Retail businesses require sufficient capital to cover startup costs, maintain inventory, and manage operational expenses. However, some retail businesses do not make it to the top due to several reasons including inadequate financial resources, cash flow problems, product market misfit, inventory mismanagement, poor location for doing business, ineffective marketing and sales, and other issues. 

This is why, at Consulting & Beyond, the success of a retail garment store is supported strongly upon four wheels:

Wheel #1: CUSTOMERS – Know More About Your Customers 

Wheel #2: PRODUCTS – Variety, Relevant, Adequate and Quality Products 

Wheel #3: EMPLOYEES – Smart, Sufficient & Well-Trained Employees 

Wheel #4: FINANCE – Effective Money Management 

This blog will drive you on these four wheels to help ensure comprehensive and sustainable retail management of your store.

The Significance Of The 4 Wheels Of Success For A Retail Garment Store

As one of the upcoming Management Consulting Firms in India, we understand the importance of scaling a retail garment business. Therefore, we have come up with these 4 wheels to determine the next steps you should take to grow and expand.

Wheel #1: CUSTOMERS – Know More About Your Customers 

Take your customer’s preferences and purchase behaviour seriously. This is the cornerstone of retail success because if you know what your customers want, you will know what to provide. This will increase your sales while you develop more insights about your customers.

Steps you should take:

Step 1: Identify your target audience: Know who your customers are, including their buying capabilities.

Step 2: Understand their interests: What are your customers’ interests as they make purchases from your store? Use special tools to grab the latest insights on your customer’s preferences.

Step 3: Build a relationship: Your customer is not someone who simply buys your products. Remember that they are buying an experience from you. Therefore, through efficient marketing tactics, try building relationships and loyalty with your customers through personalised experience and impactful communication. Use these 7 proven strategies to increase footfall in your retail store.

Wheel #2: PRODUCTS – Variety, Relevant, Adequate And Quality Products

Your customers may not be getting what they are looking for from your store. If this is the case, you may find most customers browsing and then leaving. 

Steps you should take:

Step 1: Product selection: Identify and curate a list of products that you find your customers need.

Step 2: Visual merchandising: Make sure to present your products in premium quality. They should be appealing enough to attract your target audience to boost sales.

Step 3: Inventory management: Keep a check on your products in store. This is so that you can ensure that they are available when your customers need them.

Wheel #3: EMPLOYEES – Smart, Sufficient & Well-Trained Employees 

The talent you hire is going to define how well your retail garment business performs. Therefore, make sure you hire well-trained and motivated employees to execute a successful sales strategy.

Steps you should take

Step 1: Training and development: As you onboard new talent or help existing talent upskill, equip them with sound product knowledge and creative sales techniques.

Step 2: Motivation and incentives: Use competitive incentive schemes to improve the performance of each employee.

Step 3: Sales targets and a roadmap: Set clear goals and provide the necessary guidance to help your sales department achieve those goals.

Wheel #4: FINANCE – Effective Money Management 

As a corporate Finance Consulting Firm in Chennai, we help businesses build and sustain profitability and growth through effective monetary management methods. This is because, without an adequate plan to manage your funds and revenue, it gets overwhelming to scale a business.

Steps you should take:

Step 1: Sufficient margins: Ensure that there is enough margin to cover costs and build profits.

Step 2: Control budget: Identify and work on areas where the cost of doing business can be managed.

Step 3: Supply chain efficiency: Make sure to maintain strong supplier relationships through timely payments. Here are 8 ways to prevent delayed payment with suppliers.

Step 4: Optimising working capital: Balance your investments and expenses to streamline your operations.

Step 5: Return on Investment: Keep a check on your revenue generated and create ways to maximise it for long-term success.

Therefore, by implementing efficient strategies to keep these four wheels alive, you can steer business growth in the right direction. Reach out to us at Consulting & Beyond, the Best Management Consultant in Chennai to apply innovative business strategies to drive growth.