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It is quite easy for those who are very close to a business to lose sight of changes that are occurring in that business. This can happen to the best of owners and managers. Yet there are steps that can be taken after opening your dollar store that will help reduce the risks associated with this happening to you. These steps should be made a part of a routine business analysis that is managed by the business owner.

There are many aspects of the business that need to be examined. Start with the traffic and demographics of the surrounding area. Have there been significant changes in traffic flow into the store, flows in main streets and into the parking lot? How about tenant businesses in the immediate area? Have there been and significant changes especially with surrounding anchor businesses? Invest the time to really collect data and then to analyze that data for changes since opening your dollar store.

Next examine sales data. This should include total sales as well as by-department sales results. Have there been significant changes? Have new departments risen to the top and former top selling departments dropping to the bottom? What are the reasons for those changes? Are there problems associated with those changes? Are actions required to recover sales levels? Is there a need to adjust inventory levels to match those sales? This is important data for managing the purchasing of merchandise after opening your dollar store.

Operating data is the next to be examined. This includes looking for changes to business operating hours, store layout changes, and other daily operational details. After opening your dollar store it is important that most operational aspects of the business remain systematized. Any changes should be made only after supporting data says that those changes are appropriate. If changes are found that were not planned, understand not only what drove the change to be made but also how a part of your operating system could change without proper data and planning.

How about on the staffing and personnel front; have changes occurred? Have there been any key player losses or gains? Has the reporting structure changed? When opening a dollar store staffing is a key expense that needs to be carefully managed. Has staffing levels remained appropriate for sales levels?

Other aspects of the business including marketing and sales, business management and strategic planning should also be made a part of this examination. When opening your dollar store you will find that the retail discount business is very fluid and that planned and unplanned changes can occur. Only by monitoring the overall effectiveness of all aspects of the business can the right changes occur. Likewise the changes that are accompanied by unexpected or unfavorable consequences can be reversed. Don’t forget to conduct a thorough review of costs. Extra focus should be placed on the cost-of-goods-sold, payroll and lease costs.

Only by conducting a thorough examination of your business can you make the right business adjustments to help keep you on the road to success. When opening your dollar store invest the time to continually improve business performance.

To Your Dollar Store Success!

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