Do you recall the old proverb about how computing would improve our lives? We would have more free time and live healthier, happier lives. The truth is that computers make information processing lightning quick. The computer and the Internet have introduced into our lives so much more information to process and so many more distractions. The conclusion? Today, we spend more time operating a computer (for pleasure and profit) than on any other solitary activity, with the possible exception of sleeping. And if you're a heavy computer user like me, sleep occasionally takes a back position to computer use. There are health risks associated with prolonged computer use. I have personally experienced back and shoulder pain, eye strain, and finger paralysis. Even stiff joints and Carpal Tunnel Syndrome have plagued me. None of this was entertaining. But I have learned a few things of sufficient importance to share with you today. Here are some immediate steps you can take to reduce or eli...
Work 'in' your business to generate a return on your investment now, and work 'on' your business to generate a return on your investment in the future.
Consequently, it is crucial that you step back from the business, analyze it objectively, and devise a strategy for the future.
1. Conduct a SWOT analysis of your company
You need an effective analysis procedure for your business. Most consultants will tell you that conducting a SWOT analysis at least once a year is crucial to the success of your business. Perform the SWOT analysis outside of the business so that you are not distracted by day-to-day business activities.
Ideally, invite your essential team members to assist you with the analysis. A team of five or six individuals will generate more ideas than a single mind.
2. Recognize Your Strengths
As your primary objective, you must clearly identify the characteristics of your business. Provide group responses to the following:
•What are our greatest strengths?
•Which retail segment contributes the most to our bottom line?
•In which aspects of our business do we outperform the competition?
•What aspects of our merchandising contribute positively to how our customers perceive us?
3. Be aware of Your Weaknesses
Do not begin your 'think tank' by identifying your shortcomings. Beginning with the positive bolsters morale and confidence. The key, however, is to recognize your vulnerabilities.
You must provide objective responses to the following queries:
•In what areas of your business do you receive the most complaints?
•In what circumstances are we most susceptible as a retail enterprise?
•Which products or procedures cause the most issues?
•What products or processes have the lowest profitability?
4.Evaluate Your Prospects
After identifying your assets and weaknesses, you can then plan your future course of action. Again, begin with the positive and consider the possibilities.
You must provide unbiased responses to the following questions:
•What internal operations improvement opportunities exist for your retail business?
•What current marketing opportunities should you take advantage of?
•What external changes are occurring that will enable your organization to operate more efficiently?
5.Analyze the Benefits to Your Company
The concluding component of the SWOT analysis is a threat analysis.
You require answers to:
•Which factors pose the greatest potential risk to your retail operation?
•What are the greatest threats to your future retail operation?
•What potential changes could jeopardize your organization?
Your Priorities and Actions
After conducting a SWOT analysis on your business, you must now prioritize your findings. You must base your decision on the response you anticipate receiving from your team and their capabilities. Additionally, you must consider your financial situation and your technical skills and abilities.
7.Consider the Human Response to Alteration
How will your team react to change, and how will you evaluate their reaction? Consider whether you will need to involve your consumers and how your team will be involved.
When addressing the issues with your team, you will likely require a professional sales approach.
8.Review Your Financial Situation
What impact will the transformation have on your retail operation? Why should the change be implemented? Will it reduce costs, increase profits, or both? Will it expand your market share?
What are the most significant indicators that financial decisions must be made?
Do you possess the means to effect economic change?
9.Be familiar with the Technical Considerations
You must assess how technological advancements will benefit your business, particularly in terms of customers.
Do you have the internal resources to address the technical changes, and does your team possess the knowledge and understanding to do so?
10.Conduct a Critical Analysis of the Major Areas You Plan to Alter
In a critical examination, you evaluate each change in development in depth. You must evaluate all available information and pose the following questions:
What When Where who why?
It is essential that every aspect be examined.
Management Notes
When analyzing change within your retail business, you only need to consider internal factors, but you must also create a Positioning Statement.
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