The Never-Ending Balancing Act When You Own a Dollar Store
Many who own a dollar store soon realize this takes a true business owner and manager to be successful.
Dollar stores aren't for the amateur who wants a hobby any more.
It takes a fair amount of cash to start your business, and then even more to keep things running until profits are achieved.
As you approach profitability, there is more cash to support to the continued growth of your business.
And without good management, cash reserves likely aren't enough.
One of the primary areas of focus comes down to balancing dollar-store sales growth with dollar store costs.
You simply cannot focus on one or the other, as both are critical to business success.
Often those who own a dollar store start with a single store.
There isn't a huge management team, or many employees to handle attacking multiple projects and strategic efforts.
With this resource limitation, it is easy to get sidetracked.
One minute you are focused on your next big campaign to grow sale levels.
Then you realize while you've been focusing on sales, your costs have ballooned to new heights.
You look frustrated seeing the current costs levels of your business, which is now creeping back toward a business that no longer earns a profit.
When you own a dollar store, consider establishing goals for both costs and sales that will bring you to profitability.
With this important milestone under your belt, move on to become more efficient and profitable by continually growing sales and slashing costs.
But how is it possible to handle both? As a small business owner, you are likely at the cash registers one minute, helping to unload a truck the next, and then preparing your weekly candy order at the same time.
The answer is to reach profitability and then invest time on one of the metrics at a time.
Possibly your goal is to maintain current sale levels while reducing costs.
Set your cost reduction goals and the actions to achieve those goals.
Then get to work reducing cost while maintaining current sales.
Lower costs at the same sales level should generate new profits for your business.
Your next step might be to take those newfound profits and invest a portion of the new profits in marketing to achieve the next sales goal you have established.
Don't forget to maintain your new lower dollar store costs while building sales to the next level.
As your sales reach the targeted new level, repeat the process with cost.
You can't allow this situation in your business.
Somehow, you must maintain focus on both dollar store sales and dollar store costs.
For those with limited resources, consider establishing goals.
It's like climbing a ladder.
Dollar store sales grow to the next goal and then costs are reduced to the next level.
By continually working back and forth, you will maintain more control.
At the same time, you can focus your energy and effort to maintain continual grow of both of these key business metrics.
To your success when you own a dollar store!
Dollar stores aren't for the amateur who wants a hobby any more.
It takes a fair amount of cash to start your business, and then even more to keep things running until profits are achieved.
As you approach profitability, there is more cash to support to the continued growth of your business.
And without good management, cash reserves likely aren't enough.
One of the primary areas of focus comes down to balancing dollar-store sales growth with dollar store costs.
You simply cannot focus on one or the other, as both are critical to business success.
Often those who own a dollar store start with a single store.
There isn't a huge management team, or many employees to handle attacking multiple projects and strategic efforts.
With this resource limitation, it is easy to get sidetracked.
One minute you are focused on your next big campaign to grow sale levels.
Then you realize while you've been focusing on sales, your costs have ballooned to new heights.
You look frustrated seeing the current costs levels of your business, which is now creeping back toward a business that no longer earns a profit.
When you own a dollar store, consider establishing goals for both costs and sales that will bring you to profitability.
With this important milestone under your belt, move on to become more efficient and profitable by continually growing sales and slashing costs.
But how is it possible to handle both? As a small business owner, you are likely at the cash registers one minute, helping to unload a truck the next, and then preparing your weekly candy order at the same time.
The answer is to reach profitability and then invest time on one of the metrics at a time.
Possibly your goal is to maintain current sale levels while reducing costs.
Set your cost reduction goals and the actions to achieve those goals.
Then get to work reducing cost while maintaining current sales.
Lower costs at the same sales level should generate new profits for your business.
Your next step might be to take those newfound profits and invest a portion of the new profits in marketing to achieve the next sales goal you have established.
Don't forget to maintain your new lower dollar store costs while building sales to the next level.
As your sales reach the targeted new level, repeat the process with cost.
You can't allow this situation in your business.
Somehow, you must maintain focus on both dollar store sales and dollar store costs.
For those with limited resources, consider establishing goals.
It's like climbing a ladder.
Dollar store sales grow to the next goal and then costs are reduced to the next level.
By continually working back and forth, you will maintain more control.
At the same time, you can focus your energy and effort to maintain continual grow of both of these key business metrics.
To your success when you own a dollar store!
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