May 26

Change Your Perspective

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Shift your dialogue, transform your existence. Every corner you turn, you encounter discourse about the latest economic climate.

It’s difficult, they assert; business is dwindling, they declare.

The peril we confront in absorbing all these grim tidings is the possibility of concentrating solely on the negative.

We might gradually come to embrace it entirely.

Once we wholly accept it, the probability of it manifesting becomes considerably higher.

To assert that the current economic recession will leave retailers unscathed would be both unrealistic and negligent.

Undeniably, the negative impact is already visible and it’s genuinely regrettable. However, it doesn’t necessarily spell doom for every retailer.

A select few will even flourish during these trying times by outperforming their past records; by seizing market share abandoned by shuttered retailers, and, hopefully, by drawing lessons from others’ missteps and misfortunes.

An old adage goes, “shift your dialogue, transform your existence”. It’s a thought we ought to seriously contemplate at this moment.

Should we surrender to the pervasive pessimism that seems to be the topic of discussion all around us, or should we shift our dialogue to concentrate on the positive aspects?

Moreover, is there really a choice? There’s absolutely no benefit in dwelling on the negative.

Of course, it’s wise to take precautions and ensure all our operations and methods are optimized, but we must exercise caution not to endanger our business by overcorrecting and potentially compromising the business.

For instance, a common knee-jerk reaction among many retailers has been to indiscriminately slash store-level employee wages and allowable hours as the first response to reducing costs.

When implemented rashly and broadly, which is often the case, it can lead to employee dissatisfaction, high attrition, poorly maintained stores, subpar customer service, and ultimately – dissatisfied customers.

That surely wasn’t the intended outcome, was it?

Undoubtedly, these challenging times call for robust management practices and well-conceived strategies, all carried out by capable, highly effective management teams.

Expenses must be scrutinized and controlled meticulously; inventory must be managed more rigorously than ever before, and each customer must receive the best service your stores can provide.

So, remain alert and judicious, but don’t let your organization succumb to the downward spiral ignited by an excess of talk about a ‘poor’ economy.

Many affluent individuals amassed a significant portion of their wealth during the Great Depression.

 


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