The Time Is Right to Plan Ahead for Future Changes
The world of business is dynamic indeed.
For example; at one time five-and-dime stores abounded.
Yet as costs rose, these stores no longer represented a viable retail business format.
At some point it is likely the 99¢ store and $1 only stores may face the same reality.
Just as the old five and dime stores went by the wayside, there will likely come a time when the 99¢ store or $1 only store format will become a dinosaur and parish.
For those with an interest in the world dollar stores, there remains hope.
Read on as I present the time is right to plan ahead for future changes.
Start now to eliminate every unneeded cost possible.
In fact, over the coming years cost cutting may well become even more important than building sales.
While you must have year-to-year sales growth, selling more of products you are losing money to sell makes no sense.
Examine every cost associated with your business and start looking for waste.
Set goals for the big three costs associated with your business.
For most these will be rent, payroll and cost-of-goods-sold.
Then put specific actions in-place to reduce these and more.
Start now to think about how to stay in business and to be profitable while doing it.
Inevitably, those with a 99¢ store or $1 only store format will need to make a change.
Start examining your options.
Start preparing your business for change.
Start taking the required steps to keep your business successfully humming alone.
As you examine options, don't panic.
There is time remaining.
Carefully decide what you want the final format to look like.
Then develop a plan to change.
It might be a sudden complete change, or possibly you would like to slowly morph into a new format.
There are many other options - all take time and planning to successfully execute.
Your new format could be one of the following: * $1 plus store * Discount store * Closeout store * Specialty store - party store, for example.
* Sell your business now * Some other option You might even consider riding the 99¢ or $1 store format right to the very end and then close the store entirely.
Don't hang on to a 99¢ store or $1 only store too long.
After all, if you knew a train was coming down the railroad tracks at you, you would jump off the tracks.
The cost train is coming; the only question is when it will arrive.
By completing some simple planning and the making careful changes, your dollar store can evolve to meet the challenges of the future.
For example; at one time five-and-dime stores abounded.
Yet as costs rose, these stores no longer represented a viable retail business format.
At some point it is likely the 99¢ store and $1 only stores may face the same reality.
Just as the old five and dime stores went by the wayside, there will likely come a time when the 99¢ store or $1 only store format will become a dinosaur and parish.
For those with an interest in the world dollar stores, there remains hope.
Read on as I present the time is right to plan ahead for future changes.
Start now to eliminate every unneeded cost possible.
In fact, over the coming years cost cutting may well become even more important than building sales.
While you must have year-to-year sales growth, selling more of products you are losing money to sell makes no sense.
Examine every cost associated with your business and start looking for waste.
Set goals for the big three costs associated with your business.
For most these will be rent, payroll and cost-of-goods-sold.
Then put specific actions in-place to reduce these and more.
Start now to think about how to stay in business and to be profitable while doing it.
Inevitably, those with a 99¢ store or $1 only store format will need to make a change.
Start examining your options.
Start preparing your business for change.
Start taking the required steps to keep your business successfully humming alone.
As you examine options, don't panic.
There is time remaining.
Carefully decide what you want the final format to look like.
Then develop a plan to change.
It might be a sudden complete change, or possibly you would like to slowly morph into a new format.
There are many other options - all take time and planning to successfully execute.
Your new format could be one of the following: * $1 plus store * Discount store * Closeout store * Specialty store - party store, for example.
* Sell your business now * Some other option You might even consider riding the 99¢ or $1 store format right to the very end and then close the store entirely.
Don't hang on to a 99¢ store or $1 only store too long.
After all, if you knew a train was coming down the railroad tracks at you, you would jump off the tracks.
The cost train is coming; the only question is when it will arrive.
By completing some simple planning and the making careful changes, your dollar store can evolve to meet the challenges of the future.
