When you own a dollar store there are just so many areas of focus.
Were the cash registers closed out and prepared for the next shift? Did the right products orders get submitted as planned? Do you have the right seasonal merchandise coming in? And the list goes on.
All of these are important.
However, once your store is open and operating, there is a core set of priorities.
These three actions must take the front and center position for your store to thrive.
Just as finding the right location and negotiating a great lease were important before you opened, these three actions are vital to success.
If you allow the day to day priorities to block these from view your store will likely struggle.
#1 - Cut cost - If you own a dollar store you will soon discover even a small movement in merchandise costs can have a gigantic impact on profits.
There's a great deal of upward pressure on merchandise wholesale pricing, so this is one action you cannot fail to achieve.
Continually drive for better costing on all merchandise you purchase.
Look for new, creative approaches to buying.
Never allow the status quo to be acceptable.
While labor costs don't pack the same wallop, they too must be an area of focus.
In fact, your motto must be to intelligently cut costs across the board to grow dollar store profits for your business.
#2 - Build dollar store sales - What more is there to say? Long term success dictates you must continually build sales for your business.
Focus on growing the average sale size in your store.
Techniques for accomplishing this include conducting in-store sales and events, adding short updates about new, hot products as shoppers are making their purchases, adding printed flyers into shopping bags noting upcoming sales and newly arriving products, and more.
But don't stop there.
Build sales by increasing the traffic into your store.
Participate in community events, advertise in newspapers, on television and radio, join and become an active member of local business organizations, hire sign holders to attract passers-by into your store, and more.
#3 - Connect with your customer - Now more than ever your customers are the most important part of the success formula for your business.
Do not allow other businesses to attract them away.
Become the store they prefer to visit.
Become the store they come to first whenever they have a buying need.
Accomplish this by asking for feedback and then taking action to make the right changes.
Carry the products your customers use on a routine basis.
Add new, hot selling products whenever possible.
Always greet your customers as they come into your store.
Make the shopping environment pleasant and fun.
Make display changes so there is always something new for your regulars to see.
The payback for these customer focused actions will be growing sales and profits for your business.
What a powerful combination for those who own a dollar store.
This 1-2-3 combination can never be forgotten.
You will build sales and profits for your business by maintaining your focus on these 3 key actions.
To your success when you own a dollar store!