A Baker’s Dozen of Retail Resolutions for the New Year
A new year is upon us and for many retailers it is a time for setting targets and making plans to achieve them. As retail operations and training consultants we are often asked for our opinion on how our clients can improve their results.
Often, the simplest things make the biggest impact. So here is a baker’s dozen of New Year’s resolutions that you might consider for improving your business.
13 New Year’s Resolutions for Retailers
Resolution 1 – In a world of always-on connectivity and where competition is more heated than ever I will never, ever, take my retail customers for granted.
Resolution 2 – I will create deeper customer relationships through effective communication. This includes asking customers if they would like notification of future sales and special offers through email, Facebook, Pinterest and traditional mail.
Resolution 3 – I will build an annual marketing calendar of events, sales and special offers that will keep my customers engaged with my business and my doors swinging.
Resolution 4 – I will engage with other members of my retail community in order to share best practices and build cross promotions as the whole is always bigger than its parts.
Resolution 5 – Knowing that my team is the number one thing that differentiates me from my competition I will invest in TRAINING my team and myself. Low cost retail staff training is available as on-line retail courses or as seminar programs and I will take advantage of them.
Resolution 6 – Now that retail staff training has occurred, I focus attention on selling and customer service activities. That means I will manage my team from the sales floor to ensure every customer knows why my store is the best around.
Resolution 7 – Since I will be on the sales floor, I will make a habit of coaching my team members the Top Check Retail Coaching way by managing in the moment, catching them doing things right and helping them to achieve great results.
Resolution 8 – I will ensure that all of the little things get done by using an effective retail management system. I will manage my time and delegate tasks to help my staff stay involved in the business. I will use a monthly planning tool to assist me with winning in my business – after all, “Retail is Detail.”
Resolution 9 – I will take responsibility and take ACTION when something goes awry. There are challenges that are outside of my control, but what goes on inside my four walls is my responsibility and I can impact my store’s foot traffic through customer service and marketing activity.
Resolution 10 – Speaking of ACTION, I will manage my inventory assertively. That means keeping track of my winners and my losers, calculating open-to-buy and weeks on-hand, marking down slow movers, reacting to sales trends and negotiating with suppliers.
Resolution 11 – I will understand that you have to spend money to make money. That does not mean that I will spend unwisely, but I will INVEST in my business as needed whether it is to improve store fixtures, reach out to customers through marketing or through training retail staff.
Resolution 12 – I will control my expenses. Investment is critical to expanding my business, but I can still spend money correctly. I will reach out to each of my key vendors to negotiate better terms, lower prices or both.
Resolution 13 – I will treasure my time at home and at work. That means I will ensure that I can have fun in both environments by surrounding myself with a great team at work. Then I can devote my off-time to my family, my friends and my hobbies!