Behind every successful retail store, you are going to find lots of happy customers. If your customers end up unhappy, they may cease buying from you and provide your retail company business a bad name. If you provide top quality results your customers will surely reward you with positive reviews. Here are some of the most effective approaches to keep your current customers happy and discover new ones.
When interacting with the public you will need to have a positive standpoint at all times, whether you’re the owner of a retail store or a worker. You need to have every buyer that comes through your door to feel relaxed and treasured. Be certain to devote adequate training and on-the-job coaching time to customer interaction skills. Clients will get the message out about your retail company when they have had an exceptional involvement with you, which is crucial in building up your retail company business.
Consider your options before you employee someone new to work in your retail retail store business. The time to ensure your employees have the right qualifications and credentials to carry out their duties is before you employee them, not after. Even though you employee well-qualified people, they’ll still need thorough training in the specific tasks their new positions entail. The quality and capabilities of your employees is a significant factor in your company’s overall performance.
The most lucrative businesses have a tendency to be those that offer premium products and services. Offering a higher quality product and superior service will increase your sales and provide your retail retail store business extra revenue. Customer referrals become more common when you’ve given your customers a transaction experience that they feel is well above average. Aiming to be the very best in your industry is a surefire formula for success.
One of the results that can take place when too many risks are taken is failure. Even financially sound businesses can find themselves in the red after the owners take enormous risks. Minimize your risk whenever possible, as larger risks are more likely to sink your retail retail store business. Keep you company safe and lucrative by always conducting a reliable assessment of the major risks every time you have to make a big decision.
What keeps customers coming back to do retail retail store business with you again and again is outstanding customer service. You must invest your efforts in constantly pleasing your customers or they’ll go to other places. When introducing new services, be sure that they conform to the exceptionally high standards you’ve established; this can keep your loyal customers happy. You need to beat the competition in terms of customer service as well as product quality.
there are several elements that you need to know and also understand about writing a business plan because without them you really won’t have a good solid business plan when it comes to writing a business plan there are eight main components but
what we’re going to talk about it’s just a few of them the cover sheet the table context the executive summary the mission statement the marketing plan or strategy products or services plan or strategy the operations plan or strategy information on your business
the financial plan or strategy is the final one okay today we’re going to talk about some of these sections of a business plan but of course we’re not going to talk about all of them we just want to give you a good general idea about getting together writing a business plan and
what you need to do to get it going okay what we’re talking about today is a small business plan how to write a small business Quinn there are several things that you need to know that you definitely need to include into your small business plan first thing you need to include is a cover sheet on the cover sheet what you want to do is write the name of the company
I recommend that you put the word confidential in red that’s to let anyone who’s not supposed to be looking at this business plan know that it’s not directly for them under that go ahead and put the word business plan next you should write interested parties who should be contacted what that is are the people that are in the company the major officers in the company who need to be contacted to who would have all the information about this business plan for example if I was a lender these are the folks
that I would contact to ask about this business plan under that go ahead and write the name of the company name this should be smaller of course with the key contact person the address of the company the phone number the Internet address and any other contact information that will be used where the person that you were trying to get some sort of assistance from will be able to contact you next you should write you should have the section called the table of contents some of the main ingredients to a business plan are the executive summary the mission statement and the marketing plan go ahead and put those in your table context and then also put the information about these sections under it for example in the mission in the executive summary section go ahead at the company direction the company objectives the management team the product strategy production and delivery for the products you
Regardless if it’s large or small, retail or B2B, a business’s most critical component is its brand. In today’s incredibly competitive marketplace, having a strong brand message can set you apart from your rivals. Your brand is a pledge that you make to your customer. It’s vital to understand the importance of strategic branding to all businesses.
Consistent business lies in your current and future strategic branding efforts. Your message needs to be consistent to your product lines and audience. Deeper company presence can be established through branding and enhancing your website. By leveraging your brand for maximum benefit, you can establish and maintain a strong customer base.
Advertising online has become the primary method for some businesses. You can use social networking pages, websites and blog posts to make yourself easy to spot. You can also use video sites like YouTube to make yourself visible. Thanks to technology, even the smallest companies can promote themselves on a scale previously feasible for only the biggest brands.
A company’s brand is worth much more than its logo, trademark or slogan. When we talk about a brand, we are referring to a powerful symbol that represents your values, actions, ethics, work culture and results. Over the past ten years, technological advances have made it much easier for small companies to establish their brand and communicate it to a wide audience. With the explosion of social media outlets and the vast reach of the web, it just doesn’t cost a lot of cash to effectively brand a small business.
You can cultivate a trusting relationship with your target market when you have a very strong brand. This could mean a greater, more positive response to your advertising, social media posts, and newsletters. Customers who connect with your brand come to trust your company and realize that reviewing your product offerings and reading your communications is usually a smart use of their time.
Unless your brand is sincere and trustworthy, it is not likely to yield much attention. If your company is trying to position itself as a real honest and ethical establishment in its marketing campaigns, using pirated software will yield the opposite result. Keep your business’s culture, values, plans, and actions in line with the image you want to portray.
You need to know your customers and prospects, specifically their needs and wants, if you need to be successful at strategic branding. You do this by integrating your brand techniques whenever there is undoubtedly an opportunity for public contact. A company’s brand identity exists within the minds and hearts of its current and prospective customers. The bottom line is that your brand is really the sum total of your customers’ experiences and perceptions, and you must do your best to influence their opinions for the better.
it’s really important for small business owners to understand their personal financial situation and then also develop a financial plan to help them reach all their different financial goals that they have for themselves some tips I like to offer my clients are know your current financial situation
what I mean by this is just know your income your expenses know how many assets you have no your liabilities know all your different insurance coverage just know everything going on today in your personal financial situation you won’t really just want to take inventory
up at all then you want to determine your different financial goals so you want to break this up into short term goals medium-term goals and long-term goals that will help you kind of stay more motivated along the way and also plan more strategically with your money for each one of those goals then you want to save for those goals so it’s really important as a business owner that you continue to save for all your different financial goals outside of the business some common examples would be let’s say
you want to travel in a year you want to travel the world you know you want to be able to save for that you want to buy a home or a second home you want to send your kids through college you want to retire at a certain age so there’s lots of different financial goals that you want to plan for and then be able to save on a regular basis and the last one would be just live within your means this will help you save for your financial goals but as business owners our lives are really complex and you know again we just want to know what our personal financial situation is we want to know our cash inflow and outflow and make sure we can save and live within our means in order to provide a better financial future for ourselves and our businesses even though it can be time-consuming understanding your personal financial plan and goals can actually really help your business strategically it will help carry your business forward grow it to the level that it needs to grow to in order to support your personal financial situation you
here at comm Bank we want your business to be successful to be something you’re proud of no one wants any small business to fail but sometimes they do and often it’s thanks to insufficient planning and funding this is why creating a viable and comprehensive financial plan is essential
for you and your business here are five easy steps to get you started with your financial plan tip 1 calculate your business setup costs these include accounting fees registrations and licenses equipment and fit-out and initial working capital it’s important you compare these overall costs so
you can work out how much money you’ll need to borrow to start your business tip 2 forecast your sales and expenses to do this compare potential sales revenue to costs of goods sold and fixed costs of doing business also calculate likely margins and put
your pricing model to the test forecast for the next 12 months to give you the confidence that your finances will be working in your favor tip 3 forecast your cash flow as this is a vital component of any financial plan new businesses often need cash to build the capacity necessary to service customers and customers could be slow to pay this could result in a cash flow gap and leave
you vulnerable if you’re not prepared tip 4 forecast your balance sheets this should be a snapshot of what your business will look like after 12 months place this on the purchases anticipated in your setup costs and the results of your profit and loss forecast tip 5 calculate your break-even point this is simply the point at which your revenue exactly covers your expenses so it’s important you work out how many sales you need to make to break-even and there you have it a business financial plan get started on yours today
in this brief video I’m going to give you some free tips on how to create your business plan if you’re watching this video chances are good that
you’re having trouble writing your business plan don’t worry lots of people get stuck simply because they haven’t written a business plan before and therefore they don’t know what to include my name is Dave Levinsky I’m a business plan expert and
I created this video to help you out since 1999 my company grow think has created more than two thousand business plans and these business plans have helped our clients raise more than 1 billion dollars from investors and lenders in other words I know a thing or two about how to create business plans and that’s why I want to share some free business plan advice with you right now specifically I want to give you my business
plan outline that I’ve been using with success for more than 10 years so you might want to write this down so get a pen and paper and definitely you might want to write this down here are the 10 sections that you should include in your business plan the first section is your executive summary which is essentially the introduction to your business plan then the next section is your company analysis which gives a little more background next up is your industry analysis where you talk about your market and trends the fourth section of your business plan is your customer analysis
where you go more in depth about your target market the fifth section is your competitive analysis where you provide an analysis of your competition including what differentiates you from your competitors the sixth section is your marketing plan where you lay out your marketing strategy the seventh section of your business plan is your operations plan where you explain how you actually run or will run your business the next section the management team is where you provide bios of your team the ninth section is your financial plan where you give financial forecasts and finally the tenth and last section of your business plan is your appendix where you provide any additional supporting information so now that you have my business plan outline you know all ten sections to include and the next step is for you to complete these ten sections but you may want guidance on exactly what to write in each section of your business plan and to help you out I’ve created a free business plan template which provides tips and advice for all ten sections to download your FREE business plan template go to this website right now WW 3bp template com once again ww3 BP template com thanks and have a great day
finding the money to start a small business is one of the toughest challenges in entrepreneurial face will tell you the most common sources of capital in today’s small business report certainly funding for
small businesses is an age-old problem and challenge for small business owners mark hogan president of small business at Bank of America breaks down the sources of funding into three categories the first is personal capital
I’m talking about things like personal savings friends family relatives that are willing to invest in the company that’s also sometimes called love money it’s not easy to attract investors to a start-up but people you know might share your confidence and give
you a shot the next most common source of funding is consumer credit the most common forms certainly could be credit cards could be home equity loans or could be mortgages you know basically using a consumer product to fund a business and the last place a small business owner often looks for money the third category is business credit alone in the name of the business most likely backed by a personal endorsement as well this can include a business credit card which acts much like a consumer credit card only it’s in the name of the business eventually as the company grows that category might also include a business line of credit for a business loan for SM small viscom I’m Colleen today’s
So you’ve decided to go after an investment from that angel or VC firm and you’re about to give your first pitch. This is your big chance to get the cash you need to power ahead towards your goal, so make sure you’re well prepped and can nail it.
Having witnessed a number of entrepreneurs pitch to VCs and angels and then having been involved in the decision about whether or not to fund, I can tell you there are some basics you need to nail if you want to get funded, no matter what your business is.
FIrst up, get to the point. If you’ve been talking for 5 minutes and I still don’t know what the heck your business does and how you make money, that’s a problem. Investors see pitch after pitch after pitch so they’re not interested in the fluff. We want to know what you do, how you do it, and why you’re so much better than everyone else that the customers will flock to you instead of your competition.
And while we’re on that topic – do not say you have no competition. There is no such thing as a company with no competition unless your idea is horrendous. If you say you have no competition it means you either haven’t done your research, don’t understand the competitive landscape, are straight up lying, or you’re trying to sell something that nobody wants.
Even if you have a brand new product you still have competition – whoever invented the microwave had to compete with conventional and toaster ovens, The first cell phones competed with pagers and house phones. You still have competition even if your product is incredibly unique, so make sure you know who you are and how you will convince customers that you’re a better choice.
You also need to know the workings of your business and your business plan inside and out. Be prepared to answer tough questions and make sure you can justify any of the numbers that you put in your pro formas. If an investor asks you how you intend to get those 1,000 customers that you predicted in the first month, you’d better have an explanation for it and its accompanying expense in your financials.
Plus, be prepared to justify why your team is the team to do it. Experienced investors know that great ideas are a dime a dozen, it’s the execution that will make or break you – so they want to know why you and your team are in charge and what you bring to the table. Dead weight is a red flag, so don’t stack your c-suite with people that don’t deserve to be there. Finally, try to remember to be likable. You don’t need to get a standing ovation, but these investors are going to be tied to you if they invest and if they can’t stand to be in the same room with you, they’re more than likely going to pass. Don’t do a stand-up routine, but remember to be yourself, don’t get defensive if they give criticism or ask tough questions, and make them see that you’re a person who is smart, reliable, open to guidance, and one of the hardest workers on the planet.
alternative lending solutions under utilized by SMBs when it comes to small business loans for say working capital system upgrades remodels expansion other needs the availability of alternative
lending solutions is certainly available but unfortunately many small business owners are unaware of them in fact the new study by payroll financing solution reveals that for businesses with up to 7 million dollars in sales a whopping 70% are uninformed when
it comes to alternative financing options and these are businesses like restaurants and transportation companies veterinary practices minority-owned businesses nightclubs and so forth and may these business owners believe that if they apply in a traditional bank or their lending institution for
their small business loans you know they’re going to be turned down because of poor credit lack of credit or some other eligibility problem the report also showed that many believe they lack the collateral necessary to an approval for the small business loans that they need further worsening the problem is that many of these small business
owners because they felt the chances of actually getting a small business loan was so remote well they didn’t take the time even fill out applications feeling that it would be a waste of their time and many aren’t aware that for many alternative loans the applications are free the interest rates are quite reasonable and they have a high approval rate not only that but many alternative loans have flexible options for repayment and are at very reasonable terms the fact is that in the last several years
Small Business Development has actually been funded in large part due to alternative lenders and their fast simple loan processes the relationship based lending and their low interest but short term business loans many also offer a line of credit and can help small business owners under the Federal Equal Credit Opportunity Act as well as help them with credit card processing and credit card terminals if more small business owners were aware of this fact many of them would certainly take advantage of these excellent small business loan opportunities
my business is machine machine apparel and it’s a clothing line for women mainly dresses and tops and bottoms I like to use vintage fabrics
as well as new fabric very interested in prints and colors and keeping things one-of-a-kind essentially no two dresses are alike there’s always a passion of mine to alter designs I bought from store or from the thrift store and recreate them to something that was more me and more unique so
I started translate the idea for other women and experimented and put things on the internet to see how they’ve sold and people love them so I can’t need to do that and just stuck true to my vision of originality the website is really
really helpful definitely wouldn’t have a business without it it’s an awesome tool and necessary I love having the shop space it’s very inspiring to me I love seeing the reaction of customers and bouncing ideas off of customers and friends and
I’ve realized that a huge passion of mine is to represent different creative types and you create a platform to encourage creativity and nurture it so part of my vision now is to work on the shop in terms of providing more opportunities for other artists so machine machine can help different small businesses to grow I never sought funding I’ve always just saved my money save my profit and reinvested it into the business and bit by a bit build it up wear whatever I made
I would just pour back into the company the best advice is to be brave and stand behind your vision and pour your whole self into it just give it your all and don’t back down from your passions one of the preconceptions that is tempting to fall into you on a small island is that there aren’t enough opportunities however I see the opposite and I think that because there isn’t a lot of opportunities out there for Colquitt it’s actually the best opportunity to you can be a trailblazer you can do what you want and people will be very receptive and be very proud of you and applaud you for doing it because you’re doing it you you