NCR Counterpoint Blog

Running a Small Retail Business: What Does it Take?

Posted by Courtney Foster on Jun 17, 2015 10:41:00 AM

Running a small retail business can be challenging and it takes hard work and determination to achieve a level of success. There are plenty of reasons why people choose to start their own business. Some do it because they think they’ve come up with an innovative product or service, some individuals prefer to work for themselves, or perhaps they have spotted a breach in the marketplace. Whatever the reason may be, there are multiple steps that need to be taken to get your company off the ground. So the question remains: what does it take to run a successful small business?

small retail business


No matter how passionate you are about your upcoming business venture, you must have a solid plan in place for how you’re going to operate your company from beginning to end in order for it thrive. It is important to invest the time necessary to educate yourself, presumably to find out if there's a need for the business you're starting. When creating a business plan, it is best to keep it simple —make a list of what you’re offering, determine exactly who your customer is, and examine your business expenses. In large corporations, profit, sales, marketing and technology are constantly measured and monitored which can help you spot and correct defects. By utilizing these same concepts in your small business, it allows you to learn what’s working and what’s not. 

As a small business owner, it's also important to exude necessary management and technical skills, industry expertise and of course have a long-term vision for growth and accomplishment. Another integral part of any successful business is inventory management system which serves to provide nonstop production, sales and customer service at a minimum cost. In order to efficiently track your inventory, it is eminent to have reliable POS business solutions. Additionally, investing in a good point of sale system can help you gain insights, keep track of what your customers like, and ultimately help you boost your sales and grow your business. 

Another exercise of upholding small business practices involves hiring the right employees and maintaining a strong relationship with them. Though it is important to hire someone that possesses basic qualifications, you also want to look for more than that. You want individuals that are a part of your team to be creative, motivated, trustworthy, and have the kind of personality that can ultimately represent your company well. Once you’ve drafted a strong team, it is imperative to engage with them and create an environment in which they will thrive and can help you grow your business.   

As entrepreneurs, everyone dreams about their business becoming successful; but it is important to remember that without taking the proper actions, there will be no result. Running a small business is daunting and it is inevitable that you will face a few bumps in the road; however, it is how you recover from those hiccups that will help set your company up for success. 

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Topics: point of sale