Make your retail offering compelling!
‘Success is the natural consequence of consistently applying basic fundamentals.’ – Jim Rohn; ‘1% improvement in everything you do might not seem very much. Yet, over the period of a year and applied to every area of your life, the differences and impacts will be considerable.’ – Thea Westra, Author of Time For My Life: 365 Stepping Stones.
Being a retailer, as you chart the change strategy for your retail business, assessing and assimilating who is at the wheel of power in the present environment, is a must. Is it the consumer or the supplier or the government or you (the retailer)? This understanding will enable you to become the one calling the shots!
‘If you want to go quickly, go alone. If you want to go far, go together.’ – African proverb
In the new age world that is dangerously obsessed with the misplaced concept of “luck”, talking about hard work might sound boring and downright parochial. This is the concept that grandparents love to harp upon, but like most of the things that they fuss about, hard work is an essential and timeless principle to follow in case you ever want to become successful.
‘Your most unhappy customers are your greatest source of learning.’ – Bill Gates
Today’s leader has to face the stark reality – what was relevant yesterday, may become obsolete today and cease to exist tomorrow. And yet the business of business is to continue doing business! Apart from the inventory, the purchase and the people you’re employing, the other major resource for a retailer is the floor space that they’re selling from. In some countries, that floor space is very, very expensive, while in others is significantly cheap. Either way, floor space needs to be productive. There needs to be enough space to be able to execute what it is you said you wanted to execute with your strategy and there needs to be a continuous monitoring of the productivity of that floor space to make sure you’re getting as much profitability out of that floor space as you possibly can.