Does The Collapse Of HMV Spell The End For The British High Street?

May 5, 2013 by Leave a comment

When it was recently announced that HMV had called in the administrators, there was a general feeling of sadness among those of us who remember rushing along there on a Saturday afternoon to buy the latest 7” single with our pocket money. HMV is the latest in a long line of retailers who have failed to move with the times and have collapsed over the last few years. Names such as Woolworths, Peacocks, Habitat, Jessops, Oddbins, Comet and Clinton Cards have all either gone bankrupt or have had to drastically scale back their operations. All these store closures are greatly affecting the make-up of the town High Street, both now and in the future.

Online Effect

There is no doubt that the way we are shopping is changing. We are more price conscious than ever, and if we can download our music more cheaply than going into town and buying a CD, we will. Increasingly we are moving to digital downloads for all of our entertainment needs, so there is no need for a physical shop selling that sort of product. Apart from digital products, we are also buying more online from traditional department store type retailers. The concept of being able to browse the website from the comfort of your sofa, order the items with a few clicks and return them quickly and easily if they don’t fit means that traditional stores are having to work harder than ever to get our business. Some stores, notably John Lewis, are weathering the storm but most are finding the trading climate very tough.

Leisure Uses

Many experts believe that in the years to come we will see retail businesses continuing to decline, and that High Streets will switch to being more of a leisure destination than a shopping one. Cafés, coffee shops, sandwich bars, restaurants and pubs have all taken over vacant shop units, and are helping to keep people spending in the areas where shops have had to close. However, it remains to be seen whether a few coffee shops and a good gastro-pub is enough to attract people into the centre of the town or city to spend their free time. There is also considerable resistance to this change in emphasis from people who live in the town centres.

Specialist Retailers

Some of the retailers which have been performing better are those which offer a very specialist product which is much more difficult to source online. Artisan bakeries and cake shops are doing well, as even when times are tough we want to treat ourselves and we haven’t the time to bake anything ourselves. Stores such as Yarnfest are cashing in on the current knitting revival and have recognised that although people are keen to get into knitting and crochet, they need some practical advice and instruction to get started. Some of the most clever niche retailers like Yarnfest and some of the delicatessen type stores also have started to trade online, opening up their products to a much wider market.

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Morag Peers is a guest bogger who regularly writes on topics surrounding retail and the economic environment in the UK. On this occasion Morag has written for Yarnfest, a retailer who not only sells great products like Artesano Aran online, but offline too in their bricks and mortar store.

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How to Make Your Business Sustainable

May 1, 2013 by Leave a comment

Having a sustainable business is vital in ensuring it has longevity. Sustainability in business doesn’t just refer to having environmentally friendly processes but having a business model which can survive market fluctuations and dips in the global economy. In creating a sustainable business plan, there are a few key things to consider which will impact greatly upon the business. Here are the main areas you can make improvements in.

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Staff

Your staff are the making of your business and without reliable and loyal staff a business simply can’t function. If you have a high turnover of staff, this can never be good for profits and reputation. If you have staff that withstand the test of time, you don’t have to keep investing in training for new staff. In addition if you have employees that have been with the company a long time, they will acquire knowledge that can’t be taught overnight and will be a valuable asset.

Giving staff benefits and making them feel valued will help with staff retention. This doesn’t have to be an increase in salary but offering flexible working hours that work around family commitments and access to training.

Cross train your staff and encourage training and development within the company. This will give your staff pride over their work as they feel valued and can develop. It also allows you to have a contingency plan if a member of staff falls sick or leaves because you will have someone ready trained to step into the role.

Innovation

Your business is only as good as the products and services it offers, so be on the pulse of what customers want. Make innovation a priority so your company is the first to create a product or streamline a process. By being the first to think of an idea, you can be seen as market leaders and ward off competition. If you don’t keep up with customer demands then your business simply can’t survive.

Go Green

Making small eco-friendly changes can help your profit margin as well as creating smarter business practices. From energy saving light bulbs to refillable printer cartridges, small savvy changes can save you money and help the environment. If your company relies heavily on transportation, opt for sustainable energy sources such as biodiesel, solar and wind energy. Doing so may qualify you for government grants and incentives.

In addition if you’ve company has become eco-conscious, let your stakeholders and customers know about this. Employing environmentally sustainable business practices can open you up to new markets and customers and heighten your reputation as a trusted company.

Cut Overheads

Cutting down on costs no matter how small will ultimately lead to a growth in profit. By keeping track of in goings and outgoings you will see where you are leaking money unnecessarily. There are main costs such as rent and equipment that are always going to be a part of the overhead costs but even these can be made to be cost effective.

If you’re paying a fortune on rent, consider whether you would benefit from moving location. Industrial space is a lot cheaper than commercial space to rent. If you’ve rented a property consider sub-letting some of the extra space to another business. Buy used office equipment or even used pallet racking if you have a warehouse based business.

Consider other business costs and whether they’re necessary. For instance do you always have business lunches when a meeting at the office would do? Analyse your expenditure and if isn’t needed, cut it from your outgoings.

Author Bio: This article was brought to you by Qubestor, who provide a range of cost effective warehouse solutions.

Filed under Business, Human Resources, Energy, Environment, Entrepreneur Tagged with , , , , , , , , , , , , , , , ,

5 Fundamentals of Business Success

April 23, 2013 by Leave a comment

Running a business can be extremely rewarding, but only a small percentage of businesses ever make it past the first few years of operation. Many businesses simply fall to the wayside while the their competitors rise to the top of their respective industries. What is it that separates the good companies from the bad ones? Here are five fundamentals of business success.

5 Fudamentals of Business Success

1. Innovation

One of the most important fundamentals of business success is innovation. Every business needs to innovate to a certain degree, even if they are engaged in a very basic industry or business model. They have to be able to differentiate themselves from competition in some way. If you’re a business owner, you need to get creative and give customers a reason to give you their hard-earned money.

2. Integrity

Another critical aspect of business success is integrity. If you do not have integrity, you will not get very far in any industry. You need to be honest, direct, and fair in all of your business dealings. Whether this is in dealing with your customers, your employees, or your suppliers, you need to make sure that it is done with the utmost integrity.

3. Goals

If you want to be successful in business, you need some business goals to shoot for. Without goals, you will not know if you have actually been successful. Create a mission statement for your business and work toward achieving it every day.

4. Quality Employees

The success of any business also depends on the quality of the employees that it has. Without good employees in tow, the business is going to struggle to get by. A talented and hungry business owner can take the business quite far on his own, but he’ll only be able to go so far. At some point, he’s going to have to turn over some responsibilities to others. This way, the business can continue to grow over the long-term. When you hire employees, make sure that you are very selective and find the ones that will match your business model the best.

5. Resources

Another big factor in business success is the resources that a company has. When a business has the right type of resources on hand, it will be able to go much further. You’ll need some start-up capital, equipment, supplies, inventory, and other things to make it work. If you’ve got the right business idea and the motivation to make it happen, you can get the resources you need.

Author

Hayley is a freelance blogger. She recommends dashboard software by Domo to significantly improve your business decision making.

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When being a manager is just not enough: how to stand out of the crowd and be a leader.

April 16, 2013 by Leave a comment

As a manager it is very easy to get absorbed in the day-to-day activities of the role and forget our true mission. Some managers complete their obligations without challenging or innovating. However, in today’s tough work climate, you need to do more to stand out from the crowd and inspire and develop your staff.

A manager is concerned with systems and processes; he deals with what is in front of him, looking no further into the future. He controls his staff through the fear of losing their jobs. He is an organiser and an administrator.

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Leadership takes your management skills one stage further. A leader inspires his staff and forms plans and strategies for the future. A leader does not conform, but transforms.

There was a time when management and leadership could be seen as two separate things. A production line supervisor  concentrates very much on processes and administration. Staff had manual, uncreative jobs and were not required to think on their feet. In our office-based environments, innovation is vital and personal performance is judged less on the number of hours worked and more on successful outcomes.

You don’t have to be a manager to be leader. A leader commands respect and  influences the work and behaviour of his peers, so this could effectively be anyone in the organisation. In some cases a strong PA could be a leader, if he or she uses her persuasive skills to achieve a mutually beneficial goal.

A good manager needs to have the skills of a leader to be successful. Those reporting to a leader will willingly follow his instructions and guidance without the need for control or threats. Leadership creates productive working relationships with exceptionally loyal staff. A leader challenges the future direction of the organisation and makes plans to move it forward.

If you want to demonstrate strong management skills, developing your leadership traits will be your first step. Here are some tips for small changes that you can make in your daily interactions which can set you on the road to becoming a leader:

  • Share information

Information is a powerful weapon that managers sometimes use as a method of control. Share what you know, without overloading your staff.

  • Develop other leaders

A good leader recognises these traits in others and assists that person in developing their skills for the good of the organisation. You could use your skills to mentor a more junior member of staff and help them to develop their leadership qualities.

  • Plan for the future

A manager works on what is happening at the moment, while a leader makes plans for the future, mitigating potential risk and identifying opportunities.

  • Make changes

A manager administers processes and procedures to standardise the way activities take place. A leader innovates and anticipates blockages in the pipeline.

  • Be approachable

A leader communicates well with people at all levels of the organisation. Get a reputation for being approachable and you will find you are the person colleagues go to for advice and assistance. This will give you a wide knowledge of different areas of the business and spreads your reputation.

  • Develop your skills

A good leader is at the forefront of their industry and keeps up to date with developments. They are also skilled and proficient in their role. Demonstrate your skills and knowledge by sharing it for the good of the organisation.

To be a good leader you need to know what you stand for and what your values are. A company’s culture can suffocate a fledgling leader. An open and honest environment gives staff the milieu they need to develop their skills and use them for the benefit of the organisation. You can’t learn strong leadership from reading books, it is inside you. It is only through your personal interactions that you can develop your innate leadership skills and formulate your own personal style of management.

Edge NLP [LINK www.edgenlp.co.uk] can help you to develop your leadership skills, improve your business communication and empower you to success in your role. We offer NLP training courses in the UK in  Hertfordshire, Buckinghamshire and Bedfordshire.

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