7 major gaps stopping you from turning your independent retail business into a runaway success

7 major gaps stopping you from turning your independent retail business into a runaway success

 

7 major gaps stopping you from turning your independent retail business into a runaway success

 

When it comes to setting up a business, several challenges can manifest themselves – and for retailers it is certainly no different. In this article, accountant Phil Mullis will discuss the following 7 things that many retailers are lacking which could help retailers get on their way:

 

  1. Lack of differentiation

Other than price, what is it that sets you apart from the competition?

 

  1. Lack of capital

Just like any other small business, cash flow can be a killer to independent retailers. What is your plan B?

  1. Lack of strategy

You’d be surprised how many retailers do not have a plan. Before you open the doors to your store what should you be asking yourself?

 

  1. Lack of succession planning

When there comes a time to hand over your business would you know who to turn to?

 

  1. Lack of technological know-how

Half of all small high street retailers and charities don’t even have a website. What could this mean for independents losing out?

 

  1. Lack of time to be a retailer

Yes, it sounds ridiculous, but when you run a business, not only are you the shop keeper, you’re also the accountant, the HR division, buyer, marketer and stock checker among other things. How can businesses owners free up more time?

 

  1. Lack of financial management

Not setting budgets is one of the main reasons why retailers fail to keep their businesses going…

 

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