In retail business, adapting and responding to change is an important process. Those of you who have been in business for many years would have made changes to keep up with current times. One way to do this is by conducting business review.
A review process begins with evaluating your current status. The main areas to be look at are as follows:
- Customers
Get to know their demographics and your surroundings.
Who are they – families, couples, singles, factory, workers or students?
Buying power – find out what products they buy, the types of businesses and price of real estate in the area to estimate their buying power
Buying pattern – do they buy smaller packs or cheaper brands?
Their schedule – should you open earlier or close later to accommodate them?
2. Products
Review your inventory to better suit your customers.
- Eliminate slow moving SKUs
- Do you need more premium or non-premium products?
- Offer exciting promotions (tip: do not stock up more than 1.5 times of your monthly sales)
- Is your pricing well-balanced
3. Suppliers
Find out how you can improve the way you work with them.
- Terms – pay on time to negotiate for better terms
- Frequency of Service – stock up more often but in lesser quantities to avoid overstocking and for a better cash flow
- Add on – consider specialized suppliers (eg. prayer items, packaging items, disposable items ie: plastic fork and spoons)
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