4 NEW YEAR RESOLUTIONS A RETAIL BUSINESS OWNER SHOULD HAVE
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The curtains of 2018 are slowly closing on us as 2019 is gradually knocking on our doors. It’ll soon be that time where everyone is coming up with personal plans and new year resolutions. You are probably one of them, furiously writing down your desires, goals, and plans for the new year. Reflections and review is always a good idea in order to become a better version of yourself. But have you ever thought of taking some time and doing the same for your retail business? Here are 4 new year resolutions that you should have as a retail business owner;
1. Take advantage of social media
The world is a global village and social media is its marketplace. In the year 2018, social media such as Instagram graduated from just being a fun place to post pictures and interact with into a business hub! Get on this moving train, the benefits of using social media for your business are astronomical! Not only does it help you build a community, but it also increases your reach. Now, you can have customers from places you don't have to go. As the new year approaches, take steps to ensure that your social media pages are appealing and educative, hire a social manager if you have to but don’t sleep on this platform.
2. Delegate, delegate, delegate
Perfectionism is a common trait among retail business owners. This is not a problem until little tasks that someone else can handle begin to take your attention from major tasks. Just because there are 20 tasks, doesn't mean you should do them all. Delegation is a fine art that will not only help you to be a better leader, but it will also help you focus on the big picture, whatever that might mean for your business. It will also show your employees that you trust them and make them feel more involved in the process. In this new year, ignore that voice in your head that says, “I can handle it” when fifteen other tasks demand your attention and delegate to someone else.
3. Keep track of inventory
Inventory management is hugely important in a retail business but it can be difficult and time-consuming. That’s why devising an inventory management process that works for you is so critical to the success of your business. this is where Prognostore comes in; it is an Inventory Management software built specifically for small businesses. Test us out here for a free 14-day trial, and see the difference that accurate and efficient inventory management software can make for your business.
4. Give back to your community
As crucial as profit making is to every retail business, it isn’t (and shouldn’t) be all there is. Running a retail business is also about encouraging human interactions and building a community. The unselfish effort to bring cheer to others will be the beginning of a happier life for you and your retail business. You can give back to your community by hosting charity events, giveaways or offering free services.
Because we are feeling generous, here is a bonus tip;
5. Take some time to rest
I know that as a retail business owner, you are constantly breaking your back to keep your customers happy, gain new ones, pushing a new product, planning the next event but taking time off to rest and recharge will help your personal sanity, and help you focus better. Dear retail business owner, insert rest in your business plans for the new year.
Were these tips helpful? Kindly let us know in the comment section below. Have a successful business year!