Independent businesses should embrace change to thrive and not just survive in the current economic climate.
As a family owned company trading in the City since the 1960’s, we have built a successful business on our well earned reputation and developed a loyal following by providing high quality products at affordable prices coupled with excellent customer service. In the current economic climate however, times are tough particularly for the independent retailer. So how do you react to a worldwide economic crisis? It is affecting everyone in business so it is time to seek ways of expanding your products or service and growing your market. As a small business owner the current situation may feel out of our control however, it can offer an opportunity to focus on what you do best and effectively emerge as a competitive, better organised and more efficient business.
The only constant in business is change. Regardless of the detail, I believe we must always prepare for this and maximise the current market. This doesn’t mean radical thinking but concentrating on your core product first and then looking at ways of expanding your target audience. I’m not talking about spending lots of money, although attempting to expand your market may need some investment if you are prepared to take the risk as in ‘speculate to accumulate’. Concentrate on your key product or service and then implement new growth by strengthening and redefining the core business. The important point to remember is that you need to meet and satisfy customer expectations, which are never static.
At Queenstreet Carpets & Furnishings we have been looking at our mid - long term strategic marketing by focusing on whether people are still readily going to be re-carpeting or furnishing their homes or offices in the near future. At the same time we need to be aware of what impact new businesses will have on us particularly with the advent of John Lewis opening in the City centre at the end of 2012. One option would be to put our ‘heads in the sand’ and hope it will pass! We, have, however, embraced the challenge by focusing on our core business of carpets and flooring with a significant investment in the refurbishment of our showroom at Alphington to bring us bang up to date with the current market trends. It’s all about supply and demand and re-inventing yourself at the appropriate time. Customers want a pleasurable shopping experience with choice, great value and a quality product. We expect the arrival of a high profile retailer such as John Lewis to attract more shoppers into the City which will in turn benefit us greatly. As a result we must maximise our offering so that we are not left behind by these competitors, whilst adding our own friendly brand of individual customer service and local knowledge.
As well maximising our products we are actively focusing on potential new customers and hence expanding our core market. In addition to our domestic customers there are plenty of commercial organisations who need us; we just need to promote ourselves more widely and with renewed vigour to get the message across and educate the market on the products and services we provide.
The rising elderly population with a subsequent growth in care homes and retirement villages in the South West is one area we are investigating. At the other end of the spectrum is the increasing influx of students as the University of Exeter steadily climbs the league table. We are, therefore, targeting landlords and house rental companies to identify those needs and focus our products specific to this growing marketplace.
We live in the centre of a tourist hotspot and as a result there is an abundance of holiday parks and hotels all requiring services from local businesses. Always turn a negative into a positive; the economic downturn and poor pound-to-euro exchange rate can only have an optimistic impact on the South West with more and more people deciding to take their well earned holidays in the UK. Larger companies moving to Exeter also help to contribute to the local economy and benefit local smaller businesses. The re-location of the Met Office in 2003 is a prime example, adding c. £40 million each year to the local economy and increasing property prices by around 40%. It has put Exeter on the map worldwide and actively encouraged blue chip companies to follow suit. In addition Government recently focused on how to increase house building in the UK in the next 10-20 years which will swell the local population and benefit commerce. This is all good news for our core products of beds, furnishings and carpets.
Finally involve your staff, listen to them and share information. Their discussions with customers, suppliers or even competitors are valuable sources of how the market is functioning. Implement changes with the full knowledge of your staff and effective training.
For further information please visit www.queenstreet.co.uk
Photos courtesy of Mark Campbell - www.onthemarkphotography.co.uk
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