Retailers Forum Magazine April 2021 EMAG

FORUM WORKSHOP
forumworkshop
Surveys and questionnaires are a start, but you
are limiting your information to those people
who are willing to be surveyed or to fill out and
mail your questionnaire. This information is too
limited and too late. Find out as much as you
can from your customers every time they visit
your store. Engage in conversations. Ask as
many people, as casually as possible, why they
come to you. Then you will know what you need
to know when the local economy forces you to
make a change.
TECHNOLOGY
Another aspect of “local economy” is changing
technology. As discussed before, just when you
think you have built a loyal clientele, and you
almost have your computer system paid for, a
competitor will move into the neighborhood with
the newest machine
that produces twice as
much at half the cost.
Do you hold your
ground? Reduce
prices? Update your
equipment? Again, the
first decision you must
make is how badly you
want to continue in the
same line of work (that is: self employment).
Put pencil to paper and figure out how many
years it will take to recoup your investment if
you upgrade. Better still, consider leasing if you
are in a technologically sensitive business. Or
make certain that you purchase hardware that
will be able to handle whatever new software
becomes available, so that you can upgrade
your system at a minimal cost.
continued..
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Page 62 APRIL 2021 | RETAILERS FORUM MAGAZINE
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