| Suggest You |
Hubs | Hubbers | Topics | Request |
| #1 in Business | Subscribe Email Print |
|
You are here: Home > Business > Marketing > The Small Retailer's Survival Guide - Part 8 - The Highs and Lows of Refitting Your Store |
|
Suggest You - The Small Retailer's Survival Guide - Part 8 - The Highs and Lows of Refitting Your Store
Business Needs Vs. Network Performance: Critical Challenges Facing Network Managers ill have taken the trouble to discover another store which will give them the service they need. It is more likely that the former of the two "locked out" customers will return - at least they care enough to be upset. The second
customer may be lost forever. If you multiply the loss of just one regular customer over a few years you may be shocked at how much profit you have turned away. So, when costing store closure for refitting, add a reasonable percentage for lost goodwill.Networking is getting tougher. Networks must deliver a growing range of services, from ERP, CRM and email to VoIP and web services applications, each of which has its own idiosyncrasies and requirements. Each new service introduced onto the network contends for available resources with every other service, impacting the network’s ability to support the business.Meanwhile, the network itself is constantly changing. New locations are added – some of which may be in another country or on another continent. Equipment is upgraded and/or re-configured. New management and/or security tools may themselves impact service performance. Decisions about data center consolidation and business re-organization also affect the network in different ways. All of this makes the network a highly dynamic environment where even subtle changes can have a major, unforeseen impact on application performance and availability.Yet business users expect this complex environment to be as reliable as electricity – despite the fact that networking budgets are not being increased in proportion to these growing challenges. So network managers can’t simply over-provision network infrastructure to make sure every service has all the bandwidth it needs. Moreover, over provisioning may not eve Another very important point is the fact that customers will find products in all the wrong places if you have remerchandised most or all of your product ranges. Older customers, some disabled customers and those in a hurry will not be too happy about this. Most of them will undoubtedly get over it, but a few may not and may reduce their visits to your store or may be gone forever. You may accept the short term pain, but some of your customers Team Motivation - Tough Enough to Care If you have decided to refit your store you may consider employing an independent consultant to advise you on the bet layouts an fixtures. A shop fitting consultant may plot the flow of customers around your store. One important factor is to try to marshal your customers past as many product
displays as possible and especially the higher margin lines. By strategically placing staple everyday (low margin) goods at certain intervals around the store, the customers will need to walk past higher profit goods. Many store owners are tempted to put these fast sellers near the entrance of the store as
this is near the checkout area and low stocks are easier to deal with. Perhaps more importantly for some store owners, the low profit stock tends also to be low value and theft of these products is less expensive than losing high value goods, hence why they are near the entrance/exit. As well as finding ways to maximise sales and profit, a good consultant will know all the latest - and the more traditional - methods of reducing wastage through theft and will advise you accordingly. They will also crucially advise on how to have customers use the whole sales space rather than have dead areas where nobody ventures. I often see dead areas, even in large superstores where the normal sales per square foot requirement seems not to apply. Your sales area is an asset that must be made to work for you.Sir Alex Ferguson has just celebrated his 1000 game in charge of Manchester United, probably the world's most successful soccer team.I have a great deal of respect for Sir Alex as a man manager. However, I always feel that he's misrepresented in the media. The press portrays him as this big, bad, angry guy who manages his team by aggression, bullying, shouting and throwing teacups and football boots around the room.I don't think there's any doubt that he does get angry when his team aren't performing but there's another side to his personality that people don't see or don't want to see. As Peter Schmeichel the ex Man United goalkeeper said in a recent newspaper article - "The kind and understanding side to his personality is something people outside United don't see. Fergie can be explosive, yet once he'd got a problem out into the open and dealt with it, it was gone. He never bore grudges. One minute he'd be furious, the next he'd ask - How's your family."I've spent many years studying successful managers whether they're in business or in sport, trying to establish what makes the good guys so good. I have absolutely no doubt in my mind that these managers and coaches know: 1 - How to do all the business parts of the job 2 - How A good consultant can cost you a lot of money, but you may find that they add a considerable premium, not just to your sales, but more importantly to your profit. They may also prevent you falling into some of the many traps that are part of the shop refitting experience. Full Package Customer Resistance Another very important point is the fact that customers will find products in all the wrong places if you have remerchandised most or all of your product ranges. Older customers, some disabled customers and those in a hurry will not be too happy about this. Most of them will undoubtedly get over it, but a few may not and may reduce their visits to your store or may be gone forever. You may accept the short term pain, but some of your customers Checklist for Starting a Business rofit, a good consultant will know all the latest - and the more traditional - methods of reducing wastage through theft and will advise you accordingly. They will also crucially advise on how to have customers use the whole sales space rather than have dead areas where nobody ventures. I often see dead areas, even in large superstores where the normal sales per square foot requirement seems not to apply. Your sales area is an asset that must be made to work for you.Use this comprehensive checklist to plan each step of your new business and transform your dream of entrepreneurship into reality. These steps may not necessarily be completed in the order listed; however, you can use them as a guideline for completing all of the necessary business startup tasks.- Determine what kind of business you want to start. - Learn about the industry for your business. - Analyze the market for your business. - Study your competition. - Educate yourself on running a business. - Join trade associations. - Name your business. - Perform a trademark search. - Register a domain name. - Design a website. - Obtain a logo. - Determine business structure (sole proprietor, partnership, or corporation). - Evaluate your personal budget. - Write a business plan. - Write a marketing plan. - Locate financing. - Create a list of start-up supplies with budget. - Set up a system for accounting and payroll. - Apply for business license, fed tax ID, fictitious business name. - Select a location and set up shop. - Order signage. - Obtain business tools (computer, printer, fax, postage, office supplies, and fixtures). - Order business stationery (busine A good consultant can cost you a lot of money, but you may find that they add a considerable premium, not just to your sales, but more importantly to your profit. They may also prevent you falling into some of the many traps that are part of the shop refitting experience. Full Package Customer Resistance Another very important point is the fact that customers will find products in all the wrong places if you have remerchandised most or all of your product ranges. Older customers, some disabled customers and those in a hurry will not be too happy about this. Most of them will undoubtedly get over it, but a few may not and may reduce their visits to your store or may be gone forever. You may accept the short term pain, but some of your customers Love Those Clients tandably be in the business of maximising the shop fitter's sales to you. If the cost of the consultant is loaded into the price of the shop refitting, then make full use of this service. You can always reject advice if you do not like it, but you may find that it's very useful, even if you have to cherry pick the best bits. You should also bear in mind that if the shop fitting process should go wrong, it is easier to get redress when you are dealing with one company. If you are splitting responsibilities between the consultant and the fitter as two separate parties, then you may find them blaming each other. Even before anything goes wrong you may find that the two parties just don't get on. If, for example, you ask the consultant to be the specifier and the shop fitter to work to his specifications, you may discover that the relationship between them doesn't work and you will have your work cut out arbitrating between the two.A friend referred a client to me for my free-lance writing/editing business. After I took the assignment and then delivered it, it seemed as though this new client was one of those who wanted my services but didn’t want to pay.Weeks went by and I just wrote it off. But then she called me and wanted me to do some more work for her. I was still resentful about the non-payment, so our conversation unfortunately devolved into a shouting match.As we yelled at each other, I finally realized this whole thing wasn’t right. So in the middle of flying invective, I tried to collect my thoughts.Was I merely in business to provide a particular service? Was the only important result the paycheck? In my heart, I didn’t think so. I knew good business practices include building good relationships, based on respect and professionalism.I realized that it was frankly a bad business tactic to indulge in thinking poorly of my clients. I had to see *everyone* as a child of light, as a creation of Spirit, not just those who behaved as I thought they should.This stems from the spiritual discipline I try to follow. I study Christian Science, and it teaches that each one of us is the loved creation of the One Altogether Lovely—the divine Father-Mother. I couldn Customer Resistance Another very important point is the fact that customers will find products in all the wrong places if you have remerchandised most or all of your product ranges. Older customers, some disabled customers and those in a hurry will not be too happy about this. Most of them will undoubtedly get over it, but a few may not and may reduce their visits to your store or may be gone forever. You may accept the short term pain, but some of your customers Bringing Your Brand Into Focus two.To promote your brand, you first have to be clear what it is, or what you want it to be. In essence, your brand should be unique. In a nutshell, it is what can be associated with your business and no other. Think of any hugely successful brand and you’ll know exactly what I mean.To identify what it is about your business that you should be promoting, take a piece of paper and make a list of the key points of your business operation that you’d like to be known for. Whether you’re selling a product or service, there will be elements of your operation that distinguish you from competitors.Your Unique Selling PointIdentifying your unique selling point involves also studying your market. What are your customers looking for?Remember that they will likely be looking for authenticity and originality. Often, they’ll pick your product over others if it, or your selling point, meets a need or solves a problem for them. We are emotional creatures. Selling is all about feelings. Knowing how your customers feel, what they want and how they think is critical. You simply can’t study this too much. You may even consider commissioning an expert to create a “Persona” for you. A Persona is profile of a Customer Resistance Another very important point is the fact that customers will find products in all the wrong places if you have remerchandised most or all of your product ranges. Older customers, some disabled customers and those in a hurry will not be too happy about this. Most of them will undoubtedly get over it, but a few may not and may reduce their visits to your store or may be gone forever. You may accept the short term pain, but some of your customers Provide a Local Support Office for Your Remote Employees ill have taken the trouble to discover another store which will give them the service they need. It is more likely that the former of the two "locked out" customers will return - at least they care enough to be upset. The second
customer may be lost forever. If you multiply the loss of just one regular customer over a few years you may be shocked at how much profit you have turned away. So, when costing store closure for refitting, add a reasonable percentage for lost goodwill.Expanding your company to a new city is a giant step. There are many important decisions to make about your location, employees, financial needs and how you will best benefit your clients. If your remote employees will be working from home or their cars for the most part, you can provide them with access to a local branch of your company without paying high rent or buying expensive office equipment. Here are two options:Renting a Virtual Office for Your EmployeesProviding a local virtual office for your remote employees is one way to help their daily tasks go more smoothly. A virtual office is designed to help employees who work either from home or operate out of their vehicle most of the day by providing a local business presence and convenient location for part-time office tasks. Rather than using their home mailing address and phone number, your employees are able to use a local business address and phone number provided by the virtual office services.Virtual Office BenefitsYour sales force will be able to operate professionally and can use the virtual office to perform vital tasks that might not be possible otherwise. For example, many virtual office services provide part-time access to a fully-equipped office. Your employees can Another very important point is the fact that customers will find products in all the wrong places if you have remerchandised most or all of your product ranges. Older customers, some disabled customers and those in a hurry will not be too happy about this. Most of them will undoubtedly get over it, but a few may not and may reduce their visits to your store or may be gone forever. You may accept the short term pain, but some of your customers may not. It is always hard to quantify this affect, but you must take it into account. Merchandising There is a philosophy amongst some retailers and consultants that a store with a low volume turnover and a large sales floor should reduce their sales space, even going to the extent of erecting false walls. This is only true of fresh foods where sparse and empty displays can be off-putting. If you have a large space to fill - then use it! If you put up a false wall with a empty space behind, the space will soon be filled again with stock that nobody wants. If you cannot extend current product ranges then consider introducing a niche product range or a distant related range. For instance, if you sell ladies clothes only, perhaps it is time to introduce a niche men's range? If you sell computer accessories, consider having a section that sells audio products or cell phones. You may even consider having a third party use the space as a store-within-a-store concession.
Cleaning and Moving Fixtures
HTTP = HTML link (for blogs, profiles,phorums):
Related Articles:Job Searching During the Holidays? What Makes a Good Performance Appraisal?
|