Ahh yes, yet another flexibility test. The first quarter of 2023 was full of some major events, nationally and internationally, that disrupted many business plans.
As you contemplate where you are now with your retail operation, compared to where you intended to be, don't despair! Even more important, just like you do with the GPS system in your car, disregard "returning to the prescribed route."
This is retail, after all. Change is the name of the game!
There's a very important annual job for you, the owner, and all of your senior staff. It's vital, and it involves your presence.
The pressures are mounting on your stores, and in particular, your front line staff.
In the free enterprise system, owners are free to succeed. And free to fail.
That's why The Retail Owners Institute has defined the #1 responsibility of the Owner as the survival of the business.
But then, the owner must define "Why?" Why are we doing this, anyway? Why are we working so hard for this business to survive and thrive?
Have you seen what the Silicon Valley venture capital firms are saying to the startup firms they've invested in?
While it may be tempting to smile and nod approvingly at this dose of business reality, there's a ripple effect to be aware of.
As reported in the May 31 edition of the Wall Street Journal*, "Their advice includes cutting costs, preserving cash, and jettisoning hopes that hedge funds or other investors will swoop in with big checks."
You may be one of the many retail owners who share our vision of why to own your own business: “Making money. Having fun. Doing good.”
You see, we believe that Owners do not have to choose just one goal for defining "success" in their business. Goals do not have to be mutually exclusive; they can converge. Just like in a Venn diagram.
Here's a fun exercise. Make your own Venn diagram for your own business. Start now to make that convergence come to life.
Every day, there are all too many headlines of things outside our control.
The drumbeat of news about these events is relentless. And wearing.
While retailers are notably resiliant and optimistic, there IS a limit to how much uncertainty one can continue to take.
Then we discovered that there is a name for all this: VUCA.
Have you noticed? That persisting Plague of Uncertainty that keeps hanging around?
And amidst all this relentless uncertainty, you still have a business to run, employees to motivate, customers to satisfy, vendors to deal with, creditors to pay, etc, etc.
Here are some ideas on how to approach that.
Still less than $1 a day! 👀