Critical Success Factors

CriticalSuccessFactors

Location

Location is the most critical factor for a convenience store. Visibility of the store, ease of access, parking facilities are all factors that make the location a good one. Moreover, accessibility by both the residential population as well as the tourists and working population is essential for the growth of the business.

Suppliers

Tie-up with reputed suppliers who supply quality products at reasonable prices is another critical success factor. Building a long term relationship with suppliers to get favourable terms is also essential.

Service Quality

The service provided by the management and the staff to its customers is also essential for the growth in popularity of the store. This quality ensures that the customers keep coming back and also refer others to the store.

Variety

The variety of products maintained at the store is another factor that helps build a successful business in this industry. Being ahead of the market trends and offering customers with a wide range of products at the store is sure to bring in more paying customers.

Inventory Management

Managing the inventory, ensuring there is ample stock of fast moving items and restricted stock of slow moving ones, ensuring that inventory does not last in the store till it gets expires, maintaining minimum order quantity etc. are all functions of inventory management and essential for the business.

Marketing

Marketing is important especially in start-ups where the management is looking to create awareness about the store within the locality. Managing the marketing budget and ensuring that the marketing campaigns reach the right audience and also has the maximum reach is essential.

Implementation Timeline

ImplementationTimeline

December 2018 to January 2019

February 2019 to March 2019

• Finalizing Business Plan

• Submitting Visa Documents

• Obtaining Visa

• Mobilizing funds for initial investment

• Obtaining Visa

• Refurbishment of premises

• Signing up with suppliers

• Shortlisting of vendors

• Purchasing Initial inventory

• Building of website

• Setting up the store

• Procuring inventory

• Company formation

• Signing up of lease

• Lease deposit

• Creating awareness about the store

• Initial marketing and Promotions

• Staff recruitment

• Staff training

• Building list of emails for the purpose of marketing

• Branding

• Opening the store

• Ongoing procurement and sales

• Tying up with more suppliers

• Ongoing Marketing

• Issuing of coupons

• Ongoing staff training