Being a business owner is no easy task. There is a lot of responsibility on your shoulders, and the wrong decision can cost you dearly. One of the ways many business owners get an edge on the competition is to learn from others mistakes and missteps. The problem is people don’t always love to share where they went wrong. Luckily, we have collated some common dos and don’ts for you below.
Don’t over stock
One of the most common issues within a retail business is that owners think if they can sell one of a certain type of items that they can sell 20. But this isn’t always the case. Remember that retail is essential a game of supply and demand. If there is no demand for what you are supplied, then you are going to be stuck with a lot of product on your hands that is not worth much to you.
Some retailers deal with this by watching trends closely to see what is selling. Others are more innovate and create demand in other ways. See Apple as a great example of creating demand through brand marketing and reduced stock numbers.
Do Allow Multiple Payment Types
Another issue that some small business face is that they miss out on sales because they are not flexible enough in the way that they take payments. If you get to the point where the customer wants to buy, but you turn them away because you don’t take their type of payment, then you have a serious issue.
That is why it’s important that you have an up to date POS payment processing system. Remember most people expect Apple pay, PayPal, and contactless cards as standard nowadays.
Do be friendly with customers, but not pushy
Another major fault that small business owners make is that they can get too pushy with the clients that they already have. Of course, all business owners worth their salt should always have an eye open for the opportunity of an up-sell. But pushing items onto customers that don’t want them will not help you to forge a healthy and lucrative relationship in the long run. Remember you are there to fulfill a service for them, it’s not the other way around.
Do surround yourself with good people
Lastly, small businesses that are successful are often made up of teams that work well together. Remember you can teach someone how to do a specific role in your company if they are willing. But it’s a lot harder to teach someone to have a positive attitude or to be a helpful person if it just not in their nature.
Do surround yourself with good people if you want your business to work. Attitude is everything in the world of work! Remember to reward them as the business succeeds too. This will mean you will have less issue with employee retention. It also means that you will have to spend less time and money on training new employees as you grow.