10 May THE STRENGTH OF BUSINESS PLANNING
Spending the time to understand your business is the first step in being able to build a medium to long term retail strategy. The competition in today’s retail market is too fierce to just work in your business and not on it.
Understanding your customer and satisfying their needs and wants is paramount to the business planning process. Time must be spent checking in with your customer on a regular basis to refresh your customer insights. Gone are the days of just ranging a particular brand because you have a strong relationship with the Territory/Sales Manager. You must put far greater thought into what brands you range, and how you merchandise them.
How well do you know your competition? What are their pricing strategies? How many promotions are they running? What categories are they promoting? What brands are they ranging? How are you currently winning against your competition? These are all questions you should have the answer to. Insights such as these will assist in understanding the strengths, weaknesses, opportunities and threats of your retail gold shop business.
What is the financial health of your business? What do you see as the issues for business financial stability? What processes do you have in place to review financial performance? How are key financial metrics trending? How effective is your working capital? Understanding your financials and the associated trends will also enable you to be far more strategic in growing your business into the future.
The before mentioned thought starters are key components of the Business Planning process. There is no better time than the present to start working strategically on your business! Please contact GOLFÂ CONNECT if you would like more information around the development of a Business Plan to suit your golf business requirements. Don’t Delay!
Simply call or email Stewart for a complementary consultation to find out how Golf Connect can help you increase your bank balance. Its a sensible place to start!