Running a small business in the retail sector, much like Matthew Tercsak's Mystik Inc. shop, calls for a more creative level of thinking. As an independent store that is not tied to a larger corporation, the responsibilities fall directly on Mr. Tercsak and his staff. Maintaining profit and a good reputation in the community requires the implementation of special projects and sales concepts. Those projects are more fruitful when the following Benefits Management tools are used.
- When considering a new project in the small-business retail field, the owner should understand exactly why they are attempting or considering the undertaking. Having a specialized sale, simply for the sake of having a sale, will not be as effective. Instead, the owner should think about the reasons for putting an item on sale, such as an overstock issue. If there is no clear answer to the “why” of the project, it is not worth the time and energy.
- Benefits Management also dictates that the owner understands beforehand what they expect to happen as a result of the project. In the sale scenario, is the owner anticipating a certain level of profit? Maybe they are expecting the sale on item A to also bring in profits from the sale of item B. By creating an expectation and setting a standard, it is easier to work toward and surpass that goal.
- The concept of Benefits Management also requires the owner to place a value on the proposed project, determining if the endeavor is truly worth it, a task that Matthew Tercsak handles with ease.
