Mon 13 Nov 2006
I believe that many lessons can be learned from all kinds of businesses.
It's important to look back in order to plan for your future business growth. This is an idea I learned from a local grocery store, whose former manager is a friend of mine.
We were talking about his job as the manager of the local grocery store and he told me about a daily logbook that they kept. Everything went into this logbook, including promotions that they held, promotions that their competition held, weather, local events, etc. Then, they also included total sales for the day along with some of the bigger-moving items that day.
That way, they could review and see the effect that various elements had on their business. When the Super Bowl rolled around the next year, for example, they would consult the logbook and see that the sale of snack foods went up before the game. (I know that's an obvious one but I needed an example). Then they could stock their shelves accordingly.
I think the logbook is a great idea for any business to consider doing.