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Over The Counter
Let’s think about what we do. Business of any size is all encompassing and to prove this I had a brainstorming session recently with a group of Young Enterprise students. Firstly, I asked the question: “What is business about? Then my follow up question was: “Would you consider being your own boss?” The vast majority of the group simply didn’t think it was an option that was open to them. So surely here is a failure in our education in society. It should be a totally natural thing to encourage people to take ownership of their own lives and careers. Many of the graduates I will address at UHI this month will be students in hairdressing, beauty, engineering, building skills, and many of them may dream about being their own boss. Many of them will love the romantic notion of setting their own schedule and of seeing the fruits of their labour, yet very few will actually go all out and do it. In my speech I hope to make them realise that it is achievable, it is something that they can and maybe should consider. DREAM is of course another of those business cliches. When used as an acronym it is designed to inspire further, to almost be a mantra. ● Dedication ● Responsibility ● Education ● Attitude ● Motivation This acronym has been used off and on for years but it is designed to apply not just to business, but to life in general. To me, for this modern 2016 business world, the acronym may need to be re-written. Here is my version: Decide - In business the ability to make a decision and to stand by it is one of the skills that many just simply can’t get their heads around. Respond - Business, as we all know, is easy when things are going well but it is how we respond to challenges and how we keep going that is the true test.
Excel - Don’t strive just to survive, aim to be something or someone very special. Anticipate - Look ahead for the opportunities and the problems. Be proactive rather than reactive and try to stay a step ahead. Manage - Your staff, your time, your finances, your schedule. With all this fresh in my mind, and the daily challenges of falling footfall and rising costs, I was interested to read an article about the change in retailing on Britain's high streets. ‘Is the dream of being your own boss still worth it?’ was the headline that stood out from the page. The article questioned whether we should strive to educate ourselves in the ability to create, run and manage our own business or simply fall in line, do a job and head for our homes at the end of the day?
Top: A card design from Claire Close available on NOTHS. Above: Experiences, such as summer festivals, rather than shopping, is becoming the British public’s preference to spend their cash. Below right: Sir Richard Branson has dyslexia and had poor academic performance as a student, but still created a business empire.
The article looked at how the City was treating retail shares with the proverbial barge pole and only Next, with its large dividend, proved attractive. The City jargon is that clients should be ‘underweight’ in retail, in other words not hold any stock. This is the opposite to what you would expect. With low unemployment, cheap mortgages, low inflation, house prices rising and Britain being regarded as a nation of shoppers you would think that the tills would be ringing wildly. Well, they are in the grocers’ market, especially in value and niche specialist stores. It is once more that middle ground that is suffering. Retail analyst, Richard Hyman, with over 30 years experience, believes that the UK is at the stage known as Peak Shop. He argues that every developed economy starts with retail and that people simply want to spend their money. Once you get richer as a population though that changes. People shop less and find other ways to have fun. Weekends away, more holidays, concerts and experiences take
over from shopping and it becomes more of a function. I can certainly see the truth in this. Think about meals out. It is much more common to have lunch 2-3 times a week somewhere affordable rather than go for that big Saturday night meal where you get dressed up. That seems to be much more for special occasions. That is just one example, but there are lots more when you think about how we live and shop these days. In years gone past the big retailers would grow easily by opening more stores. It would be quite simple. Sales would go up, but costs would not increase significantly as the business model and management were in place. Those days are gone and web and mobile based shopping are where those who truly want to grow need to be. Richard Hyman argues that selling stuff cheaply at all times works, but selling stuff on promotions to try and compete at this end of the market ultimately hurts the mid market as it confuses the customer. Again, it makes perfect sense. His final point is that retail has taken its customer for granted. I know from my experience that this is not true and independent retailers are much better placed to provide that personal touch and service to their customers, ensuring that they can still do well. Our society accepts and expects that education and that path is the way to most people’s success but in my eyes this is simply
not the case. Guys like Sir Richard Branson failed their IQ tests and most self-made men came from poorly educated backgrounds. Education is only the starting block, and while those degree scrolls are important, they are only really the piece of paper that starts you on your journey. Never mind Peak Shop, think peak performance and you won’t go far wrong. Now... I had better get back to writing my speech! To contact David email: jppozzi@btconnect.com PROGRESSIVE GREETINGS WORLDWIDE
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