How to make money in the new economy
In the first of a monthly series, consultant Danny Paul goes back to basics with a business plan for independent specialty stores.
Published in MR
"Retailers have spent the last 30 months cutting and trimming; now it's finally time to stage your business for growth! But to assume business will look as it did before the recession is a faulty way to plan the future. Many of the customers that retailers had in 2007 are out of the market for good. E-mail and social media are the norm now while direct mail and print media are less important. Clothing and furnishings sales have dropped while sportswear has grown. All of these changes must be accounted for in a strategic business plan."