Role of Retail Master Planning in Retail Business
The importance of retail master planning in retail business is paramount. Getting the best out of your group requires thought, planning and strategies. If it is executed with utmost sincerity and efficacy, the outcomes can be very fruitful.
A master plan or comprehensive plan as it is sometimes called is the plan that recognizes overall evolution in line with community aspirations and goals. In the context of a retail business, it encompasses every aspect of a firm that contribute to the overall functionality. A plan such as this will also help boost the morale of the team while delivering incredible designs and extraordinary business solutions. Cooperation in the field is absolutely fundamental. A master plan in retail entails the entire process of any project undertaken, right from the contemplation to its execution, but this is not the entire scope of this business tool. The plan further includes the plan that an enterprise will deem as its MO with relevant overturning of the entire organigram as well as significant changes in the way it conducts business. Given the dire straits the pandemic has left the entire world, a master plan is of utmost necessity going forward if one hopes to keep their business afloat.
Importance of Retail Master Planning in Hong Kong
Businesses all around the globe requires a master plan to help them grow in a uniformed and sustainable manner. Any business that has been established to compete at the highest stage in their respective fields have a need to plan their essentials ahead of initiating operations. Without a proper plan that includes procedures, methods, contingencies and fail-safes, it is foolish to even hope for an organized operational structure. Even if it seems to work out initially, one can bet on the fact that the development or foundation of the firm will not sustain. Moreover, examples of inept business suffering from mismanagement and disorganization are all around us, thanks to the COVID-19 pandemic which has shaken the very cores of the retail industry as we knew it, among other things.
For most retailers who have suffered immeasurable losses in the pandemic, a restructuring in their master plans is crucial for survival. And likewise, a proper and forward-thinking retail master planning in Hong Kong along with many other countries is now more vital than it has ever been. So, for up-and-coming businesses and enterprises in Hong Kong and beyond that are keen on setting out with the appropriate knowledge and guidance, we hope this overview turns out to be beneficial in your future endeavors.
With a much-welcome turnaround of this pandemic situation in the mainland as well as Hong Kong, things have been looking up in almost every department that are related to community concerns. And so, big improvements and beneficial initiatives can be seen in the retail industry in Hong Kong. From packing it all up to garnering fresh pre-seed investments from benefactors, it is definitely a sign that is very positive and shows a lot of promise for the whole industry. With people being allowed to go on and about their daily lives freely with minimal restrictions, retail stores such as eateries, clothing brands, sports shops, etc. have opened up their doors to consumers, and best of all, there aren’t imposing regulations to make the experience uncomfortable or a drag. But there have been major shifts - this part cannot be overlooked or denied. With the rise of e-commerce enterprises and solutions amidst the pandemic that promise utmost convenience for consumers, shopping these days is a somewhat different experience. Major shifts in the consumer-retailer power dynamic have been observed throughout. What this has shown the retail industry is that people now have a diverse range of shopping methods at their disposal. This will ultimately force sellers to practice further leniency and hospitality in their efforts to attract customers. Apart from this, there have been many other changes in the industry that a retailer needs to be informed about for remodeling their retail master plans. As is seen in the reports of a renowned professional services firm, retail sales in Hong Kong ought to see an increase of 10.5% in the year 2021. That is a favorable rise! Last year, amidst many declines, the supermarket sector saw a rise of 12%.
Major Steps in Retail Strategy Planning
Assess the market situation
Retail planning has many important steps and many ways to go about it too. However, there are outlines and steps of retail planning which can generally be considered safe and effective. It starts with identifying the problem or task at hand. Firstly, evaluate the situation. Consider every aspect and every point that can bring about substantial impacts.
Review the overall business strategy
Calculating costs is a very important action and to do that effectively, one must make a proper review of the task.
Collecting sales data for retail commerce
Then there’s the phase where a firm will go out and collect relevant information. Vigilance must be exercised when carrying out this part as data should be collected from each and every source possible. There might be huge discrepancies with the information in the reports to the real situation and if that eventually happens, there will be huge losses incurred when steps are charted on the limited information.
After the initial data collection is over, every bit of the data must be categorized so that there is a clear view of the problem at hand. This will enable the ones concerned to prioritize their actions and so on.
Set business goals with S.M.A.R.T
With the priorities at the firm’s disposal, they can now implement the S.M.A.R.T system to set goals. S.M.A.R.T stands for Specific, Measurable, Achievable, Relevant, and Timely respectively and this is the structure that needs to be followed if a firm wants to conduct their business in a ‘smart’ manner.
Implementing the business propositions
Having all the goals and priorities set, now is the time to act and implement all that the company has gone over in the meetings and plans. With all the resources and barriers mapped out, the execution becomes easy and only a matter of time.
Iteration and business deliverables
Now, as the work is being carried out, supervision must be maintained at all times. Not only just that, an efficient process of correspondence must be recognized to establish accountability among the team members. Frequent reports to the clients are also advisable. Effective strategic planning phases of retail master planning is thus carried out it is advisable for new brands to follow these procedures.
A Promising Retail Master Planning Amid the Global Pandemic
The pandemic has changed our ways of conducting business and the motto “the customer is always right” is now truer than ever. Minute inconveniences for a customer base can change the entire shape of the industry nowadays. As e-commerce has seen a huge boost in their industry, consumers have become ever more empowered and they can now choose to be picky as to how they want their businesses done. This is the new reality. The sooner industries come to terms with this shift in the spectrum, the more benefitted they will be!