“The greatness comes not when things go always good for you. But the greatness comes when you're really tested, when you take some knocks, some disappointments, when sadness comes. Because only if you've been in the deepest valley can you ever know how magnificent it is to be on the highest mountain.”
And there has never been a truer statement for business than in this current environment.
Despite media and others forecasting that the worst of the GFC is over, I'm not so sure, it still feels beyond tough out there.
So what’s happening and how do we respond?
One of the first things that we need to consider is the impact of technology and the new generation of shoppers.
I firmly believe that any business that does not have a website runs the risk of not being relevant. It is a fact “Google” is your new business card as your customers ( present and potential ) need to be able to find you. Don't delay! Establish a web presence today. It is not something that is beyond you. Start to become informed and you may surprise yourself as to how much you enjoy the whole exercise, just as I did when I learnt Manderin this year… who would have thought?, certainly not me!
Business holders also need to start to understand the buying habits of the millennium generation.
They buy because of what they can do with it (think Apple products), what they can tell others about it (which makes a great advocate) and what it says about them (environmental / social) which is very different to the baby boomers that reacted to the old browse and transact model of selling.
From a retailer’s perspective this means that we need to smell the dog (see your business through the eyes of your customer) so to speak, in regards to our physical presence.
A retail store will simply be a platform to showcase your brand(s) and a place to engage and inspire the customer. You will also need to consider the people that you employ, they are not there to simply take the money but to enhance the customers brand experience so they need to be well informed.
Start to channel your store this way. It will not work to simply do as you have before as these are very different times. Experts are forecasting a 30 to 40% reduction in physical sites over the next three years i.e. stores that traditionally form the makeup of our high streets.
I know myself that I have been able to secure some excellent rent deals for some untraditionally short time frames, due to the unprecedented availability of so many key sites that the landlords simply want to fill.
Expect this to get worse. I am channelling my website to perform at the same level as a flagship store. This target has been set over the next 12 months and I am certainly looking very seriously at the smaller store models that are simply not performing as well as earmarking stores for closure.
I have also started to focus on the establishment and growth of our ‘Birds of a Feather’ concept stores: a collaboration of synergistic retailers working under one roof creating what we call a favourite space for women (our Palmerston North store is a mini version of this with fashion and beauty). The optimum site includes fashion, food and beverage, an area for hosting special events, shoes and accessories, beauty, collectables and even a florist.
Alongside investigating and responding to this change, the steps to ensure that your businesses remain great are still very simplistic.
I am often called to reflect on my 8 steps to success as they apply to achieving greatness in all fields, from a top athlete (very relevant), to an exceptional employee as well as a capable business.
Here they are ( source TED talks )
1 Passion: you can never be great if you don't love what you do
2 Focus: stick to the knitting. Choose a pathway and travel it with discipline
3 Good: become very good at what you do and practice, practice, practice
4 Work: work damn hard at your vision but have fun along the way
5 Push: push yourself mentally and physically beyond yours and others normal limits
6 Serve: serve something of value and something that people want
7 Ideas: innovate never imitate and develop extensive networks and connect
8 Persist: think Mahe Drysdale from Beijing to London… when preparation meets persistence success will occur
So to finish off where I have started… it is about working hard now to effect change. Don't wait for it, instigate it. Yes these are testing times but remain true to the vision you have, the one you love, become incredibly good at what you do, drive a very real point of difference around your product and service and push yourself to your outer limits and beyond. Think Mahe Drysdale and know that the gold will be yours!!!
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