Building a retail business you truly love starts with the end in mind. When you have a specific vision for what you want your future to look like, it becomes easier to fill in the steps that it will take to get there.
There is always something retailers can do to drive traffic. You simply have to think creatively and employ what I’m calling, The Piña Colada Principle.
To ensure you know where you’re headed, it’s necessary to have a clear understanding of where you’re at. That’s why it’s so important to know where you land on your retailer’s journey. If your goal is to progress to the next level, you’ll need to equip yourself with the essential tools and strategies required to get there. No matter what stage you’re in, self-development is key. You cannot grow as a business owner if you’re not growing as a person.
I could tell you hundreds of stories about independent retailers doing extraordinary things. So what makes these stories so powerful? It’s because these retailers are doing the things the big brands and big box retailers can’t or won’t do.
Recently I went to the grocery store and decided to try a new hot sauce. I brought it home and it was horrible! So here’s my conundrum… What do you do with the things in your life that are no longer serving you? Do you leave them to take up space or clear them out to make room for something new?
After 40+ years working in the independent retail space, I believe these three pillars are necessary for success. If you have these three things in place, you will build the business you deserve and reap the benefits of that success. The three pillars are mindset, skillset, and structure. All of these things tie into each other and can be proactively learned and achieved.
How do independent brick-and-mortar retailers become the store of choice? It comes down to two things that I explain in this episode of Real Retail TV. You have to be a skilled retailer and you have to commit to creating a great customer experience. It’s all about doing the things that the big box stores can’t or won’t do.
Is employee loyalty dead? Absolutely not. But just like customer loyalty, employee loyalty must also be earned. You have to make your employees feel valued and included. The labor market is much more fluid than it used to be. The best retailers will take this as an opportunity to level up their recruiting skills and build a deep bench.
If you automatically assume customer loyalty you are going to wind up disappointed. It’s not up to your customers to be loyal, it is up to you to earn their loyalty. There are many things you can do to engender customer loyalty. Proactively build the relationship by providing an exceptional in-store experience, implementing a great loyalty program, and having customer-friendly policies.
If you want to build a business that serves your life, now is the time to write a vision that will get you there. What do you really want from your business? How can you spend less time in your business and more time enjoying your life? A vision statement can become the roadmap to get you to the future you desire.
