We recognized the need to renew Re-New-All in our community-Canton, MO. Re-New-All is a resale shop that sells clothing, furniture, and technological items. Re-New-All is located in a rural area that is made up of several underprivileged residents. The median household income in 2011 of Canton, Missouri was $42,537 whereas the national median was $50,054. There is a need for Re-New-All in Canton as it provides a way for families to buy inexpensive goods such as clothing, furniture, and appliances that they otherwise could not afford. Not only does Re-New-All act as a store for people to buy goods but it also allows community members to rent space and sell their used products to make money.
The resale shop operated on a daily basis, but we realized it could operate a lot more efficiently with the help of our Enactus team. We achieved three main goals through the execution of our project: 1. Install and establish an accounting/ inventory system to produce financial statements 2. Visually organize and reinvent the store including creating an advertisement sign 3. Get their name out there through a marketing campaign.
We used the grant money from Sam’s Club to buy them a point of sale terminal that included a scanner and cash box; this system helps them track inventory in a simple and efficient manner. We spent a lot of our time organizing and making the store visually appealing. Lastly, we helped market Re-New-All by posting about the business on our Enactus Facebook page and by putting an advertisement for Re-New-All in our school’s newspaper. We also used the grant money to purchase them a sign to go outside the store.
We have several notable impacts. We increased sales by 66% in 3 months. We saved the business $362.50 just through our volunteer labor hours. Also, we established a more efficient way of moving products from point of entry to point of display which allows the products to get into the system quicker with less loss and shrinkage. Arguably most impactful, we created a new job-they now have a paid employee working for them since we increased their profit margin so much.
Our Rate of Return was 5.28:1.
We predict an additional 75% increase in revenue over the next 5 years. We also predict that we will save the business a lot of time and money. The system that we created to track inventory will allow Re-New-All to compare sales by categories, vendor, and date. Therefore, they will be able to decide which types of inventory they need to keep, get more of, or eliminate to make the most money. This will contribute to cost savings and reduced expenses. We believe our new inventory system will result in savings of a 2 person job over the course of a year which would be about $40,000 per year. We believe our marketing campaign and organization of the store will contribute to increased revenue in the future. This will be an ongoing project for our team.