Add Your Heading Text Here
Definition: “Resilience” – the capacity to recover quickly from difficulties; toughness.
Thriving in all retail environments requires resiliency. Becoming a resilient retailer takes both discipline and well-refined processes and planning.
Attaining Retail Resilience
Improve One Area of Your Business at a Time
Few independent retailers would place a refined process as an important part of what would make them successful. It’s at the top of our list. We think of it as minding the shop. Having a plan for every operational procedure you do in your store is critical for both efficiency and the training of new hires.
Having abundant cash resources on hand when you need them doesn’t happen overnight. It’s an important part of indicating those retailers that will be resilient regardless of the economic environment and takes a disciplined approach to create a deep well of funds at your fingertips. Take steps today to increase cash flow.
Having the right amount of inventory in each of your locations in the right category at the right time does take art; however, it’s also the most important science that runs behind your successful retail store.
Having an awesome Open-To-Buy plan is just the beginning of having the right assortment of products in your store or stores. It takes knowing the why behind what you’re selling and what is making you profit. Taking action to gain that understanding can significantly increase both sales and sell-through.
January, February, March, April, May, June, July, August, September, October, November, and December; What’s your story for each? Known as silent sellers your windows and store visuals, when done well, entice customers to buy. Those presentations begin with a vision long before the product is on its way to your store. That process begins with the right assortment plan and monthly marketing ideas you’ll have as you view and select products at market.
There are three areas of business in retail, so intertwined that the artful coordination of the three is crucial to your business. This triangle is the relationship between product, presentation, and marketing and promotion. Using tools to manage the three can help you successfully overcome the challenge.
Recruiting, hiring, training, mentoring, and coaching are all part of what you’d expect in your position profile if working in a corporate HR Department. As a small business owner, this often falls on your plate. Having a system in place to hire and grow your team will allow for delegation and a higher-performing team.