The rise of online shopping, rapidly rising inflation and increased competition are all factors which make success in the world of retail hard to find for many owners of shops across the country. To succeed in the retail space, you must be a smart businessperson and make wise decisions which advance the goals of your company.
As a business coach in the Louisville, KY area, I have worked with owners and leaders of companies representing many industries, and working with people in the retail space is always a welcome challenge. While I offer detailed and customized plans for each of my clients, almost every business I work with needs help in the strategic planning department.
So many owners get caught up in the day to day of their business they forget to plan, and in doing so they set themselves up to at worst fail and at best stagnate. Strategic planning can keep this from happening, and in the sections to follow I will discuss a few key elements of strategic planning in the retail space and how I help my clients plan for a successful future.
Establish Clear Goals
You can’t make an effective plan if you don’t have a clear vision of what you want for your business in the long term. Strategic planning is all about making steps toward your goals, but if your goals are ambiguous or unattainable then they’re easy to abandon. Instead, when I work with my clients I try to truly understand what they want out of business ownership and help them create smart goals. With proper goals, you can make a customized plan. An owner who wants to create a generational company with a strong foundation will have a different plan than someone who wants to maximize value to sell quickly for a large profit, so understanding goals is vital to the planning process.
Once you have your goals in place, it’s time to examine your operation carefully and ask yourself if your company in its current state is equipped to progress toward those goals. If the answer is no, your plan must include ways to shore up your weaknesses and put yourself in a position to succeed when opportunities arise. An internal look can also shed light on your company strengths, and you can plan to take advantage of those moving forward.
Know Your Market
Planning also involves understanding the current conditions in your local economy and your industry. This is key in the retail space, because there are constant changes to the level of competition, market trends and opportunities which can arise for growth. Having your finger on the pulse allows you to plan quickly and take decisive action when you see an opportunity, or pivot to change strategy if a threat to your success arises.
These categories are just a framework for strategic planning, and in order to succeed you must create a plan tailored to the unique needs of your business. If you need assistance with strategic planning or any other key business function, I am here to help. Give me a call or fill out the form on my website to get started today.