One of the greatest challenges small business owners face is mastering business leadership. Tasked with conflicting priorities, daily interruptions, and small emergencies, there are days when it seems nothing has been accomplished. Your strong leadership skills will drive you to make the right decisions to successfully run your retail store without sacrificing sales and your bottom line.
The key to business oversight is planning and staying organized with the non-selling aspects of running your store. Do you have a set day to write and disperse paychecks? Are your team meetings consistent and timely? When do you implement your social media marketing? These behind the scenes activities are just as important as what happens on the sales floor and should be treated with the same priority.
Retail strategy is more than just having inventory for customers to purchase; it’s about knowing what sells and why. Knowing how your customers relate to your product assortment keeps you one step ahead of the competition. For example, reaching out to a regular customer who shows resistance to a product may not only satisfy her current need but can work toward building a longer-term relationship.
Where do you want your store to be in 3 to 5 years? What is the time-frame to replace or upgrade your existing computer system? When will you need to change out display cases? What are your seasonal staff needs? You will need to break down the company financials into the following three types to plan for future business needs and achieve the best balance of results; set high corporate level, merchandise management, and store operations measurements in place to assess total company store performance.
Your leadership qualities and style will show you are accountable to your business goals and objectives and, with your team, assist you with reaching these milestones in a methodical and planned way.
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