Intentional planning makes a world of difference when starting a retail business. With a plan in
place, retail startup owners are well-equipped to guard against failure.
Why Intentional Planning Is Key for Retail Startup Owners
Startups fail approximately 90% of the time. Meanwhile, intentional planning ensures retail
startup owners can identify and mitigate a wide range of hurdles before they force their
businesses to shut down.
Thanks to intentional planning, retail startup owners can balance short- and long-term goals. An
owner can make a list of what he or she wants to accomplish with their retail business. The
owner can then map out steps to accomplish their aspirations. He or she can execute their plan
and evaluate their results. If any issues arise, the owner can adjust their plan as needed.
How to Use Intentional Planning to Overcome Retail Business
Intentional planning won’t stop retail business challenges. However, it can help startup retail
owners resolve these challenges before they can cause long-lasting business damage.
Now, let’s look at three common business hurdles for retailers and how to address these issues.
The “Great Resignation” presents many challenges to retailers. People are leaving jobs more
frequently than they did before the start of the coronavirus (COVID-19) pandemic. At the same
time, today’s businesses are coping with an $8.5 trillion global talent shortage. These
challenges make it difficult for retailers to adequately staff their businesses. They are creating
steep competition among retailers to recruit top job candidates, too.
To avoid staffing issues, a retailer must first ensure it can pay its employees a fair wage.
Conduct research to find out what industry rivals compensate their workers. It can also be
beneficial to offer flexible work hours and other perks to attract quality job candidates. And
always pay employees on time, every time.
Retailers should always keep sufficient staff on hand. This may require retailers to consider
hiring temporary and permanent workers. Thus, retailers must map out their staffing
requirements. It helps to craft a staffing strategy and establish talent recruitment initiatives.
From here, retailers can consistently seek out talent that meets their expectations.
In addition, retailers can invest in their employees. Retailers can offer training programs to help
workers build skills or enhance existing ones. They can provide career advancement
opportunities as well.
There is no one-size-fits-all approach to retail marketing. Regardless, retailers must find ways to
promote their products and services to prospects and customers. Failure to do so can cause
retailers to miss out on growth opportunities.
Consider a retail storefront and what guests see the moment they visit a retailer. Ideally, it pays
to have a storefront that highlights a retailer’s brand identity. This storefront may contain custom
designs and logos. And it sets the tone for positive guest experiences.
Social media marketing campaigns can help retailers grow their online presence. These
campaigns can extend across Facebook, Instagram, and other social media platforms. The
campaigns enable retailers to share information and images about their products and services
with global audiences. Plus, they allow retailers to keep people up to date about upcoming
promotions and events.
Also, a user-friendly website can provide a retailer with a marketing boost and help it drive
sales. For instance, a retailer can set up a site that makes it easy for visitors to purchase items
via their computer or mobile device. Furthermore, the site can provide users with access to blog
posts and other content that they can use to make informed purchases.
- Financial Planning
A retailer may lack sufficient capital at its onset. To increase its capital, the retailer must
manage its finances with precision and care. Otherwise, the retailer risks financial peril.
For retailers, it helps to line up several sources of financing. If a retailer is low on funds, it can
pursue a short-term loan to cover its immediate expenses. Comparatively, a retailer can pursue
long-term financing for big-picture investments.
Financial planning can go hand in hand with figuring out the demand for retail products and
services. A retailer that understands the demand for its offerings can budget accordingly. This
limits the risk that the retailer will spend beyond its means to stock its inventory.
Moreover, setting up an emergency fund is critical for retailers. The fund gives a retailer money
it can use if a crisis threatens its operations. A startup retail owner should add to their
emergency fund and know how much money is available in it at any given time. If the fund is
used, the owner should replace any money he or she needed from it as soon as possible.
Plan Ahead for Retail Business Hurdles
There is no need for startup retail owners to let business hurdles linger. Use intentional planning
to determine the best course of action to deal with business hurdles, and any owner can
mitigate such problems.