Have You Review Yours?

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:

  1. 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)

 

2 Ulasan

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    1. Author

      Hello!
      Thank you for visiting Usahawan Nasional Webzine page.
      Your comment is highly appreciated.
      We are glad to know the article can help your business.
      We hope with the information shared will generate more ideas.

      For your information, the website was constructed by Perbadanan Usahawan Nasional Berhad (PUNB), a financial support company for Malaysian Bumiputera entrepreneurs.

      Do continue to read other articles.
      Again, thank you very much!

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