There are so many great reasons why retailing has such great growth potential. And there are many directions that growth can take. Growth should provide you with additional income, often from both existing and new customers whilst increasing your market share and visibility. Conversely, if not handled well, it can also be a distraction and a drain on your time, resources and enthusiasm. For many retailers, though, expansion is a highly desirable course and can take you to a whole new level.
Growth, if planned and executed well, can provide a level of diversification whilst increasing efficiencies and productivity of existing resources. With increased volumes come increased buying and marketing power, increasing your sales, margins and market penetration. It might be possible to grow by expanding your offer to maintain hands-on manageability while increasing your strength in your current market. It might be best to duplicate your formula, which is traditionally a very successful strategy, but brings with it the need for new skill sets in management and control, especially if you are personally at the heart of your sales success.
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