How Merchant Retailer Owners are Becoming a More Profitable Store Owner
1. You have to have more than just industry knowledge of what you sell. To succeed you must be a well-rounded merchant. This means having a solid understanding of inventory management, financial and accounting principles, business planning skills, and merchandising, visual concepts and new emerging electronic innovations. Too many businesses fail because the owners treat it like a hobby.
2. As important as merchandising and buying is to your success, nothing will help you be successful more than will focusing on WOWing every single customer. Independent retailers cannot afford to miss a single sale or lose a single customer. Remember, you don’t decide if the person is your customer, they decide if you’re their store.
3. Act big. Don’t whine about taking American Express cards. Don’t complain about the big boxes. Don’t tell your customer what you pay for something. Don’t have a shorter return policy than your competitors. If you think small, you’ll stay small. That is, you’ll stay small if you stay around at all.
4. Only hire great people. If a potential employee doesn’t excite you, keep looking.
5. Be different. Be unique. Be excellent. Mediocrity is nothing but a slow spiraling death.
6. Yes, I know I said five but you have a heavier load to carry than others, too. Remain passionate and upbeat about what you do. Remember when you dreamed about doing what you’re doing? Succeed or sell the store, but don’t go through life yourself resenting what you’re doing.
7. Yes, I know I said five but you’re the owner of the store so you know it is long hours and multiple hats. Hopefully you wouldn’t have it any other way. If you have employees, including members of your family, you can’t expect them to deliver a great experience if they haven’t received a great experience. You are the company and it is crucial that you make your store incredibly vibrant, fun place to work and give great customer service with a smiling attitude to your walk customers.
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