Do you remember the start of the Great Recession back in 2008? Did you see it coming? Were you prepared in advance, ready for it?
Okay, you can stop laughing. No one saw it coming. Very few were prepared. Yet if you remember it and are reading this blog, it means you likely survived the Great Recession.
No matter how you got through those tough years, I’ll bet your business looks a lot different now than it did in 2007. I’ll bet for most of you, today’s version of your store only merely resembles the store you had fifteen, ten, or even five years ago.
Things change. We learn new stuff. We grow. We adapt.
The business model that worked in the 80’s (open your doors, stand back, and watch the traffic roll in) wouldn’t last a month in today’s retail climate.
Here is another truth …
The store you’re running five years from now will only merely resemble the store you’re running today.
The name will be the same. The Core Values will be the same. Some of the services will be the same (some will be unnecessary, some will be enhanced). Some of the fixtures will still be there (but hopefully not in the same place as today).
Yesterday, at the annual business meeting of the American Specialty Toy Retailing Association (ASTRA), the past chairperson, Ann Kienzle, gave a speech. Apparently she had heard from some ASTRA members who were there twenty-six years ago at the first meeting, where less than fifty people got together to do something for the independent specialty toy retailing industry. This past weekend the attendance was measured in the thousands.
Those people noted how ASTRA looks a lot different than it did just ten or fifteen years ago. I wasn’t there to know if they said it with admiration or disdain. I only know what Ann said at the meeting.
“I’ve heard from some of the original members of ASTRA who noted that ASTRA doesn’t look anything like it did fifteen years ago. You should be proud of that. … If we looked the same today as we did fifteen years ago, you should be hugely disappointed.”
The reality for ASTRA and for you is if you look the exact same as you did fifteen years ago, you’re likely already out of business. In fact, it would be harder to stay the same than to change and grow because the atrophy (and apathy) would take you down more and more each year.
If you have been in business the last fifteen years, as Ann said, you should be proud of what you’ve done. Your business has changed and will continue to change.
I have said often that you should always be changing. Here are previous posts that tell you how or what to change …
I can’t tell you exactly what your store will look like in five years. Like you, I was blindsided by the housing crisis of 2008. But if your store more closely resembles your Core Values and has changed everything else that wasn’t productive or consistent with those values, it will look like my favorite store—an OPEN one!
PS When you change what needs to be changed, do me a favor. Make it Over-the-Top! Go big or go home. Put the WOW Factor into it. Give people something to talk about. I’ll give you some ideas of what I’m talking about later this week.