And what better time to make some comments about the retail planning process than the New Year.
Our advice to all retailers is that the strategic and operational implementation planning should be initiated or better still, be reviewed at this time every year. Results achieved against plan are always more gratifying than results occurring in other ways.
Our New Years resolution is to take the business offsite for clear and
independent thinking and planning to review the marketplace, assess the
prior year and plan for the future.
In
working with our clients to ensure that can become fit for Growth in
business and to deliver a business model that is consistently
replicable we start with some essential diagnostic questions that are
relevant for all our business planning pursuits
Some of the typical questions that we address in the Fit for Growth stage of the Retail Doctor diagnosis include:
What is truly unique about the offering of the company?
Does the company have a vision?
What is the 3 – 5 year vision for the company?
Does
the company have a strategy to get to the vision? (Being specific is
the most useful approach such as the desired size of the company,
number of stores and where? Economic forecasts leading to the desired
company value etc)
Does the company have a strategic competitive advantage?
How is it defendable?
How is it leveragable/scaleable? – does the company have processes and procedures that easily allow it to be scaleable
How Is it replicable? – Can the company replicate the offering in different markets?
Has the company completed the company SWOT as part of the planning phase
How
“Fit” is the company? (such as an over dependence on the owner/manager
with weaker operating systems that contribute to a more “unfit
business” )
Doe
the company have a good understanding of the companies competitors?
Where do they sit compared to your companies on a quality vs price
matrix?
Does the company have an articulated business plan? Is it Specific, measurable, accurate, realistic and timely? (SMART)
How saleable will this company be?
What are the company’s core values/beliefs?
Complete SWOT: Strengths, Weaknesses, Opportunities and Threats
I am planning to expand on this topic in an upcoming Inside Retailing and in the interim.
And what better time to make some comments about the retail planning process than the New Year.