The 6 Pillars Of Retail Ownership

Posted by Karen Erdelac on Feb 5, 2021

The 6 Pillars Of Retail OwnershipOwning a specialty retail store is not easy, especially given the current state of the world. There are certain traits and skills needed in order to navigate this tumultuous terrain and still maintain and grow your business. A specialty retail store owner needs to be:

A Skillful And Attentive Leader

Continuous self improvement, both on a personal and profession level, will have a tremendous impact on your ability to lead a successful business. Attention to detail, learning new skills and effective decision making are essential tools to any small business owner. Being hands-on without disrupting your team shows true leadership and helps you guide your business into the future.

Focused On Continuous Growth

A constant eye toward the future helps you to remain innovative, and thus, competitive. In this day and age of technology and online sales, if you’re not growing, you’re slowly fading away. Having a clear vision for the future and taking calculated risks to get there is what business ownership is all about.

Adaptable To Market Changes

Being flexible when it comes to what you offer, how it’s sold and how it’s delivered is essential in future-proofing your business. Having a diverse set of suppliers and being willing to change up your offerings allows you to adapt to trends and catastrophes alike. This type of flexibility is one of the distinct advantages smaller retailers hold over larger stores.

Mindful Of Operational Efficiency

Keeping costs down, implementing new technology and streamlining procedures all contribute greatly to the bottom line. Being profitable isn’t all about making sales. Keeping costs down without sacrificing product or service quality is a primary trait of successful businesses. Adopting technology that helps to streamline tasks like accounting and inventory management can greatly improve your operational efficiency.

Customer Experience Obsessed

Maintaining loyal customers and drawing in new ones will greatly depend on the experiences they have with your brand, both before and after making a sale. The service you provide both in person and online has a great impact on sales. Flexible payment options, delivery methods and polite and courteous service are important factors in gaining new customers and creating brand loyalty.

Dedicated To Employee Advocacy

Employee satisfaction has a direct impact on how consumers view your brand. Having the full support of your team is crucial, especially in difficult times. Being human with your team, listening to them, and giving them their best chance to grow and succeed with your company will provide you with the foundation you need to satisfy your customers.

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Topics: Retail