Virtually every business faces challenges that are in uncharted territory at one time or another.
During periods of a strong economy there might be a little time to see what is going to happen.
However during tough times the marketplace is unforgiving.
You must face your challenges head on.
For those who own a dollar store if you are seeing dropping sales, or worse yet lower profits, quick action is required.
Don't wait too long to act.
If the results achieved by your store include lower sales, increased costs or little or no profits, there is no time to lose.
There is no time to lose in developing a recovery plan and then implementing that plan.
Turnarounds take time.
Unless you have huge reserves waiting to be used, you cannot afford to wait too long.
Get focused on your problem.
If you plan to address the problem yourself, without the help of a seasoned dollar store expert, be sure to follow good problem solving practices to gather data, understand consequences of the current situation, drill down to the real issue, and then to find the best possible solution.
Be sure to put temporary controls in-place to limit the impacts to your business.
Be sure to collect data after your solution is implemented.
Make sure the solution really works and there are no unexpected negative consequences.
Consult with a dollar store expert.
If the right approach is consulting with a dollar store expert, then begin your search.
If you own a dollar store and the problem is sales, then look for someone with strong sales and marketing experience.
Look for someone with proven success at building sales.
Look for someone who has a record of sustained results.
If the problem is cost or profits, then do the same only looking for expertise in cost reduction and cost management.
Even better, locate a proven dollar store expert with proven experience in all phases of turnaround activities.
Examine your options.
Once you locate the right expert for your situation then examine pricing.
Factor the expenses associated with you handling the situation versus bringing in an expert.
Don't forget to factor in speed of action and also your ability to achieve the results you seek.
Take action.
The good news is that often early action can lead to a complete turnaround.
On the other hand allowing problems to sit unaddressed is a formula for failure.
To the success of those who own a dollar store!