Tag: vision

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Sales Opportunity or Trap?

sales opportunity or trap?

Not every investment is a wise one, but that’s hard to remember when you’re fighting for a positive cash flow. Try the below exercise to find out if your next big idea is a sales opportunity or trap.

Step 1

Write the following at the top of a piece of paper:

  • Your vision for your business
  • Your 10-year business goal
  • Who you serve
  • What you sell

Step 2

Next, ask yourself the following questions. I find it helpful to write these on the left side of the same piece of paper:

  • How will my idea impact the business in the next 10 minutes?
  • How will my idea impact the business in the next 10 months?
  • How will this impact the business in the next 10 years?
  • Does it help me reach my vision in 10 minutes, 10 months, or 10 years?
  • Does this opportunity allow me to serve my customers in the next 10 minutes, 10 months, or 10 years?
  • Does it align with or complement what I sell?

Step 3

Now, think of your idea and run through each of these questions. If for each idea you can honestly answer yes, then it’s an opportunity. But if you have any doubt, forget about the idea—it’s a trap. If you run out of ideas, then it’s back to the drawing board. For more ideas, ask customers, employees, and even other stores for their thoughts.

On the other hand, if there are multiple ideas that work, then start with the one that will have the biggest impact in the next 10 minutes.

Inspiration for this post comes from “Opportunity or Trap” by Jacob Curtis, CPA, published in the February 2023 issue of Creative Retailer.

If you’re looking for more information to guide you in owning a retail business, subscribe to Creative Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

If you still can’t get enough, register for the Creative Retailer LIVE Spring 2023 event May 2-4 in Pawhuska, Oklahoma for opportunities to learn from peers and network with industry professionals.

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Creating Company Culture

company culture

Every business has company culture, whether they realize it or not. Creating a strong culture within your work environment is essential to your company’s success. Read on for the four components that create great culture.

Vision

The daily grind is difficult to get through but one thing always shines through—vision.

Creating and sharing the company’s purpose to your staff can help them share in that vision. Consider asking your employees how they can support the company’s vision and one thing they can do differently to achieve it.

Values

It’s important your company values align with your employee’s values. If your company doesn’t have values, here is an easy way to create them.

During your next all-hands meeting, set aside 15-30 minutes to brainstorm what values matter in the workplace. Write every value you hear down. Once you’ve exhausted options, have your employees write down their top 3-5 of the values. Tally the results on your own time, then share the values voted on by you and your employees during your next all-hands meeting!

(Note, some values may emerge in overarching themes. For example, teamwork could also be described as collaboration, unity, combined effort, and more.)

Practices

Establish sound practices and rid your business of inconsistencies. Keep the door open with your employees to share inconsistencies, and be prepared to determine better workflows.

People

Leverage your employees strengths to increase company culture. When your employees are happy, productivity increases, and is a win-win for both parties.

Inspiration for this post came from “Create a Winning Team” by Melisa Morrison published in the August 2022 issue of American Quilt Retailer. Morrison has over 30 years of experience in Human Resources and is a former quilt shop owner. Stay tuned next week on ways to communicate employee expectations.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.