As a small business owner it’s challenging to find the time to work on strategic pieces of your business.
Yet every once in a while a critical decision needs to be made quickly even though your choice won’t impact the day-to-day business for months or even years.
Without having the time to really roll up your sleeves to explore the opportunity — whether you’re considering opening another location, doubling your current square footage, or exploring a design and development collaboration — you start looking around for answers.
Yet every once in a while a critical decision needs to be made quickly even though your choice won’t impact the day-to-day business for months or even years.
Without having the time to really roll up your sleeves to explore the opportunity — whether you’re considering opening another location, doubling your current square footage, or exploring a design and development collaboration — you start looking around for answers.
You turn to those trusted resources that helped you in the past. You ask your trusted peers for advice. You engage with fellow merchants in a private online community. You even search for answers on Google or Pinterest.
Each of these resources might be able to help you. However, before you follow any additional advice or get freaked out by an anecdotal horror story, you need some context.
This week I’ll help you better understand your brand’s revenue journey within the retail ecosystem.
As you listen to this week’s lesson, pay attention for these important concepts:
Each of these resources might be able to help you. However, before you follow any additional advice or get freaked out by an anecdotal horror story, you need some context.
This week I’ll help you better understand your brand’s revenue journey within the retail ecosystem.
As you listen to this week’s lesson, pay attention for these important concepts:
- Evaluating future growth and future commitments like commercial leases.
- The relationship between planning future profit and understanding the revenue journey of an inventory-based business.
- The common thread between in-person and virtual merchandising.
- Types of in-person and virtual selling channels.
- How to gather context to guide your learning and growth.
- Introduction to the four phases of the revenue journey.
- The Merchant Method perspective on phase two of the revenue journey and why most inventory-based brands stay in this phase.
- Understanding how your brand moves back and forth within this journey based on changes in both square footage and strategy.
- Balance how you use qualitative data and quantitative inputs to plan for future growth.
Take some time to reflect right now! Consider where you are in your business journey, then comment below.
How are you using this current phase of your revenue journey to your advantage?
How are you using this current phase of your revenue journey to your advantage?
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