2018 will end soon. Was it an “Echo” of 2017 or 2016 ?
Trust, It has been a great year so far
Hope, you made the best of new opportunities that came your way?
You may have expanded your business
Maybe by adding more space in the same store.
opening new stores in another place in the same city or even other cities.
Even an established brand like Tanishq has opened 15 stores already in 2018 and plan to open another 25 in the next few months. Before FY 18-19.
And they are expanding to smaller towns too.
So, if there was one thing, to do in 2019, what could that be?
If I were you, I will one resolution.
You might have heard of an “Echo Chamber”?
“Echo chamber” is a term widely used in today’s lexicon, that describes a situation where certain ideas, beliefs or data points are reinforced through repetition of a closed system that does not allow for the free movement of alternative or competing ideas or concepts.
From our experience of supporting over 300+ businesses in the past 6 years, many businesses are very much in an echo chamber.
The family is keen on maintaining a status quo, the youngsters have yet to get the full responsibility of taking decisions which go against the “status quo”.
Thus the “Echo chamber” continues.
We are seeing many retailing businesses beginning to “die”.
Some are ready to sell out, some are losing money and some owe so much money to the trade.
While right in front, the market, the customer, the staff expectations and the competition is changing all the time.
So, my resolution for the year could be to get out of the echo chamber, find a person who can share my challenges and aspirations.
Listen to their views.
Take what suits you. Drop what does not.
Let me know if you have any echo chamber challenges.