HOW TO HAVE A SUCCESSFUL RETAIL BUSINESS
16 Mar

HOW TO HAVE A SUCCESSFUL RETAIL BUSINESS

I’ve been in retail a long time. Nearly 15 years! What started off as a tiny little store, staffed purely by moi has now morphed into to quite a big business. In the olden days I would buy products from trade shows twice a year, display the products nicely and that was pretty much it. Fast forward a number of years and now it's all about designing our own products, researching, travelling, demand planning, merchandising, dealing with logistics, training, social media-ing, exhibiting, talking at events, teaching, marketing, writing, holding KPI meetings, interior designing, wholesaling – exhausted yet! There is always something to do, but here is what I’ve learnt. 

PRIORITISE

There is so much I just don’t get round to do but I can’t beat myself up about it - I have to prioritise. I have to schedule, time box and work out what needs to be done in order to be effective.

DON'T DWELL ON THE PAST

I am quite good about not dwelling on things that have failed. We all make poor inventory investments, have slow months, turn things down when we should have said yes or say yes to opportunities when we should say no. That’s life!

In the old days I didn’t lean on data I just listened to my head but now we have gotten bigger it's too much to manage so every decision is based on a report and data. The more you know through data the better you become.

comments(1)

  • Liza
    March 16, 2018

    Insightful, as always. I attended your business class many moons ago, without a doubt the best business class course I have ever been on. Thank you 😉

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