Too often we see small business retailers running their businesses thinking that they will make their money when they sell. Our experience working with thousands of retailers is that focusing on today, on the right now, will ensure the best outcome for the future of the business.
Our strategy – Make every day your pay day – is simple and effective. It’s made up of basic points:
- Run with the leanest roster possibl Just about every newsagency business I review has capacity to lower labour costs.
- Have your best people working the floor, helping customers spend more.
- Stock what sells.
- Get rid of stock which is not selling.
- Have stunning displays that attract people from outside the shop.
- Have compelling displays in-store that encourage people to browse beyond their destination purchase.
- Always have impulse offers at high traffic locations.
- Charge more every time you can. Review your prices for products people come to yoo because of convenience.
- Buy as best you can.
- Grab settlement discounts every time you are able.
- Use your business data to guide your decisions.
- Promote outside your store.
Be responsible for the profitability of your business. Don’t blame your suppliers, your landlord, your employees or some other external factor … it all comes down to you – the decisions you make and the actions you take.
If you relentlessly pursue profit with a clear focus you’re likely to see profit grow. That’s better than waiting to make money when you sell because that’s less likely to happen in this market.