GROWING PAINS: IS IT TIME TO RE-THINK YOUR BUSINESS MODEL?

​By Eliana Barriga
Publisher and Managing Editor for The Retail Observer

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Eliana Barriga

So, can we be real here? Life as we know it is zooming by at an unprecedented rate these days. We need to launch our personal and business lives into beast mode in an attempt just to keep up, let alone get ahead! So, who’s minding the shop?

Maybe it’s time to do a quick SWOT (strengths, weaknesses, opportunities,
and threats) analysis to see what your business does best and where it may be falling short. Assess the strengths and weaknesses of the company.

Today, technology, society, life, and our priorities are in constant change. Consumers are used to change; they have even come to expect it. If their perception of your company is the same for too long, they won’t give it a second glance. Maybe it’s time to refresh your logo, re-design your website and engage more in social media with an active video presence. Companies who stay up-to-date count mobile-friendly websites and technology-based services among the ways they serve their customers best. In order to keep up with the times, we must be ready, willing and able to keep current with customer needs and expectations in today's marketplace.

Has your brick and mortar location’s neighborhood transformed since you opened the store? In some areas, the socio-economic mix may have changed dramatically. How has that affected the perception of your storefront? Have entertainment venues entered the scene? Have the traffic patterns changed? Consider a move if your current location has become undesirable.

Once you’ve identified what you need to do to infuse a sense of freshness into your business, roll it out in stages. Engage your employees to discover ways to please and attract new customers. Embrace your business’ fresh new look and feel. It’s time to refine your business for the times.

The takeaway is clear: As technology continues to improve, companies will be forced to adapt, change or die, based on their customers’ ever- changing demands and expectations. Change is inevitable, and it’s up to us to keep up with it.

Here’s to embracing change!
Eliana Barriga
eliana@retailobserver.com

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