Tough Times Call For Specific Actions when you Own a Dollar Store
By: Bob Hamilton
Weve all heard the doom and gloom about the tough times we are in. We read about it in almost every publication. It is difficult to find a television or radio station that isnt breaking news about still another business failure or a new economic indicator gone bad. Well, rather than worrying about what everyone is saying and doing, there are some important actions for you to take. This should be a time to not only weather the storm, but to capture loyal new shoppers for your business. This is a time for those who own a dollar store to focus on building dollar store sale levels even higher. In this article I present 5 critical actions for you to take.
Action #1) Become actively engaged in your business. This isnt the time to be a hands-off owner. That is especially true if you are also the manager. This is a time for those with a dollar store to step forward and lead all efforts to improve business performance. This is a time to lead by example.
#2) Know your customers. There are many shoppers in a dollar store. The question to ask yourself is if you know exactly who the paying customers are for your store. This falls in two areas of concern. First you must know your regular shoppers well. You need to know what they buy and you must know them by name. Second you must understand the demographic of the customers who are actually making purchases in your store.
#3) Get close to your customers when you own a dollar store. By knowing your regular paying customers you can easily develop a firm understanding of their specific wants and needs. Align the product mix in your store to those wants and needs. A warning; dont ignore everyone else. In many cases shoppers arent buying because you dont carry the items they seek.
#4) Remember and apply the 80/20 rule to everything you do. As the rule states, 80% of your dollar store sales are from 20% of your customers. When you have a dollar store business 80% of your focus should be on that 20% that is generating the majority of your dollar store sale levels.
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To your dollar store success!
Article Source:
http://www.articlecity.com/articles/business_and_finance/article_11274.shtml
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