Yamarie Grullon
ShopKeep has released a helpful guide on how to run an efficient small business in today’s competitive market.
With small businesses accounting “for nearly two thirds of jobs created each year” in the US, their contribution to the economy is undeniable. But starting and running a successful small business has its challenges, which ShopKeep addresses in its helpful and detailed guide.
Written by Yamarie Grullon, ShopKeep’s Director of Content Strategy, the guide is divided into four main sections which contain a wealth of information on various aspects of running a better business.
The first section is about the creation and nurturing of vendor relationships and gives advice on how to find and choose wholesale suppliers, as well as assessing supplier costs and benefits, negotiating wholesale prices and building strong ties for a beneficial long-term relationship with your vendor. Grullon prompts business owners to be “upfront and clear” about their business goals, to assign one person to work with vendors, and to get “everything in writing.”
The next section of the guide is titled “How to set retail pricing for products”, with Grullon warning that pricing merchandise “is probably one of the most challenging – and important – things you must do”. She gives advice on estimating the economic value of your products, offers tips and tactics on staying “atop of your pricing strategy” and covers the issue of ecommerce versus in-store pricing.
The third segment of the guide is about the controlling and recording of business finances, and Grullon reiterates the importance of this aspect of running a small business. She offers a run-down of the different documents your business will need to prepare, including income and profit and loss statements, and covers some debt management basics.
The final part of the guide is dedicated to the topic of risk management, “the art and science of reducing your company’s financial exposure” and she sets out the various elements that should be found in a good risk management program. Issues such as predatory lending, economic fluctuations and seasonality and brand and customer loyalty risks are covered.
To read the full guide to running a successful small business click here.