Retail is one of the most difficult businesses to own & operate. Sir Terry Leahy, the former head of global retailer Tesco writes on his experiences and tips in the Wall Street Journal on the key principles to operating retail. Call us today for a free quote for Michigan retail insurance.
“The principles of good management fall into two categories. The first type relates to the running of a business. The need to have good systems to implement plans; to change an entire organization, not just part of it; to keep things simple; to create a lean organization: these principles relate to the execution of a strategy and plans.”
“Retailers are in a tough situation. Economic difficulties are especially daunting in the retail industry.” Sir Leahy acknowledges. They key is to face your issues head on and realistically to avoid the “natural instinct to hunker down and wait for the wind to abate.”
Here is a summary of Sir Terry Leahy’s key points to operating retail.
Retail Tip #1 – Embrace competition. Learning from your competitors is one of the best ways to increase business for your Michigan Retail business. If your business is dying, evaluate what your competition is doing well and look for ways to improve their strategy. Simple things such as walking around their business, learning how they conduct business, or handle basic tasks can help you see if there is something internal your retail can improve on.
Retail Tip #2 – Loyalty is essential. Word-of-mouth is one of the best forms of marketing your business can establish. Loyal customers are ideal. They not only give you repetitive business, but also work as brand ambassadors for your Michigan retail business. Employees are the same way. Treat your employees well- their not only the face of your company, but your biggest brand ambassadors
The best tip Sir Leahy suggested is to embrace the reality of difficulties within the retail industry. There will be competition and setbacks. The key is to assess them realistically and be proactive- keep looking for ways to improve your business operation.
Call us today and get your free analysis of your retail business coverage. We can help you put together a comprehensive yet affordable Michigan business insurance plan to give you all the coverage you need, from one of the nation’s most respected carriers. We look forward to hearing from you. 888 296 0418
For more information, you can read Sir Terry Leahy’s full article in the Wall Street Journal.
Source: Lessons From a Retail Veteran