When I work with clients I have a structure that we work through, I’ve called it “The Retail Champion: 10-steps to retail success” methodology (see www.retailchampion.co.uk/retail-success). The purpose of this is to enable retail business owners, whether starting up or already trading, online only or multi-channel, to develop robust and repeatable processes and systems to create scalable, saleable enterprises.
I’ve just launched “Be a Retail Champion” – 52 FREE weekly retail tips. If you would like to subscribe to receive these, based on the 10-steps to retail success methodology, then visit www.retailchampion.co.uk/retail-tips to sign-up!
What are The Retail Champion: 10-steps to retail success?
Essentially these are 10 groupings of topic areas that are particularly relevant to a retail business. Some of the topics are equally relevant to any business, others are very much specific to retail.
Over the years when I’ve been mentoring, coaching and providing consultant to clients I’ve developed and refined this approach. In a nut-shell the 10 steps include:
- Your personal and business goals, your business mission
- Your business positioning
- Your ideal customer
- Your product strategy and range planning
- Your pricing and promotional strategy
- Your channel and location strategy
- Your customer engagement strategy
- Your sourcing and supply chain strategy
- How you plan and control your business
- Your back office functions – taking care of HR, Legal, Finance and IT
Where the step is a link you will be able to click through to see a blog all about that specific step. Within these 10 steps I work with my clients develop and structure a prioritised action plan that will enable them to achieve that aim – to become a scalable, saleable business.
What do “robust, repeatable processes and systems; scalable, saleable business” actually mean?
These are really powerful words, and I thought long and hard before choosing them. I would define them as follows:
Robust: Simple, clear, easy-to-follow (one could say “fool proof”) processes that are unambiguous. Any member of staff, regardless of experience, can work “by the book”. You’ve given them the operating manual.
Repeatable: Obvious really – meaning your robust processes can be done to a consistent standard, time and again, replicating what your customers have come to expect from you.
Processes and Systems: The day to day actions, interactions, transactions and analysis your business needs to be doing to operate and deliver on your customer promise. These are done by either your people or are automated, done by computer processors. This includes anything from setting up a new product on the till to handling a customer complaint.
Scalable: This is very important; it’s about utilising the robust and repeatable processes that you’ve created so that you can grow your business without YOU becoming a bottleneck! When you’re a scalable business you’re able to walk away having delegated to others, and you will have the confidence that the business will operate, effectively, and to your standards, without you.
Saleable: The ultimate endorsement of your success – your business has a value in the eyes of an outsider. In order to realise the very best value for your business, should you choose to move on, it needs to have the previous 3 ingredients. A potential buyer will recognise the value of your business only when you can prove that the business is scalable, and that it can grow without you. To sell your business you need a new owner to be confident that with new management everything you’ve built up will continue to thrive.
What do you need to do to become a really successful retailer?
If you want to be the CEO of a multi-million pound retail chain that YOU created you need to start thinking BIG. There are plenty of significant retail brands in the market today who started out as just an ecommerce site or a single store. If you have the ambition, drive, commitment and motivation to succeed then with the 10 steps to retail success you’ll be well on your way.
Through the 52 FREE weekly retail tips I’ll share ideas with you as to how to develop these 10-steps to retail success into a clear action plan that help you take your retail business forward with real focus. To sign-up to receive the weekly retail tips visit www.retailchampion.co.uk/retail-tips.