The Road often Traveled

Driving in a foreign country is a very unique experience. With today's technology, the journey from point "A" to "B" is simpler than ever - the phone app can guide, the voice navigation can direct, and once at your destination, the car can park automatically for you. Watching for signs along the way certainly helps avoid the wrong turn. The road to success in retail business today is much like driving in a foreign country. You may not speak the language or have a clear understanding of the streets, but watching for signs can certainly help avoid the disasters that many fail to see. You aren't the first person traveling there - nor or you the first trying to lead a successful business. Here are two common signs to watch for that any executive in retail business should know:

1. Sign One – the Highway to Success. Ask yourself a simple question - would you buy from anyone with a less than 5 star rating? The truth is you don’t have to be an expert to make a radical difference in the perspective of your digital footprint. Social media and online reviews are overwhelmingly a huge impact on any business. So what does your online presence show regarding your "star" level? Today's consumer searches for sites and therefore retailers that rank high with stellar testimonials from seemingly real customers. Ignoring this advertising venue to prove your business worth is disastrous for any retailer. Deal with the negative issues head on as they are posted, and invest in quality people who can respond effectively to negative online reviews instantly. In addition, encourage the culture of soliciting legitimate positive reviews through your team and through your website. Seek qualified help to set up your internal program for maintaining content. By managing responses within your own business rather than sourcing out to a third party, those responses will show a personally invested touch that buyers seek but often can't find. No ratings, no testimonials, and no rankings also equals less margins, less profits, and less engaged customers returning as all you are left with is competing on price - the only way you'd buy from a less than five star rated business (be honest). The highway traveled by the largest companies is paid with the toll of great ratings. Pay the toll, and travel towards success at the fastest rate.
2. Sign Two – the Unexpected Detour. Your app didn't know the bridge was out – so now which way do you go? Carefully laid plans for merchandising and advertising might not go as expected. People you were grooming for specific roles leave. What worked before no longer produces the same effectiveness in sales. Much like the sign that says “detour”, these seeming catastrophes can overwhelm business decisions, and unfortunately grind everything to a halt. Embrace the notion that the route will change from the intended plan. Top retailers adapt, quickly, and so should you. How? Develop a “what if” contingency for every avenue of your business. Do this TODAY. Don’t wait until confronted by the immediate need to change to start coming up with plans to do so – no large, successful company stops what they are doing to address deviations from their route. Grab a white board and markers and lead your team in a strategy meeting around potential obstacles, even if you have none. You may not see all the potential pitfalls, but others might. Start to acknowledge there will be changes to the original plans and recruit efforts from others to minimize. By doing so NOW, you can avoid the panic of what to do when the issues occur. Your business cannot survive the paralysis that takes hold as others wait for you to make a decision on what to do next. Teach each other how to be empowered to make that route changing plan a reality by addressing them as a team before they happen. You can either wait for the detour to be resolved, watching everyone else wait as well, or find another way and lead accordingly.

As a dynamic leader, preparing to be a success takes more than just a plan. The journey is much more fulfilling bringing others along for the ride. Much like driving solo for days on end to reach your destination, mastering all aspects of your business is certainly not recommended, nor necessary. Get a co-pilot, two, or three hundred and fifty and plan the next trip. Take the road traveled most by those who have been successful. Smart businesses don't blaze trails everywhere. They focus and plan. Watch for the signs – they’re everywhere.

Have an opportunity you can't resolve in your retail business? Reach out to me directly at [email protected] and maybe together we can get on track.