any other place where people may be assembled to muster or to perform any other public duty, or any other public assembly.”The fine for violating the new law was a whopping $50 to $500 (the modern equivalent of $1,000 to $10,000).Texas A&M Law ReviewOf course, these were state laws.The Federal Government’s first forays into gun control were 1934 National Firearms Act, the 1938 Federal Firearms Act, and the 1968 Gun Control Act. There was no uproar in the 1930s when the federal government regulated the purchase of machine guns. The Thompson submachine gun, or Tommy Gun, had become the favorite weapon of organized crime and was perceived as a threat to the public. None of these laws were ever see as unconstitutional or intrusive by the general public, and in United States v. Miller the law was upheld. Neither were any of these laws intended to question the right of citizens to own firearms. Rather, they dealt with regulating certain types of firearms that presented a significant threat to the general public, and regulating the conditions under which citizens could exercise their rights. The basic rules guiding regulations were:Do such firearms present a threat to the general population?Is there a legitimate reason a citizen might need such firearms?The SCOTUS decision in U.S. vs. Miller is an example, though in my opinion a little too brief and narrow (United States v. Miller).By now, I may have succeeded in upsetting people on both sides of the gun control debate. I also suspect that there are a good number of people who don’t care because, to them, the argument is not about gun ownership, but about reasonable restrictions on gun ownership to protect the public. Most Americans are not members of unauthorized, pseudo-patriotic militias and stockpiling weapons and ammunition to fend off their own government, which in their conspiracy-laden mind is out to get them. Most Americans are not preparing to fight a race war, survive the apocalypse, fight off the Antichrist and his minions, or fight off the zombies. Most Americans are not opposed to universal background checks or firearms registration. Most Americans do not want guns to be confiscated, which is why every piece of legislation to date proposing restricting assault style weapons has contained a grandfather clause, allowing current owners to keep their rifles. Sadly, “most Americans” are not controlling the debate over gun control. The most extreme elements on each side are.Footnote: The organization of lawful US militia has changed over the years with the passage of several laws.Militia (United States) - Wikipedia10 U.S. Code § 246 - Militia: composition and classesMilitia Act of 1903National Defense Act of 1916National Defense Act of 1920I welcome comments by people who disagree with me. I don’t have time for trolls or arguments. Also, if you want to know my opinion on gun control, I suggest you read the following answers.Tom Buczkowski's answer to If the United States banned guns, how many gun owners would rather fight to the death than surrender their guns?Tom Buczkowski's answer to As an American gun owner, would you fight back if law enforcement came to confiscate your firearms?

Basic Bookkeeping Terms and PhrasesGet a firm understanding of key bookkeeping and accounting terms and phrases before you begin work as a bookkeeper. Bookkeepers use specific terms and phrases everyday as they track and record financial transactions — from balance sheets and income statements to accounts payable and receivable. The following sections list bookkeeping terms that you’ll use on a daily basis.Balance sheet terminologyHere are a few terms you’ll want to know when working with balance sheets:Balance sheet: The financial statement that presents a snapshot of the company’s financial position as of a particular date in time. It’s called a balance sheet because the things owned by the company (assets) must equal the claims against those assets (liabilities and equity).Assets: All the things a company owns in order to successfully run its business, such as cash, buildings, land, tools, equipment, vehicles, and furniture.Liabilities: All the debts the company owes, such as bonds, loans, and unpaid bills.Equity: All the money invested in the company by its owners. In a small business owned by one person or a group of people, the owner’s equity is shown in a Capital account. In a larger business that’s incorporated, owner’s equity is shown in shares of stock.Another key Equity account is Retained Earnings, which tracks all company profits that have been reinvested in the company rather than paid out to the company’s owners. Small businesses track money paid out to owners in a Drawing account, whereas incorporated businesses dole out money to owners by paying dividends.Income statement terminologyHere are a few terms related to the income statement that you’ll want to know:Income statement: The financial statement that presents a summary of the company’s financial activity over a certain period of time, such as a month, quarter, or year. The statement starts with Revenue earned, subtracts the Costs of Goods Sold and the Expenses, and ends with the bottom line — Net Profit or Loss.Revenue: All money collected in the process of selling the company’s goods and services. Some companies also collect revenue through other means, such as selling assets the business no longer needs or earning interest by offering short-term loans to employees or other businesses.Costs of goods sold: All money spent to purchase or make the products or services a company plans to sell to its customers.Expenses: All money spent to operate the company that’s not directly related to the sale of individual goods or services.Other common bookkeeping termsSome other common terms used in bookkeeping include the following:Accounting period: The time period for which financial information is being tracked. Most businesses track their financial results on a monthly basis, so each accounting period equals one month. Some businesses choose to do financial reports on a quarterly or annual basis. Businesses that track their financial activities monthly usually also create quarterly and annual reports.Accounts payable: The account used to track all outstanding bills from vendors, contractors, consultants, and any other companies or individuals from whom the company buys goods or services.Accounts receivable: The account used to track all customer sales that are made by store credit. Store credit refers not to credit card sales but rather to sales in which the customer is given credit directly by the store and the store needs to collect payment from the customer at a later date.Depreciation: An accounting method used to track the aging and use of assets. For example, if you own a car, you know that each year you use the car its value is reduced (unless you own one of those classic cars that goes up in value). Every major asset a business owns ages and eventually needs replacement, including buildings, factories, equipment, and other key assets.General Ledger: Where all the company’s accounts are summarized. The General Ledger is the granddaddy of the bookkeeping system.Interest: The money a company needs to pay if it borrows money from a bank or other company. For example, when you buy a car using a car loan, you must pay not only the amount you borrowed but also interest, based on a percent of the amount you borrowed.Inventory: The account that tracks all products that will be sold to customers.Journals: Where bookkeepers keep records (in chronological order) of daily company transactions. Each of the most active accounts — including cash, Accounts Payable, and Accounts Receivable — has its own journal.Payroll: The way a company pays its employees. Managing payroll is a key function of the bookkeeper and involves reporting many aspects of payroll to the government, including taxes to be paid on behalf of the employee, unemployment taxes, and workman’s compensation.Trial balance: How you test to be sure the books are in balance before pulling together information for the financial reports and closing the books for the accounting period.link Accounting Terminology Guide - Over 1,000 Accounting and Finance TermsAccounting TermsAccounting Equation - The Accounting Equation is Assets = Liabilities + Equity. With accurate financial records, the equation balances.Accounting - Accounting keeps track of the financial records of a business. In addition to recording financial transactions, it involves reporting, analyzing and summarizing information.Accounts Payable - Accounts Payable are liabilities of a business and represent money owed to others.Accounts Receivable - Assets of a business and represent money owed to a business by others.Accrual Accounting - Records financial transactions when they occur rather than when cash changes hands. For example, when goods are received without payment, an Accounts Payable is recorded.Accruals - Accruals acknowledge revenue when it is earned and expenses when they are incurred even though a cash transaction may not be involved.Amortization - Reduces debts through equal payments that include interest.Asset - Items of value that are owned.Audit Trail - Allow financial transactions to be traced to their source.Auditors - Examine financial accounts and records to evaluate their accuracy and the financial condition of the entity.Balance Sheet - Provides a snapshot of a business' assets, liabilities, and equity on a given date.Bookkeeping - Recording of financial transactions in an accounting system.Budgeting - Budgeting involves maintaining a financial plan to control cash flow.Capital Stock - Total amount of common and preferred stock issued by a company.Capital Surplus - The amount in excess of par value for shares of common stock.Capitalized Expense - Accumulated expenses that are expensed over time.Cash Flow - The difference in money flowing in and out. A negative flow indicates more money going out than coming in. A positive flow shows more money coming in than going out.Cash-Basis Accounting - Records when cash is received through revenues and disbursed for expenses.Chart of Accounts - An organization's list of accounts used to record financial transactions.Closing the Books/Year End Closing - Closing the Books occurs at the end of the annual period and allows for a start with a clean book at the beginning of the next year.Cost Accounting - Used internally to determine the cost of operations and to establish a budget to increase profitability.Credit - Entered in the right column of accounts. Liability, equity and revenue increase on the credit side.Debit - Entered in the left column of accounts. Assets and expenses increase on the debit side.Departmental Accounting - Shows individual departments' income, expenses and net profit.Depreciation - The decrease in an asset's value over time.Dividends - Profits returned to the shareholders of a corporation.Double-Entry Bookkeeping - Requires entries of debits and credits for each financial transaction.Equity - Represents the value of company ownership.Financial Accounting - The accounting branch that prepares financial reporting primarily for external users.Financial Statement - Financial Statements detail the financial activities of a business.Fixed Asset - Used for a long period of time, e.g. - equipment or buildings.General Ledger - Where debit and credit transactions are recorded.Goodwill - Intangible asset a business enjoys like its reputation or brand popularity.Income Statement - A Financial Statement documents the difference in revenue and expenses resulting in income.Inventory Valuation - A valuation method modified for use in real estate and business appraisals.Inventory - Inventory consists of raw materials, work in progress, and finished goods.Invoice - An Invoice shows the amount of money owed for goods or services received.In The Black - Makes reference to a profit on the books; opposite of “in the red.” Black Friday sales are known for the profit retailers are adding to their books.In The Red - Makes reference to a loss on the books; opposite of “in the black.” In the days of handwritten accounting, ledger entries written in black meant there was a profit, but those in red meant there was a loss.Job Costing - Job Costing tracks costs of a particular job against its revenues.Journal - The first place financial transactions are entered. They are entered chronologically.Liability - Liabilities are the obligations of an entity, usually financial in nature.Liquid Asset - Consist of cash and other assets that can be easily converted to cash.Loan - A monetary advance from a lender to a borrower.Master Account - A Master Account has subsidiary accounts. Accounts Receivable could be a master account for various individual receivable accounts.Net Income - Net Income equals revenue minus expenses, taxes, depreciation and interest.Non-Cash Expense - Does not require cash outlay, e.g. - depreciation.Non-operating Income - Income not generated from the business. An example might be the sale of unused equipment.Note - A Note is a document promising to repay a debt.Operating Income - Determined by subtracting operating expenses from operating revenue. Interest and income tax expenses are not included.Other Income - Non-recurring income, e.g. - interest.Payroll - An account listing employees and any wages and salaries due them.Posting - Refers to the recording of ledger entries.Profit - Profit is revenue minus expenses. Reductions for taxes, interest, and depreciation are included.Profit/Loss Statement - A financial report issued by a company on a regular basis that discloses earnings, expenses and net profit for a given time period.Reconciliation - The act of proving an account balances; debits and credits equal. An example of reconciling an account is to verify that the bank statement matches the checkbook balance, making allowances for outstanding checks and deposits.Retained Earnings - Money left after all the bills have been paid and all the shareholder dividends have been distributed; often reinvested in the business.Revenue - The actual amount of money a company brings in during a particular time period; gross income.Shareholder Equity - A company’s total assets less its total liabilities; owner’s equity; net worth. Shareholder equity comes from the start-up capital of the business plus retained earnings amassed over time.Single-Entry Bookkeeping - An accounting process that uses on one entry, instead of debit and credit entries. Small businesses using cash accounting system benefit from the ease of this system, which is much like keeping a checkbook.Statement of Account - A written document that shows all charges and payments; accounts receivable statement; accounts payable statement. Generally, a monthly accounts receivable statement is sent to a charge customer; and reconciled by an accounts payable clerk for payment.Subsidiary Accounts - Accounts that are under a control account; they must equal the main account balance. Examples of subsidiary accounts may be “Office Supplies,” or “Cleaning Supplies,” under the control account called “Supplies.”Supplies - Consumable materials used in business and replenished as needed. Supplies are not inventory for sale; rather they are used to carry out business activities.Treasury Stock - Shares a company retains or buys back once offered to the public for purchase.Write-down/Write-off - An accounting transaction that reduces the value of an asset.courtesy :allaccounting .com

Having worked in the retail sector for the last 25 years, I have seen it all. The ups, downs and the turn arounds. I have seen what Online Shopping can do TO a retail bricks and mortar store, and what it can do FOR a store.Owning a small business isn’t easy. We need to constantly learn, adapt and strive forward for our team, for our families, and for ourselves.Here are 35 ways to improve your business, you can implement right now.1. Remember Your Ultimate GoalYou Started your business for a reason. Remember what that reason was. Was it just to make money? Was it to help people find a solution to a problem? You may have a dream to expand to your second store location, or perhaps 3rd, 4th or 5th or you may have a view to Franchise your small business. Whatever your long term goal is, remember it! Write it down and post it somewhere you can see every day. Each day you need to be reminded of what you are working towards.Retrieve the original business plan. How does your current business compare to THAT plan? Are you still on track, or have you deviated along the way?2. Mission StatementWhat is your Business Mission Statement? This is something you and your staff should be referring to every day. This is what the business stands for, and what we live for. This single statement is going to drive the business forward.3. Know Your BusinessPrint last Financial Years Profit & Loss Statement. Print The Current P+L Year to date.. Are things moving in the right direction? Are they moving fast enough? Is your business keeping up with the fast paced industry? Have you identified the busy and the slow periods and adjusted to them?It’s very important that you know how your business is tracking, and how to adjust things if it’s not going in the right direction. Knowledge Is Power!4. Identify ChallengesList the challenges you and your team face on a weekly basis. Try and list them down from Most Challenging.. those that will require the most urgent attention, to the minimal challenges.. those we can tackle after the important ones. Prioritise and then focus on that list.5. Do a SWOT AnalysisStrengths / Weaknesses / Opportunities / Threats Strengths and weaknesses are internal to your company—things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location. Opportunities and threats are external—things that are going on outside your company, in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them. Examples include competitors, prices of raw or wholesale materials, and customer shopping trends.This is going to give you a visual understanding of the challenges you face.6. Don’t just “Sell a Product”Anyone can go anywhere to buy the same product. You want to stand out from all the rest. How will you do it? Adding Value to the items you sell will set you apart from your competition. If you’re a butcher selling beef, you may throw in some recipe cards with a spice rub or a gravy packet. Combine that with a list of vegetables that will go well with it, and you have just given the customer a “Complete Solution” to dinner, instead of just an ingredient. Go above and beyond your competitors and give the customer a reason to come back to you.7. AdvertiseOh.. such a scary word. But it shouldn’t be. Whenever you spend money on advertising, you need to be able to measure its performance. You need to answer the questions “Am I Getting A Return On Investment” ?The ideal thing about Facebook, is the targeted advertising. You literally have the means to target people in your local area, with specific Age, Gender, Interests and buy habits. NEVER BEFORE have we had such a specific marketing reach at our disposal.Run a simple marketing campaign, capture your prospect leads and build your marketing list. Use an Auto Responder to continuously keep your brand in the mind of your prospect.Build Your Marketing List and use Autoresponder Marketing.If you don’t know EXACTLY where your advertising dollars are going, and what you are getting back.. then steer clear of paid advertising, or at least hire an agency who can best do an advertising campaign for you.8. Create your own Buzz..Whenever something noteworthy is happening in your business, relay that to your local industry press, be a Local Paper, Local Community Event Organiser, Centre Management.. Anyone who is going to use their reach to let people know what’s happening.9. Hold Promotions on a regular basisMonthly Events give your community something to look forward to. They will also give you a reason to reach out and contact your marketing list.Create your own promotion or event. You can get involved with other local businesses or charities who may compliment your business.I recently connected 2 of my own customers together for a mutually beneficial event. A butcher and a BBQ store. Both stores advertised a massive day at the BBQ store.Try Before You Buy! The BBQ Store had a range of products up and running so people could see, touch and use them while they were in action. The butcher supplied the meat, and advertised his quality product at the same time. Both collecting customer leads, talking about their own businesses, and offering deals on the day. Not competing against each other, but working together within the local community.10. Re-Visit your pricing strategyIs your pricing current? Are you making the Gross Profit you need to out the items you sell? Does your price rounding need attention ($52.50 – $54.95) ( $8.20 – $8.95) ?11. MerchandisingLayout - Is your store designed for sales? Like Products nearby for an upsell? Do you need to redesign the Store layout to better customer flow - maximizing your square footage? Can you attract a new customers and spark interest with Window Merchandising / In Store Displays / New or Clean Fixtures + Fittings / Changing Seasonal Displays / Clear Signage..Are the items in a specific location paying their way? Are the higher priced items at eye line?“The Eye Line is the Buy Line”12. Connect with your customersMake sure it’s a positive experience, every time someone walks into your store. Be happy, and engaging to your customers. Make sure you keep a clean and tidy store. Everything starts with Customer Service – Do you have a loyalty club and E-mail Marketing list? Are your Social Media Pages advertised around the store? Are you and your staff ASKING them to join? ..or even offering them some kind of incentive to join?..All business relies on its marketing list. “The Money is in the List”13. Under Promise & Over Deliver to your customersWOW your customers with service!14. WebsiteWhat does it currently represent? Is it a Basic Static Site with About Us pages and an Address? Is it a Full E-Commerce Site where you can sell your goods? Is it a Sales Funnel that guides customers through the buying process?There are many different types of websites, and you need to make sure your website best suits your business and compliments the over-all business.Be sure to Speak to an Agency if you need assistance with Web Development and SEO.15. Update Your Business on GoogleGoogle now has a dedicated section where Bricks and Mortar businesses can thrive. Location based where users can add reviews. Make sure you take advantage of this option as you are likely to see new traffic finding its way to your store.If you have a physical address, you need to update your Google My Business Profile.Set up a Google My Business Page at Update your browser to use Google My Business Customize your profile, Add your Services, Create your first post as an offer.Add valuable content and some photo’s to make the page look full.Be sure to Speak to an Agency if you need assistance with Online Business Services.16. Click-And-CollectIs this a service you currently offer? Having an option where customers can Pre-Order and pick up when they quickly come past is most appealing, especially to anyone who is Time-Poor. Even if you don’t have the ability to add the automated option onto your site, you should at least list that a customer can send through an e-mail with an order request, and your friendly staff will send back an exact price and ready to-collect time.17. Implement a Sales FunnelAll businesses should have a sales funnel implemented. Depending on the style of business conducted, the funnel will change, but having one custom built for your business is going to drive traffic and sales. Even if you don’t have a website, you can still have Sales Funnel.In this fast paced day and age, your web visitors have a short attention span of about 7 to 8 seconds. If they don’t find anything engaging in that brief moment, they will click off.Myth – if you build it, they will come.Some businesses pay tens of thousands of dollars to a web design company to redesign and rebuild their website. Unfortunately, the old style of website, with numerous pages of information and content listings, dropdown menus, pages and pages of stock choices… are now making way for simple, “Sales Guided” websites called Sales Funnels. In the same way IKEA guide each and every visitor through their sales process, your new Sales Funnel Style site will do the same.Testing has been done comparing the sales style, and it’s a whopping average 63% increase on people pressing the “Buy Now” button. The best part is, you can set up your own sales funnel with little to no knowledge about web design or coding… you only need to know your customer.18. Social MediaYou need to be on at least 1 major Social Platform. A word of warning though.. Only set up a social media profile if you can maintain it. Setting up a BAD profile will do you more harm than good. Depending on your industry, may dictate the platform you should choose. It’s best to talk to a Social Media Agency if you aren’t sure how to attack the Social World!You should be at the forefront on everyone’s mind within your own industry. This means engaging constantly on social media. Choosing the right Social Media Platform to match your Objective.Goal Platform Exposure / Fan Base Instagram, Snapchat, Twitter Brand Loyalty / Traffic Facebook, Youtube, Google Web Traffic / Sales Pinterest, LinkedInThis is pretty good guide to follow, but depending on your business, there may be a little crossover. Have a lengthy chat to your Retail Social Media Management Agency to come up with the best platform for your business.Don’t go more than 3 platforms. This will just become too much to handle, and things will get missed. Give each platform a good solid 6 months of engagement. If one of the platform isn’t working for you.. Try another. But give it a fair day in court to make sure first.19. Manage your FinancesAnd I mean To The Dollar. It’s most important, as a Manager or Business Owner, that you know where the money is coming from and where it’s going to. You need a detailed Profit & Loss statement that is updated and analysed monthly. Everything from TAX, outgoing bills, stock costs, loan payments, wages, rent, all the way down to milk for staff coffee out of the petty cash tin. Out of the NET PROFIT that’s generated each month, that is, AFTER EVERYTHING has been paid for, I like to use the 33% Rule. 33% will go to shareholders, 33% will stay in the account as savings, and remaining 33% to be spent ON the business.. in the way of advertising, marketing or store improvements.20. Move Outside your SquarespaceSet up displays outside your store walls. You may be able to use space on the sidewalk, or in the centre of the shopping mall.. you may have a local market stall where you can set up a stand.. anywhere you can have a sales presence is worth trying. Then gauge the reaction and response and try somewhere else if it’s not working.21. Story BoardUse a sandwich board outside your store and be sure to change it up on a daily basis. You can add any daily specials, or run-out items. “Quotes of the Day” or industry specific news .. just be sure to keep it light and entertaining. If your board has your business name on it, encourage people to take a photo and post it on THEIR OWN social media!22. Suggestion BoxPretty Old Skool! But some people are happy to give feedback in this way. Some people like the anonymity, others have trouble talking to people.. we want as much feedback as possible, so give them another option to let you know how you can improve the business.23. Additional Payment OptionsWe are FAST approaching 2020 and times certainly are changing. New payment method are available, especially with the younger generation, so don’t disregard them. Options like Afterpay and Zippay are pretty common, and Paypal is on almost anyone’s phone these days. As time goes on, you will find Bitcoin and Facebooks NEW Cryptocurrency will become more mainstream.. so we may as well prepare now.24. Invest in your staffYour Staff are your business lifeblood. These are the people you trust to look after your business when you can’t be there 24/7. Are they the right fit? Do they need training?If you want your staff to run your business the way you do, then you will need to invest some time and effort into training them up to your level. You will need to run regular workshops and Team Building Exercises. You need to make them feel like it’s THEIR business too.. as if they have a vested interest.. but most of all.. for the hard work they do put in.. they must be rewarded for.Have an incentive for staff to strive towards, but make sure it’s achievable. A policies + procedures manual should be printed and kept on hand for easy referral in the event they have any questions about the way the business should be run. You need to keep your staff motivated, and the workplace enjoyable. A miserable employee will do no-one any good. Set goals such as sales targets. Having goals will drive effort among staff. Track performance over time (day, week, month), conduct regular meetings (shift starters, morning huddles, 1 minute catch up), PK training (product knowledge) sessions and organise daily contests. Reward staff for hard work and achievements, this will keep them motivated and excited.Mystery Shoppers can be used to report on staff techniques and for training purposes.As far as Management ideas, Managers and team leaders need to get out on the floor and lead by example. Teach selling tips such as How to Sell, Sales Techniques etc.Rapport is everything, ASK more questions, have an ADD-ON strategy, have a sense of URGENCY, Make Work Fun! – if staff are smiling, customers will too!Empower your staff and hold them responsible "It's easier to ask forgiveness than to ask permission"25. The Weekly WalkThere are 2 reasons you need to grab your #2 in charge and do a weekly walk. First, to learn what is happening in your business. This is a very open 2 way conversation with the person in charge who leads when you’re not there. It needs to be honest and constructive to give you a good idea of current events.The 2nd reason is to create a checklist of things that need to be done. Inevitably you are going to spot a few things that may need improvement. Create a weekly checklist of things the staff need to stay on top of. Cleanliness, Merchandising, Health and Safety, Building Maintenance etc. All that boring stuff that usually gets forgotten about until its too late.. Everything from that dust that builds up on the top shelf where no-one looks.. through to the trip hazard from the hole in the carpet we keep stepping past.Refer to your list from the week before to make sure the items have been actioned!26. Branding or Re-BrandingDoes your business need a facelift? Not just a paint job but an image change? Re-branding your business is a massive undertaking, however if it’s time for a change, then plan it out and execute. This will almost re-set to zero. This will give everyone the opportunity for a new beginning. Wash away the old and start fresh.New POS or signage, replace all labels, perhaps new colours or branding, new policies and procedures in place and a new and exciting chapter is about to begin. Make an event of it with a launch date and watch the customers come in out of curiosity. This is your chance to win back any customers who have been burned in the past and show them that the business has turned a corner.You only get one shot at a total re-branding so be sure to get organised and do it properly.27. Inventory controlStaying on top of your stock is paramount to your business’ success. Do you have products that don’t sell? Why are they there? Are you holding enough stock of what does sell? Are you ever selling out of stock of some items? Think of your store as a mini shopping mall, where each area is another small shop that needs to pay it’s rent. Are the items displayed in this prime location, paying their way? Do those items deserve to have pride-of-place within your store? If not, swap them out for a more deserving line of product. Nail down your best sellers and be sure you never run out of core product. If you have ever run out of product you KNOW will sell, then your not holding enough in inventory. There is a lot of money tied up in stock holdings, so it’s equally important you’re not holding onto stock that DOESN’T sell. Are you holding 8 of that item when you sell only 1 per month? It’s important to Markdown and Rotate stock. If you sell something with a use-by date, this is imperative. Lack of Aged Stock Rotation is going to cost you money. Stack it high, watch it fly! Fast moving items will move even faster if there are PLENTY available.28. CLAMP DOWNIf you have an unusual amount of returns.. Why? Is it a faulty product line? Are items being sold for the wrong purpose? Is stock or money going missing? Are items being purchase with a credit card and returned with cash?Theft and Shrinkage is something an owner/manager must be ALL OVER. You will need to be on the lookout for warning signs, opportunity for customer/staff theft, and have a clear returns policy to be able to track and record refunds and exchanges.29. Identify Additional OpportunitiesWherever possible, a business should adopt the omni-channel income. Your bread and butter is most likely customers coming into your store and purchasing, however have you ever thought outside the box to reach more customers?Selling from your website, if you’re not already, is a given but what if we went even further?Drop Shipping is ideal for a business that can easily pack and send small items. Effectively, you become a small wholesaler. Endless Aisle Shopping (Shop by PC at the front of the store) where customers can browse and even purchase. Loss Leaders are popular items sold at heavy discounts, sometimes even below cost, to specifically attract customers into the store. A Pop-Up Store at another location such as shopping centre forecourt, local markets, carpark sale etc. Additional to your website, you may have an Amazon / E-bay Store. Although you have to pay a commission, these sites get A LOT of traffic. Within any package that is sent, you should be including some marketing material about your business, as well as building your customer email list.Can you do a deal on Groupon / Scoopon or Catch of the Day. Another way to introduce new customers to your business with a great deal! Private Labelling is where you take a product you sell A LOT of, and have a company in china manufacture it for you under your own name, effectively cutting out your wholesaler and making a larger profit. Create your own Youtube Channel and make loads of tutorial videos about your products… be sure to have a buy link at the bottom of the video. Supplier Assistance. In many cases, your top suppliers would be more than happy to come to your store and hold promotions / training days. This is great for staff and creates a buzz around the store. Also a great event you can contact your customers about!30. Stay Safe – Staff & CustomersBe very conscious about Safety, Security & Loss Prevention. Create a Work Health & Safety (WHS) checklist and make sure it is adhered to.31. Destination – Not Just a StoreGive Customers a reason to come to your store - Make your store a Destination. Instead of customers saying “I need to go to (your store) to get something” they should be saying “Let’s go to (your store) to see what’s happening”!Here in Australia we have retail stores like Bunnings, and Ikea. These are stores people visit because they WANT to go shopping.. not because they NEED to buy something. There is a difference. Give your customers a reason to come to your store above and beyond just buying a product they need. Hold Workshops or Cooking Demonstrations. You may hold how to use tutorials in store, or perhaps have just a Saturday BBQ. If you can cater to the tastes of kids, they will do all the convincing Mum and Dad will ever need!32. Post-Purchase CommunicationAfter customers have shopped, it’s a good idea to contact them, usually via e-mail, to again, stay in the forefront of their mind. This may be asking how their experience was, How you can improve service, A Survey, To send them a copy of their receipt, or an offer to join your loyalty club.This will make them feel part of the family, and not just a number!33. Run Analytical ReportsYou need to know everything that’s going on within your business, so be sure to be running reports and sharing them with your team. Make sure you create a Budget or Targets to work towards. Run Inventory reports including Fast/Slow movers and Low/High Priced items. Staff reports should include Sales Value, Sales Qty or LPT (Lines per Transaction). Sales reports will include Sales vs Budget, Sales Source (Instore or Online) and +/- on the same time last year.34. Rent NegotiationRent is one of the biggest monthly expenses of any retail storefront. So there are some things we can do to reduce this cost. Take advantage of the fact that the Retail industry is not what it was 5 – 10 – 20 years ago. You will notice there are A LOT of empty retail stores around. If your lease is coming up for renewal in the next 6-12 months, then it’s time to do something about it.Unfortunately, if you are in a large shopping centre, your options are going to be limited. However on street level, you may have plenty of options available to you. Don’t be afraid to contact your agent and politely let them know you may be looking for a slightly cheaper premises come renewal time. If you are a model tenant, they will be willing to negotiate new terms with you.35. NOW TAKE ACTION – Create a Future Growth PlanMake a list of changes you are willing to make. Prioritise that list and work through. How will you drive traffic, offer better service, improve window merchandising, keep your store fresh, look busy in store, make your store look like it's worth shopping in, increase Community based marketing.. Brainstorm with your staff and come up with a Plan of Attack.Create a Weekly Check-in. Send an E-mail to your boss (If you are the head honcho, send it to yourself.) This will be a running diary of how you are going with changing your business. Your Wins, Losses, Successes and Failures.Be Consistent, but don't be afraid to try new things.Be Ethical and Responsible.Always Learn More!Be willing to accept Constructive Criticism.Get started! Just Do. It’s better to Try and Fail than Not Try at All.Don’t forget to jump ontoSocial Media for Retail | Oz Retail Groupand take your FREE Online Business Analysis.To Your Business Success,Matty Mac