Service Experience


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Retail Business Start-up with little or no capital

Are you thinking of starting a brick and mortar business? Wondering on how to reach your target customers without having the capital to start-up?

This is just a little secret on how to go about it:

  • Do a product survey: Visit the stores around you, find out  items that are not readily available but there’s a demand for it- especially the household items. Just a friendly chat with the Client Service Officers could give better insights.
  • Get a few samples: Request to see the manager of the outlet and introduce these items. Sales-on- return should be your option for the partnering store, it makes them more receptive as this is at little or no cost to them.
  • Source items from Major dealers: Minimize middlemen while sourcing for items. This would maximize profits to be shared with your partnering store.
  • Ensure Product Quality: Never compromise on quality irrespective of the cost price. A quality and slightly pricey item is a thousand times worth more than a poor and cheap one.
  • Returns on Items:  Set a minimum profit margin to help assure the financial health of your business.To calculate profit margin: divide your net income by total sales.
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Farewell BHS! as final stores close their doors – So sad!

50-BHS-Get.jpgDepartment store BHS is expected to disappear from the high street today as its last stores close, ending 88 years of British retail history.

Administrators to the department store chain are set to shut 22 stores, the last of more than 150 branches nationwide.

Duff & Phelps and FRP Advisory have already overseen 141 closures over recent weeks, including BHS’s flagship Oxford Streetstore in London’s West End.

The department store’s collapse in April has affected 11,000 jobs, 22,000 pensions, sparked a lengthy parliamentary inquiry and left its high-profile former owners potentially facing a criminal investigation.

Retail billionaire Sir Philip Green has borne the brunt of the public fallout, having been branded the “unacceptable face of capitalism” by furious MPs.

Sir Philip owned BHS for 15 years before selling it to serial bankrupt Dominic Chappell for £1 in 2015.

Culled from www.independent.co.uk

 


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Thriving in a Cash Crunch Economy

Credits: chinadaily.com

Credits: chinadaily.com

The word on the street is that “times are hard, people need to cut their coats according to the material and not size anymore” – a Nigerian version of the popular adage.

The reality is that as long as people live in a place, buying and selling would continue to enable people meet their needs. This means that in this season, every business that either offer goods or services will thrive in their rights.  One may wonder, “How?” when all seems difficult.

In a passing comment while discussing with a financial consultant, he said, “In the midst of the cash crunch, some companies still declare profits. ”

So, what are the secrets of the thriving business?

  1. Be the Customer’s heartbeat: Every buyer loves a good bargain.  Provide quality and affordable alternatives for pricey goods and services to meet the demand.
  2. Feel the Customer’s pulse: Engage your customers one on one to know their preferences and inclinations. One can’t satisfy everyone but you can easily know what most of your customers want. A business-tailored customer survey could provide all the answers that you need.
  3. See through your Customer’s eyes: When your Customer’s walk into your store, are they willing to spend more because of what they can see. This applies to household items especially. Most buyers buy more than they bargained for when there’s a wider range of goods and better alternatives available to see and buy.
  4. Act on Recurring but not available request: If there are repeated independent walk-in requests for an item/service you don’t sell or offer, it is an indication that there’s a lingering need in that location. Give it a trial. It maybe your business’ lifeline in these times.
  5. Get Involved: This is not a good time to stay on the sidelines. Be informed about your operational details, review processes to minimize waste and improve efficiency.