Hitting the Wall
Growth has stalled, you are feeling uncertain again, and you are wondering, how should I plan my business going forward? This can create feelings of being stuck or blocked which leads to being frustrated, unmotivated and at times demoralized.
Remember that hitting the wall is normal both in life and in business. There are several strategies you can employ to overcome this hurdle. Over the next few weeks, I will be interviewing experts in my weekly blog Indie Insights. We will discuss approaches that are currently being implemented to reestablish momentum. What they have in common is adopting a few core principles that, if applied, will reshape your business and provide you with new enthusiasm and new levers to pull and push to move your business forward.
A few thoughts to guide your thinking and start your blood flowing again:
Has your vision changed and are your goals aligned with your vision?
Analyze your financial situation. Revisit your breakeven with your Retail Expert or contact Management One for a free consultation. It is important to know at what point of the year you are at breakeven. You can manage your expenses by identifying areas of inefficiency or lack of productivity. Alternatively, there are ways to increase productivity by being creative in your compensation.
Evaluate the effectiveness of your marketing strategy. Are you maximizing each channel of communication hitting your current and prospective customers? Do you have analytics systems in place to measure the effectiveness of your strategy? Consider reaching out for a fresh perspective. We recently sat down with Crystal Media to discuss "Maximizing Your Social Media Efforts: A Guide for Retail Success in 2023". Watch the FREE session here.
Focus on the customer experience. This is an area we will be covering in-depth, and show you ways to instantly create more business, without running a sale.
Analyze your top customers, maybe just the top 10 or the top 20. Why are they loyal to you? What are their profiles? What needs are you filling for them? Next, look at your next tier down in your customer base and ask yourself how you can grow business with them to match the top tier.
Network with other entrepreneurs for a fresh perspective. They don’t have to be retailers. Other businesses your size face many of the same challenges you do. Create a group or join one in your own community.
Invest in your people and their training and development. Right people. Right roles. This is one of the most important areas to focus on.
Dive deeply into your assortment plan. This is another area that will be a strong focus in my interviews with other experts. How do we significantly increase the ROI on our inventory purchases? We will examine and show how making a few changes can dramatically improve your revenue, cash profit, and ultimately capture market share.
Hitting the wall is a natural part of life and running a business. Watch for the next series of Indie Insights to learn how to adapt and replace these feelings of frustration and uncertainty with new energy and vigor. If you are signed up for our Retail Insights newsletter, then you already receive Indie Insights each and every week as a bonus. We’re excited for the live interviews in the coming weeks and we look forward to providing you with continued knowledge and inspiration to push your retail business forward.
Onwards, and Upwards,
Marc Weiss - Co-founder, Management One