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Business Growth Organic

5 Steps to Maintaining Healthy Business Growth When Opening a Dollar Store

There’s no feeling quite like seeing the store build-out or upgrades being completed and then the merchandise displays and fixtures being added. Finally the signage and merchandise are added. All of a sudden you realize the store is even nicer than you imagined. Everything is ready and then you open for business. With the store open and operating there seem to be more tasks than you ever expected. You are busy from morning until night. Everything seems to be going well, but you are just so busy. As the business owner it is fine to dig in and go to work. It is important to realize that you are the owner, however. Don’t get so involved in day-to-day activities that you fail to take a step back and really examine your business. In this article I present 5 steps to maintaining healthy business growth when opening a dollar store.

1. Establish a store walk-through schedule and routine. One of the often overlooked steps every owner/manager can take is documenting and then scheduling store walk-throughs. A store walk-through is a process where designated employees walk the store aisle-by-aisle. They straighten merchandise displays, return merchandise to its proper location, and spot sweep or vacuum. All of this is targeted to keep the store clean, fresh and clutter-free. By assigning this task to employees, you can focus on operational efficiency and business growth and profit.

2. Talk with your employees. More often than not, your employees will be aware of problems and concerns of the operation. It might be customer complaints, or customer requests for merchandise you don’t carry. It might be ideas for improving sales or operating efficiency. You never know what your employees might come up with unless you routinely speak with them and solicit their ideas and input on improving your business. Invest the time to do this on a routine basis. You’ll be happy you did.

3. Talk with your customers. After opening a dollar store business you’ll soon learn only your customers know what they want and need. The best way to find out about this is to ask. Personally take the time to speak with a few customers every day. Solicit their feedback on the shopping experience they are having in your store. Ask about improvements you can make. Be sure to always solicit inputs about products they’d like to see you carry in your store. Ask your employees, especially cashiers, to solicit the same kinds of information. Then take time and really examine the feedback you are receiving.

4. Examine the operating data. It does take time to examine the operational results of your business. However, this is something you should schedule and do routinely. If you are unfamiliar with some of the data, ask your CPA to help by reviewing and explaining it to you. The true measure of your performance is the operational data and the final results for each week, month, quarter and year.

5. Use your advisors and professionals to help keep growth on-track. One of the best ways to succeed is to surround yourself with capable and competent advisors and professionals. Develop a team that is strong in training and experience in retailing. Focus on obtaining team members who have strengths where you lack. Often times there are organizations and resources available to help if you don’t know the right resources. Assembling this team can be invaluable to your final success. Don’t forget to include a well-experienced CPA and attorney to round-out the membership.

To your dollar store business success!

Are you interested in opening you own dollar store? Check out “A Beginner’s Guide to Opening a Dollar Store at www.OpeningADollarStore.com

Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer. www.marketingsuccesscenter.com

who are the best companies? (to work for, do business with, environmentally, socially, etc)?

Specifically looking for company’s that embrace or incorporate the following into their business models….
-Design
-Story
-Symphony
-Empathy
-Play
-Meaning
-Freely challenge industry dogma
-Create value by aligning stakeholder interests
-Are willing to break traditional tradeoff
-Operate with a long-term perspective
-Favor organic growth to growing by mergers and acquisition
-Blend work and play
-Reject traditional marketing models

Your SOL and JWL if you are against oligopolies. Which stakeholders? Be more specific pls. I recommend starting up your own business model and trying to follow that list

Tom’s Shoes maybe?

Business Growth By Acquisition

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