Critical Factors for Retail Business Success!

In our previous post, we talked about some key principles and factors that you need if you really want to succeed in your retail business. Some of those factors include your people, processes, product and personality. This post addresses  two other very critical success factors: Innovation and Technology. Two other equally critical factors: Location and Capital will be addressed in our subsequent post. We will address two factors,innovation and technology today and the others tomorrow, so keep a date with us (sign up for our email newsletters)

 

  • Innovation: I recently read about a young genius, Ted Kaczynski aka Unabomber, a young genius who believed that there’s nothing new to discover in our world! Enrolled in Harvard at 16, Kaczynski got a PhD in Mathematics and was  Professor at UC Berkeley too at this young age! Kaczynski waged a terror war against Professors, Tech experts and business people because he believed that modern people are depressed because there’s nothing new to discover, that all of the world’s hard problems have already been solved! What you can do, even a little child can do and what you can’t do, even Einstein couldn’t have done it ! His idea was to destroy all existing institutions, get rid of all technology and let people start afresh and have difficult problems to work on anew!( Peter Thiel,2014). How absurd! Unfortunately, we aren’t getting back to the Cave Man age!
    Truth is, there’s always something new to do, something new to discover; a product that has not yet been produced or a service that has not yet been offered! All that’s required is deep thinking, research and observation! Here lies the secret of entrepreneurial success waiting for the innovator to exploit!

 

  • Technology: This has to do with your systems (computers, networks, software solutions etc). In retail, you can’t offer quality and prompt service, maintain strong control of your inventory and cash without adequate technology. Technology will optimize your processes and give you control over your operations. It will enhance your customer service delivery and support your back-end operations.
  • Technology generally includes your computer hardware and special Retail Sales and Accounting Software solutions that run on them e.g. Metropos or Quick-books. It also include your networks, storage (cloud/ disks) and the security controls embedded in them (Security is very important because you will definitely use one or more cashless means like ATM/POS to receive payments from your customers; with so many cases of card related fraud and possibility of your networks being breached, you don’t want to leave security to chance!)
  • Before buying any technology solution, ensure you do your research or get your consultant to research and recommend the best solution for you, given the size of your organization, budget and skill levels of your employees.To get the best out of technology, select the solution that is best for your business in terms of ease of use (simplicity), security and costs. That a software/hardware is top class, most modern, most expensive and most robust doesn’t mean it can solve your business problems. You may never need all the capabilities of so-called robust software solution! So purchase an easy to understand, cheap but secure and robust technology solution that can scale up as your business and operations expand.

 

  • Thinking of starting a business or strengthening your existing business? Come talk to us! Send us an email here: info@steepelglobal.com.ng . Also visit our Facebook page @SteepleGlobalServices or our Twitter handle @steepleglobal and let’s discuss ideas and help you begin your journey towards financial freedom!

 

  • Steeple Global Services (www.steepleglobal.com.ng ) is a business consulting firm based in Uyo, Akwa Ibom State, Southern Nigeria. We help to bring your business idea into reality, set up your new business for you and/or help to turn around your ailing or struggling business(s) into profit making ventures. We help businesses grow!!!
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