Don’t Overlook Simple Business Advice When Trying to Build Your Company

Whether you sell specialty foodstuffs, clothing or boutique gift items, all retailers no matter what their size, need to practice business habits that are essential to success. Simple knowledge and love of your industry is not enough. If you are serious about getting a jump on the competition, try incorporating these habits into your daily operations.

Know Your Strengths

Every retailer has a product or a group of products for which they are famous. Think Victoria’s Secret, Bass Pro Shops and other stores that are known for certain items. Even if your operation is small, one or two items got you to where you are today. Advertise your strengths through  publications, online ads and social media to keep your bread and butter in front of your target audience. By doing so, you’ll achieve clear market leadership.

Choose Your Niche

Everyone knows the adage about not being able to please everyone all the time. Choose your retailing niche and decide whether you want your products to be the cheapest, best, have high value for money paid, largest or most reliable. Pick one and base your marketing campaign on it.

Know Your Competition

Take a look at your competitors, their marketing methods, their products, their customer services. Do they do something better than you? If so, find a way to beat it.

Treat Employees Well

Respect your employees and listen to what they say. Retailers need to connect with their customers and employees are often in the front lines. Make sure that they also have the training they need to do their jobs well.

Create a Positive Customer Experience

Make the buying experience pleasurable is key. Even when something goes wrong, soften the blow by offering easy exchanges or some other perk such as a discount on a future purchase that will keep customers happy. Remember than an unsatisfied customer will tell 10 people about a bad experience, which can damage your reputation.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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