I’ve been coaching retail owners and managers for quite a while now and I  can tell you for a fact, the most successful retailers are the ones who  recognize that they must constantly educate themselves to stay ahead, grow  their businesses, and make a profit.

Let’s face it, just operating your business takes a heck of a lot of your time.  Things like staying on top of trends, buying smart, training your employees,  and planning ahead requires the right information. Since the Business Fairy  doesn’t come into your bedroom while you sleep and magically input that  knowledge in your brain, it’s up to you to make time to learn.

Recognizing your, and your employees’, strengths and weaknesses is a great start. You personally have some retail strengths or you would not be in business. You hired your employees, hopefully, because you recognized some strengths in them. So, the most important question you must answer is: What are the weaknesses that are getting in the way of my company’s success?

Answering that question requires a serious reality check and some ego adjustment. Weaknesses can be found in all areas such as: sales ability, merchandising, hiring, training, business tools such as a POS system, or on-line marketing. Write down all of the specific weaknesses you can think of, and be specific. Then ask your employees to do the same (let them know this is not a test, you are asking for their honest input).

Now that you have the weaknesses list, the next step is do something about it.

There’s a ton of information out there to help you succeed. You can find it in bookstores, on line, in seminars and workshops, and in your fellow retailer’s brains. You just have to go and get it. That means making the commitment to learn and then acting on the knowledge you have gained.

What you do with your time on a daily, weekly and monthly basis dictates how successful you can be.

Speaking of time and learning, if you are coming to the January Market, be sure to carve out some time to attend the great retail seminars offered through AmericasMart University.

http://www.americasmart.com/markets/gift/amu-seminars

These free seminars are designed to help you stay in business, grow your business and, above all, make money.

Come join me, and the excellent group of presenters at the January Market.

Remember, time is money. It’s your time.

Never, never stop learning.

William Smith’s seminars at AmericasMart:

Friday, January 14, 2011- 1 pm “The Dreaded ‘S’ Word”

Sunday, January 16, 2011- 9 am “So Where’s My Profit”

Sunday, January 16, 2011- 10:30 am “When the Cat’s Away,  What are the Mice Doing?”