5 REASONS YOUR RETAIL BUSINESS ISN’T GROWING AND THE SOLUTIONS YOU NEED
Is your business going through a financial drought? Are you constantly losing customers? Is your retail business suffering from stagnancy? This article highlights what the issues could be and how you can better solve them.
1. Unsatisfactory customer experience
Customers are the live wire of any retail business. Like it or not, the adage, customers are always right, though cliche, holds a lot of meaning. Every retail business owner must understand that it is more about the customer than it is about you or your product. Hence, you must interact patiently and politely to customers. When they're describing themselves and their needs, customers sense immediately when you are just waiting for a break in the conversation in order to launch into a sales pitch. As a retail business owner, you must be willing to listen and understand the customer’s needs then you can point them to how your product or service will satisfy their needs; this is how you create real value for your customers.
- Lack of insurance
Most retail businesses are so focused on making profit that they fail to create a structure to protect their business from disasters. Either manmade or natural, disasters can be the death blow to a retail business. While it is often difficult to anticipate and escape disasters, retail business owners must ensure that they have a plan to combat an emergency scenario. Furthermore, business owners must ensure that they have proper and adequate insurance policies in place for such situations.
- Poor inventory management
Poor inventory management can lead to understocking, overstocking and ultimately inefficiency in business. Retailers can easily avoid inventory mismanagement through preparation, organization, and inventory management systems. 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.
- Unsatisfied employees
It is often said that a satisfied employee means a satisfied customer. In fact, Ian Hutchinson, author of People Glue aptly opined that your number one customers are your people. Look after employees first and then customers last. As a retail business owner, have you ever thought that the reason your business is stuck in a rut is because your employees are underpaid, unappreciated and constantly stressed? Employees are a company’s greatest asset and when they are treated as such, they’ll be more willing to put in their best into your business. A great way to boost their morale is to recognize employee excellence by introducing an Employee of the month award. Once you start recognizing employees for their hard work, you’ll notice their drive come back to life and your business will start to flourish again.
- Poor branding and packaging.
Here’s a harsh reality check: the reason your product isn’t flourishing as you would like is that your packaging stinks. The importance of branding and packaging cannot be overemphasized. It serves as an information guide about your product or service and plays a major role in facilitating a purchase decision. Attractive and appealing packaging and branding will help the customer easily identify your brand amid competition with other products. Although choosing a suitable brand and packaging design depends on your product or service, one thing is for sure, once it is properly done, your business will reap the benefits.
Were these tips helpful? Kindly let us know in the comment section below. Have a successful business year!