Get the ranging right...boost profits! »
Smaller retailers can reap rich rewards if they get their ranging right. Partners for Growth Retailer Advisory Panel member Ramesh Shingadia, of Londis in…
Is it that the store is in an ideal spot? Or that they inherited a successful store? Or perhaps that they are in a tight-knit community? Whilst all of these things are likely to have an impact on the success, the thing that is common to all successful retailers is that they have worked hard at making it so. That means that every small business has the potential to be successful with the right approach.
We spoke to the Retailer Advisory Panel, a group of award-winning retailers, about what they think makes a successful retailer.
They believe that taking the time to look at your business - being honest about what's good about it, what's bad - is just as important as putting in long hours day after day. Sales through convenience stores are growing but don't assume that means that your business will continue to thrive as competition is coming from the likes of Tesco Express and Sainsbury's Local - take steps to make sure your business is in the best possible shape.
These are some general ideas to get you thinking about whether you can improve your business - have a look around the website to find out more specific suggestions and tips on what to do.