Planning ahead in your business is really important because:
It allows you to create a clear plan of action of what you need to do to meet the goals you've set out to achieve.
You can break tasks down giving you clarity on timelines and deadlines you need to hit for everything to come together how you wanted it to.
It keeps you on track & accountable for what you want to achieve.
It helps you set goals and targets.
What kind of things should you be planning in a retail business?
If nothing else in a retail business you should absolutely be planning and working from a critical path! If you have a product based business, this is a calendar of events that will identify when you need to do certain tasks to achieve your end goals. Join the commerce club to learn more about critical paths (Link to https://www.byrcollective.com/join-the-commerce-club)
Retail calendars and your trading/marketing strategy should also be planned ahead, it's advisable to work 3-6 months ahead, and plan your calendar out around key trading times that are relevant for your market for example Black Friday, Golden Week, CNY, planning your strategy and actions for these events ahead of time will allow you to capitalize on opportunity during peak trading times.
Finally don't forget to plan your sales - without sales targets how do you know what you are working towards? You could plan this weekly or monthly, but keep checking in and re-forecasting based on how your trade is doing throughout that period. This will allow you to keep a better track of the revenue/profit and stock levels in your business so you can identify when you might need to place re-orders or ramp up trade actions to hit targets.
Creating a clear plan for all of these is not only going to help you achieve the best results, but also keep you on track and organised within your business.
If you need more information on planning your critical path, building your retail calendar or forecasting your sales click here!