When the old year turns into a new one, plenty of people make resolutions. Whether they keep them or not is a different story, but your business is committed to sticking with its plan this year. You need to prepare your retail store for the new year in terms of what you want to achieve.
1. Evaluate the previous year’s performance.
The first step is to evaluate where you went wrong last year. Even if your company experienced high levels of success you can, at least, look at the areas that could be improved even more. Every business has room for improvement. Each retail store is going to have its own challenges that it needs to work on, but one similarity is that a store needs to ensure is that it is staying within budget. A good retailer will want to plan the budget and determine exactly how much money can be allocated to various products and departments. For example, allocate a larger percentage of the budget for the popular products. Perhaps increase the budget for your marketing department so that you can advertise more to increase sales.
2. Analyse your target market’s needs.
The store must streamline its efforts toward the target market. Meeting the needs of the customer is the ultimate goal of the store. Some shops will have to find a new wholesaler to provide more appropriate products, and others will have to adjust their retail products to address the growing needs of the target audience. The retail store should not only evaluate what the needs of their customers were last year, but what their growing needs will be as this year moves on. For example, if you customers have a need for more fresh produce, it may be worth looking for a local supplier that can deliver daily. Or perhaps your customers have a sweet tooth. Then it may be worth looking for a baker that can supply your store with fresh cakes and treats.
3. Negotiate bigger discounts with your wholesaler.
For many stores this time of the year is quiet. Therefore, tackling larger issues is often wise at this time of the year. For example, retailer store owners might have time to negotiate with the wholesaler. You can look at which products were popular the previous year and order them in bulk. Bulk orders usually qualify for discounts. This is your chance to negotiate better discounts.
The goals will vary from store to store. However, all stores must take the time to figure out what their plans are for the year. Furthermore, they are going to have to figure out how to implement these plans and how to pay for them.
J&E Cash ‘n Carry is one of South Africa’s biggest wholesalers in the following categories of products: Cosmetics, Groceries, Sweets, Personal Care, Household, Health, Beauty, Baby, Hardware, Electric & Stationery. We supply traders only, and offer the highest standards of service, the cheapest deals, and the best buying experience.