3 Simple Steps to Your Retail Strategy
If you are a retail business owner without a clear retail strategy for your business, you are destined to suffer slow growth or even failure.
Having a retail strategy is vital to the growth of your business but there are several ways to create a retail strategy. Which one will work for you?
One of the ways you can create a retail strategy is by involving a three step method to help you get your business to where you want it to be:
- Find out who your Customers are
- Discover what they want or problems they want solved
- Establish what needs to be done to deliver to your customers
In order to begin you need to ask yourself the following three key questions:
- Where do you want your business to get to?
Sometimes, it helps if you can identify and benchmark yourself against a business competitor. Then break it down with the following thinking and questions:
- What is my ultimate goal for the business? i.e known for great customer service or quality products or reliable stock.
- What are your objectives? i.e.sales targets, price offers, get lower supplier pricing options
- Are there several strategic options? i.e. are some objectives easier to achieve than others and which are the most important
- In what areas do you need to increase performance?
- How do you measure performance?
- What are the risks? i.e. impact on cashflow, any losses to customer sales
- Where are you now?
It’s important to be unashamedly honest with yourself; take a step back from the day-to-day running of your business and look at what you really are, what you are doing and why you need to change. Break this down and ask yourself the following things:
- What is happening in your business? i.e. sales are not as high as they could be.
- What is happening in your market?
- What do your colleagues, and staff require or are not doing?
- Why do you need to take action? i.e. stay the same and fail or move and be successful
- How do you make it happen?
Once you’ve established where your business is currently, and where you want it to be, you’ll need an action plan to get you there. To formulate an action plan that will help you achieve the following things:
- Acquire and utilize resources and skills
- Develop the appropriate structure i.e. a roadmap and timeline
- Implement new systems and processes
- Measure performance i.e. track stock, track sales, track your best sellers
- Take corrective action i.e. without boldness to do this, everything will stay the same.
It might be difficult to assess where you are now and decide where you want to be, but the results will far outweigh the pain! Implementation of your plan may take time and prove quite tough but these steps will ultimately help you see the future of your business.
Remember - it's always important to ask yourself, do you have a clear business goal and do you know the steps to be taken to achieve this goal.
How have these points helped in improving your retail strategy? I would like to know so feel free to drop a comment or two in the comments section and share if you have ideas of your own to help design a great retail strategy.
Remember, PrognoStore is a 3-in-1 Cloud Based Solution combining Point-of-Sale, Inventory and Analytics to run your retail business effectively.
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