You have started your own business, and, so far, it’s doing really well. Congratulations! Maybe the business is relatively new, or maybe it’s been around for awhile. In any case, it may be time to upgrade your services or utilize new retail methods. Fortunately, there are ample resources out there to help you step up your game and make your business ever better.
Without further adieu, here they are.
1. Gathering retail stock
If you run a retail establishment, perhaps you want to increase the amount of product you offer, or maybe you’re looking for a way to find products at a lower cost. You’ll want to establish a great relationship with one or more vendors. With your vendor, set up a shipment timetable that includes order-to-delivery time and return policies.
You might only use one supplier or vendor, but you could also diversify. One option is to see if a larger retailer or a big-box store near you needs to liquidate. Search for stores or middle-man companies that provide you with products from liquidations, closeouts, retail returns, and refurbished inventory. You might purchase liquidation pallets from Walmart or another retailer, depending on the particular stock you want to maintain. Through these sources, you can accrue all kinds of merchandise, including electronics, toys, housewares, domestic goods, automotive products, sports equipment, and more.
Wholesale bulk like this is more cost-effective, so it may help you increase your profits or lower costs to help gain more customers.
2. Employee upgrade
By “employee upgrade,” we’re not suggesting replacing your employees! Rather, if your business offers a specific service, consider sending employees to further training programs or workshops. This is called “upskilling,” and it helps your business improve quality and reputation.
If an employee takes his or her own initiative to attend education related to the job, go ahead and give the employee the time off. If you have the funds, pay for the training or workshop yourself.
Perhaps you want to upscale your restaurant or begin offering catering services. Send your current employees to further training in hospitality. If you offer a health care service, you may need an employee–or yourself–to gain a specific certification.
There are lots of companies out there that offer training and assessment courses, such as this trainer in Melbourne, Australia, for a wide variety of skills and certifications. If you’re looking to hire employees with specific certifications or skills, these training programs may also offer hiring services to help pair you with the right employees for your business.
If you’re growing a retail business, you may need to invest in a warehouse space.
Find a warehouse that fits your business’ size. Be sure you know the appropriate storage requirements for your products. Most products need to be stored in a cool and dry environment, but some products, like sensitive electronics or beauty products, require even more strict storage specifications.
You’re not going to store an equal amount of each product, by the way. The stats are that you only sell 20 percent of products 80 percent of the time; basically, your revenue is going to come from the sale of just a few, top-selling, items. This may change by season. It’s probably a good idea to have these on hand, or, at least, keep these closer to you.
The longer you keep your business and evaluate your data, the more clearly you’ll suss out what these products are.
Now over to you…
Any other aspects of business operations that you think businesses should focus on this year? Please share your opinions with us!