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:
- Lack of differentiation
Other than price, what is it that sets you apart from the competition?
- Lack of capital
Just like any other small business, cash flow can be a killer to independent retailers. What is your plan B?
- 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?
- Lack of succession planning
When there comes a time to hand over your business would you know who to turn to?
- 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?
- 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?
- Lack of financial management
Not setting budgets is one of the main reasons why retailers fail to keep their businesses going…