Bonnie recently asked in our retail community: Which retail action has the biggest impact?
As a retail store owner, it’s easy to get caught up in the day-to-day hustle — helping customers, stocking shelves, managing the register. But if you want to see real growth and sustainability in your business, it’s essential to step back and work on your store, not just in it.
Biggest Impact Action #1: Strategic Planning Over Daily Tasks
When you’re deep in the weeds of running your store, it’s hard to see the forest for the trees. But taking a step back to focus on the big picture can have a massive impact on your business. This means thinking strategically about where your store is headed and how you’re going to get there.
One of the most powerful tools you can use to do this is an Open to Buy (OTB) plan. This isn’t just about keeping your inventory levels in check—though that’s certainly a big part of it. An OTB plan is your roadmap to ensure that every dollar you spend on inventory is working as hard as it can to drive profits and growth. It helps you avoid overbuying, which ties up cash in slow-moving stock, and underbuying, which can lead to missed sales opportunities.
But inventory is just one piece of the puzzle.
Biggest Impact Action #2: Build Systems and Processes: The Foundation of Success
To truly work on your business, you need to build strong systems and processes across every area of your store. This foundation will not only help you manage your day-to-day operations more effectively but will also free up your time to focus on growth strategies.
- Finances: Develop a clear financial plan that includes growing margins, cash flow management, and regular financial reviews. This allows you to make informed decisions and ensure that your store remains profitable.
- Team Management: Create systems for hiring, training, and managing your team. This will ensure consistency in how your store operates and help build a strong, motivated workforce. The stronger your team is, the more you can delegate to make time for working ON your store.
- Marketing: Don’t just market when you have time—create a marketing strategy and process that runs consistently. This should include everything from social media and email campaigns to in-store promotions and customer retention strategies. This is the only way to drive consistent traffic – which in turn drives consistent sales.
By focusing on these areas, you’re setting your store up for long-term success.
Biggest Impact Action #3: The Importance of Working ON Your Store
Working on your store means taking the time to plan, strategize, and implement systems that will allow your business to thrive. It’s about being proactive rather than reactive. When you focus on the big picture, you’re not just keeping the lights on—you’re driving your store forward, ensuring it remains competitive and profitable in the long run.
Take Action
The biggest impact you can have on your store isn’t about how many hours you spend behind the counter—it’s about how effectively you can steer the ship. Take the time to work on your business, build the systems that will support your growth, and watch as your store not only survives but thrives.
This is exactly what we help you do inside the RETAILMavens Coaching program. Watch this free masterclass to see the impact good systems can have on your business.