Call me an optimist, folks, but I’m trying to find an upside to the economic challenges many of us are facing. And believe me, some days it’s hard to find an upside to the mess the economy is in. But, I’ve also been reminded that the slow times are a great opportunity to attend to those details that get away from us when business is booming.
For example:
Inventory: Take a close look at how your products have sold over the past year. Which things are selling better than others? How long are your products sitting on shelves tying up space and the money you put into them? Are you ordering too much all at once? Take some time to figure out how to make your inventory move faster by looking at the numbers-this will help limit your overhead and keep customers coming in to check out your new offerings.
Customers: Spend more time with your core customer group to get a feel for what they’re looking for and how the economy is affecting their spending. It could generate some great ideas about how to keep customers coming in. While you’re at it, take a look at your customer service training. Don’t train on customer service? Now is a great time to start. Your employees are the ambassadors for your business and everything they do, from answering phones to ringing up customers to stocking shelves, says something about your business. Make sure they’re sending the right message.
While it may seem like some of this is just “busywork”, doing these things can directly help your business increase sales. Re-visiting your inventory and improving customer service can go a long way in helping you weather the storm. And, once the economy rebounds, you’ll have the tools in place to make an even bigger impact on your bottom line.
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