Business Killer No 6: Inadequate Capital and wrong Application of the Available Capital As a retail business, you will hold inventory, either in your warehouse or shelves and inventory ties down money. Even if you want to stock “lean”, by holding minimal levels of inventory, your capital will still be tied down. Also, you will need assets e.g. computers…
Building your strong retail brand is easy(if you know what to do or hire someone or organization who knows) but getting it to fail is even easier! No one establishes a business and deliberately runs it underground; however failure to adopt sound business success practices from experienced experts can very easily send your retail business downhill. As you are…
Success in retail business takes effort, resources and strategy. Interestingly, effort in retail means both hard and smart work (a departure from the “smart work” cliché prevalent in industry today!). You will also need financial resources or a good credit standing with your trade creditors (e.g. suppliers) because you will need to maintain reasonable base inventory in your warehouse…
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…
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