Having successfully started the business, many entrepreneurs find it hard to run it hence ending up shutting down the whole business or gaining less profit . To avoid such, one can successfully run his or her business by:
- BALANCING THE STOCK As an entrepreneur, its important to stay informed on your industry`s market trends to predict popular products . By understanding customers demand on certain products as compared to others. Always make sure that products that are on a high demand by customers are fully stocked so as not to make customers having second thoughts of buying it elsewhere and the products with less demand , you can offer promotions so as to boost its sell. In doing so you can avoid overstocking and under stocking of your products.
- ALL IN ONE SHOP Being able to satisfy your customers by having almost everything in your shop as certain customers are accustomed to buying everything on their list in one place. Besides stocking alcohol only in your shop, you can consider stocking as well ice cubes, disposable party cups, soft drinks, energy drinks ,condoms etc. This will greatly contribute to your profits in the shop.
- LICENSES ARE UP- TO-DATE Its important to make sure your licenses are up-to-date to avoid loosing your business and also a fine of every now and then when the officers caught you trading illegally.
- MANAGING YOUR STAFF You can save some coins by letting go of some staff . Instead of hiring two to three employees in a wine and spirits retail shop, you can chose to hire one fully trained employee who is capable of handling well the shop ,this reduces mishandling of cash and products as compared to when there are two to three employees in cases of lose you have no idea whom to blame and not to.
- KEEPING UP WITH DAILY RECORDS As a owner of the business, its an added advantage of you to keep up with your daily records as it will help you know on which areas to improve. Save your daily records on a computer or on a book record . This records may include products sold per day, the physical stock count of products available in the shop, profit and loss gained per day, stock worth etc . Make sure that the employee keep updating your records everyday for you as an owner to easily follow.
- OFFERING DISCOUNTS For customers buying bulk purchases, consider giving them discounts or on the other hand attach a soft drink along with the alcohol . Customers love discounts and they will end up promoting the buy of the drinks at your shop.
- MANAGING TIME ”The early bird catches the worm.” Opening your shop early enough is a privilege this is because you are likely to get the first customers who satisfy their thirst early enough before going to work. Nevertheless, you will notice a change in your sales if you keep time.
- KEEPING GOOD RELATIONSHIP WITH YOUR EMPLOYEES For the smooth running of the business, make sure that the employer- employee relationship is official and there is respect among each other . You do not want to be that employer who constantly harasses his or her employees . As an employer its good to consider that this is a person who runs the business on your absence hence he or she interacts with your customers on a daily basis. Keep motivating them and you will notice how successfully your business will run.