Work Like Hell, Keep Changing Your Business Model and Use Good POS Software
Small Business owners reflect what retail in this day and age needs to become. Small business owners are risk takers, but quick enough to stop on a dime and change directions if they need to. They have the ability to put the past behind and seize new opportunities in the future. If you put entrepreneurial qualities in a retailer, you will get a person not afraid to try new and exciting things. The direction changes can be forced upon them by an ever changing marketplace, competition from other retailers or just a desire to create a new and different market segment.
You need quality information from your POS software to enable you to make the decisions that will allow you to control your niche markets. Big box retailers have cornered the market on inexpensive, horizontal retailing, but can’t compete when it comes to being nimble and turning on a dime. When your Retail Stock Ledger, built into your POS software tells you that Vendor A has a higher sell through and better turn rate than Vendor B, you now have the information needed to make quick informed buying decisions. Stocking less inventory, turning more times and haveing higher margins is a recipe for success.