It’s interesting to look at large corporations and their foundations. One of the world’s most successful retailers, who also cares about people, is now established in Australia and due to be moving west within a few years.
Their company code includes the Six Rights of Merchandising and the Six Rights of People.
The Six Rights of Merchandising are having the right merchandise, in the right place, at the right time, in the right quantity, in the right condition, and at the right price.
The Six Rights of People are the right people in the right environment with the right training, the right compensation and the right opportunities.
It seems straightforward enough and is nothing new. So, why is it so difficult?
Let’s take a closer look.
Merchandising means selling a limited number of high quality items with displays that feature the quality. With seasonal items, be in early and get out early.
Always be on the lookout for new products that enhance your product line and don’t be afraid to drop lines that are not performing well.
For your standard lines, keep some inventory but be cautious about tying up too much capital in inventory. Return or heavily discount faulty, damaged or broken items to keep things moving.
Aim to sell items for as little as you can and pass the savings on to your loyal customers, instead of buying into the greed factor by selling for as much as you can.
People Rights means looking hard for employees that fit in to your business culture and cultivating them so they stay.
It also means providing a workplace that is safe and allows for growth and success with training that improves the skill base.
Pay and benefits should be on the leading edge with good support when people are having problems either in the business or personally.
Look for opportunities for personal and professional potential and utilise these to help your business grow.
Sometimes, business is too simple. None of these points are rocket science. Roll up your sleeves and get going!