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Given the current retail environment in which sales have continued to decline Cullen Gillaspia Youth Jersey , it's natural for independent shop owners to question their ability to compete. Many local merchants look at the mass merchandisers in their towns and wonder whether they can survive in their shadows. That's the wrong question. The truth is, most of the chain stores and big box discounters are struggling like everyone else. To that end, small retailers should be asking, "What does it take to maintain my competitive edge?"

In this article, I'll explain the four most important areas independent retailers should focus on in order to outmaneuver and outcompete their big box competition.

#1 - Forecasts Kahale Warring Youth Jersey , Plans, And Goals

Planning is vital to a local merchant's ability to survive. Yet, you might be floored by the percentage of small retailers who neglect to do it. Everything that gives you a competitive edge on the megastores - from lean, responsive inventories to the ability to cut costs quickly - relies on planning. Invest the time to create a budget, sales forecasts Max Scharping Youth Jersey , plans for inventory management, and revenue goals for the next few years. These are essential tools for identifying whether you're on track or not. And if you're not, why not?

#2 - Numbers And Metrics

Few independent shop owners launch their businesses expecting to become accountants in the process. However, it is important that you review and analyze your financials on a regular basis. You should be able to look at your balance sheet and determine whether any problems exist. You should also be able to review your profit and loss statement, inventory numbers Lonnie Johnson Jr. Youth Jersey , and debt ratios. More than ever, developing a working knowledge of your metrics is important for making strategic decisions about your store.

#3 - Staff Authority

Entrepreneurial retailers are often loathe to hand over the reins of the daily operations to their employees. They're afraid they'll make mistakes. Let them. Give your staff the authority they need to make decisions on the floor. In most cases, employees who are empowered to make decisions rise to the occasion. As the owner of the store, your goal should be on managing and coaching them.

Keep in mind that one of the reasons your customers are loyal to your shop is because you and your staff can deliver a better service experience. That might include providing detailed product knowledge or offering creative solutions to customers' problems. Give your staff the authority to do their jobs well. If they make mistakes, coach them.

#4 - Decision-Making

The big box retailers do not make decisions quickly. The authority to do so is usually centralized Tytus Howard Youth Jersey , which means making a decision requires meetings and steering committees. This is a major competitive advantage for independent shops. Small retailers can decide on inventory levels, assortment variety, and any other factor that impacts their business.

Unfortunately, many independent business owners fail to be decisive. Sometimes, they feel they lack enough data to do so. Other times Deshaun Watson Youth Jersey , they're fearful of choosing the correct course. It's worth noting that being decisive always carries some level of risk. Trust your instincts.

You have the necessary tools to outcompete the big box retailers. Your independent store enjoys advantages the megastores do not. Create your sales forecasts, plans, and goals. Invest the time to fully understand your metrics. Give your employees the authority they need and let them take the reins. Finally, leverage your ability to be decisive. You'll discover that you can outmaneuver and outcompete the discounters and mass merchandisers, regardless of the retail environment in which you're operating your store.

The average credit score is the rating that the 3 major credit bureaus assign to your credit report. It is based on your borrowing and repayment habits and depends on how much money you owe and how many times you have applied for credit. If you have a low credit score Justin Reid Youth Jersey , there are ways of improving it. In general, an average credit score tells creditors that you are a good risk for them to lend you money.


Computing a credit score is a scientific process that Experian, Trans Union and Equifax use and each one has its own unique system. The credit score range is between 375 and 900, with around the 600 mark being the average credit score. In order to find out what your credit score is, you need to request a free copy of your credit report. This will give you an idea of what creditors see when they do a credit check on you.