The future of retailing

by | December 28, 2005

I came across a couple of articles on small business retailers that had some key points of interest. The first article questions whether there’s a future for small retailers in a big-box world and the answer, at least from Ted Hurlbut of Inc., is “Yes.” He goes further, though, to say that small retailers must stay ahead of their competitors and know who they are and how they compete: “The future for the small retailer is in what teh Big Boys don’t — and can’t — do well; offering a full selection of high quality, specialty goods coupled with the state-of-the-art product knowledge and outstanding service that customers need and expect.” A couple of key things to get you there and keep you there are listed in the article. Focus: You can only be what you do better that anybody else. Planning: An area I’ve discussed in previous posts — Short term planning is really budgeting while long term planning focuses on your strategy ans what you need to do today to achieve your longer term goals. Decisiveness: An asset of small businesses is nimbleness and flexibility — you must be able to react quickly and cannot be limited by inadequate information, family politics, aversion to risk or inertia. Execution: You must be able to provide results for the customer better, faster, more accurately or more efficiently than your competitors to win. Financial acumen: Your business success depends on your ability to understand and manage the key financial metrics of your business. Systems aptitude: Most small business owners do not take full advantage of the computer software they have or refuse to invest in it at all. This is a key way to manage customers, financials, and inventory and will provide efficiencies beyond your wildest dreams if you invest in it. Employee empowerment: Give your employees the tools and discretion to serve customers. Read more at Inc.com.

Author: Michelle Bomberger, Bellevue Business Lawyer