There is a clear difference between being in business and being a business that generates a profit. More important though, then having profits, is existing as a company has a regular customer base and a good reputation among its demographic constituency.
Whether your company has one store or a chain of locations, your key requirement must be to have a steady following of customers who sing your praises. Some juggernauts department stores have majorly failed at maintaining a customer base. These businesses were going out of business while there competition was going out for business.
Newly emerging chain stores have come to realize that having a large selection of products is only one valuable resource. Great customer service should be coupled with low prices. Otherwise customers will choose to pay less every time.
Large department stores should invest in their staff, in terms of instilling morale; and in developing leadership skills among their management. Staff members who will regularly be in contact with customers should be thoroughly trained on how to smile, how to listen, how to sell, how to upsell and how to ensure superior customer satisfaction.
If staff are complacent with the status quo and just filling time to earn a salary, then they will not put forward much effort to serve customers and / or help with sales. If employees do not envision a future for themselves with a company, then they will contribute to the future growth or worth of the business.
Staff need to consider themselves part of the overall company to believe that they have a value to the company and to in turn want to contribute to the company’s value. If employees can envision advancement, promotion and a long term career with a company, then they will do whatever they can to ensure that their future source of income is healthy and strong. Business need to seem to invest in employees and actually do so that the business will get a return on the work productivity of the employees.
The right approach will lead to going out for business, while the wrong approach will likely result in a major chain going out of business. The choice may seem to be obvious. But will management choose correctly?
If a business is not actively expanding, then it will likely not stay open for very long. A healthy business needs to always be growing to gain new revenue. Some