Retailers face many challenges in responding to changing market forces and, as a consequence, should review their existing strategies carefully and plan for ever greater levels of efficiency. As always there will be winners and losers.
Steps that you might like to consider include:
- Targeting investment rather than spreading it too thinly.
- Consider which sectors offer the most potential and ensure you understand exactly where your profits are being made.
- Benchmark your performance against competitors by obtaining up-to-date market intelligence reports and prepare realistic forecasts for the productivity of your store portfolio.
- If you have not already done so you should evaluate the potential for adding e-retail to your offering. However you need to be clear about how quickly your online sales will grow and how will this will affect sales through your stores.
- Review your marketing to drive greater footfall and increase transaction sizes.
Secantor can help you in many ways including:
- Providing a business expert to work alongside you to help review your options and decide on a refined strategy.
- Help you create a Dynamic Finance Function to drive entrepreneurial thinking by ensuring that you have frequent, timely, and accurate management information along with a full analysis of implications and opportunities.
- Helping you source appropriate funding when required.
- Helping you with specific projects such as diversification, acquisitions, expansion or, where necessary, down-sizing.
- Helping you analyse performance and improvements in functions such as marketing, IT, HR, health and safety or intellectual property.
Client Case Study: Internet retailer of dance music
A team of three young people used their passion for dance music and knowledge of IT to establish an on-line retail business offering vinyl records to DJs and dance music enthusiasts. They were very good at what they did and after seven years their turnover had grown to £5m, distributing over 40,000 items each week to a global market-place from a London warehouse operated by 90 staff.
Quote: “He makes us make decisions... What we are getting is a whole world of advice. The cost has paid for itself 100 times over. ”
Client Case Study: Turnaround of a retail chain
A family owned firm of opticians with 80 outlets across the south of England from Kent to Cornwall, with its own lens manufacturing and spectacles production plant was in significant difficulty. The company, which has a distinguished history going back over 100 years, was in danger of failing.
Quote: “An impact above all expectations. It is hard for me to express my gratitude for such a clear-sited plan, so well implemented.”
Client Case Study: Baby Goods - new business start-up
This client was a new business established by a mother of three, who was so frustrated by the limitations of pushchairs and double buggies that she invented a clip-on foldaway sidecar which attaches to most pushchairs, expanding child carrying capacity to accommodate a weary toddler. The company was awarded a SMART grant from the DTI to support the development of the innovative product. Secantor was chosen to help the company formulate and implement a business strategy.
Quote: “We've have brilliant advice at every stage and sales are continuing to grow. Secantor have contributed to the smooth running of the company and their experience has been very useful at key stages of our growth and strategy”
