Boutique business has become a way for smaller companies to excel by focusing on a market that demands high quality as opposed to high volume. This formula can be a difficult one to peg, but finding the right vendors and focusing on data analysis can help a company truly excel as a niche business.
One business owner that understands this approach is show designer John Fluevog. Fluevog has made a name for himself not only in the fashion industry but also in business circles as a man who has been able to focus on his business while still expanding his customer base.
Recently, John Fluevog sat down for an interview with Globe and Mail to discuss the industry as a whole and how boutique business can thrive in a market that seems overrun with companies focused on offering more.
During that interview he discussed niche business in particular and how it can actually be quite freeing in terms of being able to get creative when it comes to running a business. “Because I’m a boutique business, I’ve never really followed exact trends because I can’t,” he told the reporter, “… I like doing my own thing and I think that’s probably why I’ve stayed in business all these years.”
A small company can create a huge change by using an inventory analysis and planning app that incorporates data from inventory management, vendor history and sales to create a picture of where the company is and where it’s headed within the next few weeks, months or years. This can help plans for seasonal changes as well as long-term goals.
Running a boutique business means being able to carve your own path. This can be a huge benefit to companies, but it’s important not to let that cloud what you can learn from larger businesses. Inventory and cash flow are fundamental parts of success no matter what size or industry a company is in. Boutique business can expand their customer base without compromising on their focus by making the most of apps, such asÂ inventory analysis and planning app,Â whichÂ streamline these processes and create data that can be used to plan ahead.