The five components of the Retail formula!

I frequently face the question on what is the formula for success in retail. Such a question is made by people that, really, do not understand retail. In fact, there is not a magic formula but yet a set of elements which combined may lead to success.

And the components of this formula are:

(1)    Showing up for work day after day (presence!)
It demands the conjugation of time and involvement. It is not an office work or that may be remote. Physical presence and involvement with issues are fundamental.

(2)    Liking people (spirit of service)
Suppliers, collaborators and customers have one thing in common. They are people! It is not possible to interact with them via spreadsheet or reports. There is a need of closeness, of exposing, of hearing and of speaking!

(3)    Be an observer (curious, analyst)
“Why?” is a question that may fill the mind of the retailer. Understanding the origin, motives, the taken route do not change the result of the past; nevertheless, it may change the future result in an important way!

(4)    “Calculate” (the cost of serve must be paid by the margin!)
“How much?” is a fundamental question. The language used for communicating must be numbers. Surely there are other aspects to consider, however, whichever they might be, they will in a given way – even if yet unveiled –reflected in the figures!

(5)    Experiment (be open to try and test the new!)
Do not be afraid of testing, preferably, implementing a “pilot” with the aim of delimitate the risk. The best way of discarding something rapidly and not be, simply, discussing hypothesis is to do and measure. Trying and error continues to be a winning method!

 

Thinking well, such formula would not be applicable just in Retail but to any enterprise that one may want to build!

“Cast your bread on the surface of the waters, [be diligently active, make thoughtful decisions], for you will [a]find it after many days. 2 Give a portion to seven, or even [divide it] to eight, for you do not know what misfortune may occur on the earth.” (Book of Ecclesiastes)

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