Earlier this week I sat with a small cohort of merchants eager to step away from their businesses, roll up their sleeves, and dive into the true hard work of understanding the breadth and depth of factors that impact profit.
Anyone can dive into this discovery process.
The first step is to raise your level of awareness about operating an inventory-based business so that you can see through the distracting, symptomatic pains to the core of the real issues.
To better understand what contributes to your business challenges or those opportunities that remain out of reach, you need to understand the four pillars of operating an inventory-based business.
Anyone can dive into this discovery process.
The first step is to raise your level of awareness about operating an inventory-based business so that you can see through the distracting, symptomatic pains to the core of the real issues.
To better understand what contributes to your business challenges or those opportunities that remain out of reach, you need to understand the four pillars of operating an inventory-based business.
In the 15-minute training below, I explain Merchant Method’s four pillars of an inventory-based business within the context of modern retailing, small-batch manufacturing, and making.
As you watch, pay special attention to these important lessons:
As you watch, pay special attention to these important lessons:
- Similarities and differences between product-based and inventory-based businesses.
- Overview of the four pillars of inventory-based businesses and the significance of cash flow.
- Review of the five rights of retail and what this framework means in modern retailing and merchandising.
- Reframing “right place” and “right message” as you build or expand your brand.
- Modern retailing and merchandising in the connection economy, in which product is purchased as a means rather than an end.
- Discussion of the four pillars Venn diagram and illustrative business examples.
- How clarifying brand behaviors, having a deep understanding of your ideal customer, and assorting empathetic product lines amplifies your work within the four pillar framework.
- Description of this lesson’s assignment for action takers.
Take action now! Complete the lesson described in the video (it should take no more than 15 minutes), then comment below.
What is one business action you’re taking and what symptoms will this action will address?
Download the blog bonus. Click below to get the PDF Venn diagram that illustrates the four pillars of an inventory-based business.
What is one business action you’re taking and what symptoms will this action will address?
Download the blog bonus. Click below to get the PDF Venn diagram that illustrates the four pillars of an inventory-based business.
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