Well, another year comes to an end. For many the holiday season signals simply trying to keep up with everything associated with their dollar store business. Then all of a sudden, you go from running as fast as you possibly can to keep up with everything to what looks like everything is running in slow motion. The end of the holiday sales season also signals sales are going down for awhile for those who own a dollar store. It should also signal the time right to take a look back at the previous year and then a look ahead to the year which is about to start. It is time to set the stage for your future success with dollar stores.
In this article I present get ready for 2011 if you own a dollar store. Read on for some of the key actions to plan for in the year ahead of your business.
As you look back at the year that just passed, be sure to look at the highlights. Make sure the actions leading to the good news remain as a part of plans for the next year. Likewise, success in this type of business dictates it is important to examine where things did not go as planned. These represent opportunities to improve the performance of your dollar store business in the future. Look for miscues and actions which need to be changed. Put firm plans in-place to make next year's business performance outshine the current year by leaps and bounds.
With that complete, it is time to move onto a set of important actions to add to the list.
* Wholesale dollar merchant suppliers – examine all of your primary suppliers. Review exactly how well they performed against all of the criteria you feel is important to your success. For example; you may examine cost-of-goods-sold including freight charges, customer service, fulfillment percentage, overall value, and other key parameters. If a current vendor is not meeting your expectations, then begin looking for other options.
* Cost reduction planning – cost reduction is an ongoing challenge which must never be ignored if you want to achieve success with dollar stores. Establish cost reduction goals for the coming year ahead. Once the goals are set, develop your list of specific actions to make the goals a reality. If funding is required, be sure to set those funds aside.
* Sales growth planning – success with dollar stores starts with aggressive sales growth. In fact your business must see year-to-year growth without fail. Do not just list a new sales number and assume that will be enough. Create your goals and then the details about the steps you will be taking to achieve them. Be sure to implement a means of checking on your progress as well. Set required funds aside.