The effects of the supply chain and the pandemic have created a giant cavity within the industry. You either cater to the people who want it now or you become the operation that sells a lifestyle. Choosing that now will have ripple effects in the future.
“What is the meaning of life?” A simple question that many have asked and the answer is usually in the eye of the beholder. By no means are we trying to jump into the rabbit hole of the meaning of life but we will jump into this rabbit hole as it relates to your store. “What is the objective of your business?”
Objectives can come in many forms. It can be a personal objective (ABC Furniture exists so the stakeholders who benefit from it can have a work life balance). It can be customer objective (ABC Furniture exists so Ms Jones can get furniture for her home in a timely manner). It can be fashion objective (ABC Furniture exists so the home can be the centerpiece of someone’s life with a sense of style that is uniquely theirs).
As a business, the overall objective is to build a sound culture that supports its people, vendors and customers that makes profit to ensure all of those stakeholders are accounted for each and everyday. However, just having that be the mission will not be enough to be successful in the future.
The supply chain disruptions we have encountered in the last year is going to open up opportunities for disruption in our industry. It will create retailers and manufacturers that take the pitfalls of the current climate and translate that into areas where they can win quickly. See bed in the box in the mid 2010’s.
Identifying what your store and brand objective will help you position yourself into how you handle that disruption. Where you invest your windfall in sales success over the the course of time since May of 2020 (and where you don’t). Who you retain in your business and who is going to be a stumbling block to your success.
How and why you go about this process is up to the business. However, just riding the wave and not carving out will mean you are setting yourself up to be on the chopping block to those disruptions others will find.