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Growing Your Business By Bob Hamilton
One of the challenges that every retailer faces is continually growing sales. Opening a dollar store is no different. It is important to know the current level of sales. It is also important to have established future sales goals.
Along with those future sales goals comes the challenge of developing an action plan to achieve those goals. Opening a dollar store requires that you have an action plan that includes specific actions, dates for implementing those actions, and targeted increases that are anticipated as a result of those actions.
For example, if you are opening a dollar store, you may decide that your action plan includes monthly advertising in the local newspaper. You may expect the advertising to provide great exposure for your business. However, you should also include a measurable positive impact on sales in your expectations. You could measure the sales increase in raw dollars of additional sales. However, a more meaningful way
might be to measure a % increase in sales.
Another example might be a big holiday promotion. Possibly you plan to do some advertising on the radio as well as through handouts that are stuffed into sales bags. Maybe you have some special purchases that will be deeply discounted. Or you could have an in-store drawing. All of these actions would combine to support the promotion. If you are opening a dollar store, you would also need to add an anticipated increase in sales as a result of the promotion.
Opening a dollar store brings with it many responsibilities. One of the most important for success is continually growing the size of the business. That can happen with good planning which includes specific actions and measurable sales increases.
To Your Retail Success!
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