If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we asked an expert about how small businesses can thrive through relevancy and resilience.
In this edition of "Ask the Board," we asked Ken Giddon, co-owner of Rothmans, a men's clothing store in New York City, for tips on how to stay relevant and resilient amid a rapidly changing consumer landscape.
When it comes to business, nothing is ever permanent, including your customers' wants, needs, preferences, and expectations. That's why it's essential to stay relevant and resilient, especially in today's increasingly competitive marketplace. Here is Giddon's advice.
Stay informed
Read extensively. Industry trade magazines and newspapers are rich sources of information. They feature skilled reporters who delve deep into trends. Our task is to sift through this information and draw conclusions based on our observations.
Adapt your inventory
Recognize changes and adjust your inventory accordingly. For instance, as workplaces became more casual, we reduced our stock of suits and increased our inventory of casual pants. Similarly, the surge in demand for wedding attire post-COVID led us to boost our stock in that category.
Stick to what you do best. While it's important to adapt to evolving consumer tastes, staying true to your core service or product offerings is essential.
Ken Giddon, Co-owner of Rothmans
Listen to clients
Clients experience shifts in consumer preferences firsthand. By asking questions like "What are your co-workers wearing now that you're back in the office?" we can gather valuable insights by simply listening.
Stay flexible
Avoid overcommitting in one direction and be prepared to pivot if necessary. Maintaining strong relationships with suppliers is crucial, as it allows for adjustments in inventory if trends are misread. These relationships also help in quickly restocking popular items during major trends.
Travel and attend trade shows
Don't be afraid to leave your comfort zone and get out there to meet new people and network at trade shows and other events that may be out of town. These activities provide a wealth of information and keep us connected to the latest industry developments.
Maintain your core values
Stick to what you do best. While it's important to adapt to evolving consumer tastes, staying true to your core service or product offerings is essential. Observe and adapt without disrupting the core essence of your business.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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