What makes some retail & F&B businesses more successful than the others? From working with 1000+ small and large corporations, we noticed several key insights that make the difference:
1. Successful businesses recognize the importance of good customer service.
We recognize that all business owners are risk takers. Yet they also know the importance of good customer service. Without good service customers look to other businesses to purchase their products from. It is because of this that business owners look for simpler, faster, and more efficient ways to provide services and/or products to their customers. We have found that the more successful business owners are down to earth and easy to work with, and because of this we have built long term relationships with our clientele.
2. Systems help businesses inch closer to their full potential.
Those working in the retail industry need to have efficient systems that help them manage their inventory. Without systems that help them to track inventory their businesses do not run at their full potential. Also important in the retail industry is to find simple, effective ways to price products.
3. Tracking inventories increases productivity & customer loyalty.
Finally, owners are concerned with customer loyalty. By providing clients with the means to track inventory in real-time they have reported to us that they have become more productive – and are also much more able to address and focus on clients’ needs. F&B businesses, on the other hand, are focused on their operation processes as these are critical in determining the long term success of the business.
4. Successful businesses tend to pick the right locations.
We serve a growing number of successful businesses that are located in or sell to businesses in shopping malls. Shopping malls attract Singaporeans in their leisure time as they seek a cool space due to the hot weather. Malls are also convenient one stop places to run all of one’s errands, such as going to the supermarket and doing their banking.
5. Operational processes and long term vision before costs & design.
Part of a successful business is ensuring that you have an established operational process that is simple to teach to new employees and for the new trainees to follow. Further, this system must be reliable and user friendly in order for it to support day to day operations smoothly. Another part of a successful business is to have a long term vision. This long term vision should include building a strong foundation that will result in the growth and expansion of the business. While costs and design plays a role in the success of a business, a business that solely focuses on these two factors tends to fail. These businesses have an “if we build it then they will come” attitude, which is short sighted. A successful business needs to recognize and implement all of the key factors in order to attract and build a successful business based on a strong clientele.