According to “The Small Business Administration” 40% to 60% of small businesses won’t survive their first big disaster. But disasters seem to be looming behind every blade of grass; everything from simple human error, inventory issues and supplier delivery failures is out to put the skids on your progress.
But there are ways to circumvent every one of them. Following are some of the key ingredients to a successful strategy to avoid the roadblocks that prevent many small retail businesses from success.
1. Run a Tight Ship — It begins with discipline. It will be essential to your advancement that your inventory is organized and dispatched with impeccable accuracy. This will set you apart from the lumbering giants and their consistent tendency to error.
Your efforts in managing inventory storage space, stock rotation and balancing the weight of expensive stock items with the need for a diverse selection of products, will be facilitated with a reliable source of inventory data. By providing real time access to your inventory data, management software can keep your business from tripping over the customer satisfaction obstacles that can be detrimental to a small business.
2. Keep the Supply Lines Open — It is quite possible that your valuable suppliers will hit a bump. To make sure that you and your business are not affected by such a problem, it is only prudent to have a “Plan-B Supplier” at the ready. But, this will only work if you can shift suppliers and restock inventory without missing a beat. Ergo, your precision administration and inventory foresight will go a long way in avoiding down times and client apologies.
3. Consider Supplier Assistance — Supplier-managed inventory services are being offered by many suppliers and at a price-busting rate too. These services can be worth their weight in gold as they improve transportation times and economy by reducing the risk of human error. These services can provide essential data on shipments, locations and product conditions in real time, ensuring your inventory will always cover demands.
Declaring your independence as a retailer will not go unpunished. The Cookie Cutter Chains can cut your business to bits with their super low prices, something consumers always go for. Nevertheless, you can’t be beaten on the grounds of personal service, high quality and unique inventory.
With the proper implementation of these key tactics as well as the use of appropriate tools such as inventory management software, independent retailers can make better progress by economizing their time and resources.