I’m focusing this blog around knowing your surroundings when managing your business. You should study your customers, competition, and your employees. By observing everything, you will make more knowledgeable decisions and will have a better understanding on how your decisions affect others.
Customer trends can be tricky, but with a good product and a well ran business, you should expect them to come back, frequently. If you keep track of these trends, then you can schedule better associates and more important times, and be able to make a better strategy to avoid uncertain large amounts of business. Lastly, understand what kind of business you are. If you are busier during certain times of the year, then prepare for that months in advance. Retail is a constant business that never stops.
Your competition is something to observe that will help you gain knowledge on what everyone else is doing in the same industry. This will keep you aware of other strategies being used and will also help you understand what your customers prefer. If you competition is beating you out, you may need to change some things such as your customer service or the layout of your store.
Your employees are what you should know most in my opinion. This establishes a high amount of trust on your part which will lead to a higher employee retention and better work ethics on their part. If you take an interest in something your employees do outside of work, it shows that you really care about them as a person, not just someone who works for you. This relationship will also help you to understand what times of the day are best for that employee to work, and what tasks they excel at.