Business Retail Model

A Tale of Two Business Models
by Ted Hurlburt
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As an independent retailer, you've likely felt the squeeze on the market from bigchains' "low prices" - lower than you can afford to offer. So how's a small retailer supposed to compete? First, you need to understand how very different your business model is from a major retailchain's.
If you're an independent retailer, it's pretty easy these days to be confused about the path you should follow. You're no different than any other consumer, you're bombarded by the majorretail chains with special offers, promotional incentives, this week's special, next week's sale. You hear all the chatter about social media, Facebook, smart phones, mobile apps.
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When I start working with a new independent retail client, I often find them confused to some degree about strategic direction and day-to-day tactics. They hearall the noise around them and wonder if they should be following along with all the things the major chains are doing.
If that describes you, if you sometimes wonder if the way you've always thoughtabout your business is suddenly out of date, if you wonder if you should be doing more of what the big boys are doing, let me assure you - you shouldn't. More and more, the business models of the majorretail chains and the very best independent retailers are diverging. We've reached a point where they have about as much in common as cows and steering wheels.
Let's consider the major elements of...