RETAILOBSERVER.COM OCTOBER 2023
4
Eliana Barriga
eliana@retailobserver.com
Onward and upward-
OCT 2023, VOLUME 34, ISSUE 10
CELEBRATING OUR 34
TH
YEAR
AS THE RETAIL OBSERVER
PUBLISHER/MANAGING EDITOR
ELIANA BARRIGA
DIRECTOR OF SALES AND MARKETING
MOE LASTFOGEL
ART DIRECTOR
TERRY PRICE
CONTRIBUTING WRITERS
STEVEN MORRIS
JOHN O'HALLORAN
JEFF ROSE
DAVID SMITH
ROB STOTT
JOHN TSCHOHL
LIBBY WAGNER
ALAN WOLF
RALPH E. WOLFF
DEADLINE FOR DEC. 2023 ISSUE:
NOV. 1, 2023
THE RETAIL OBSERVER
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Elle's View As I See It
F
all is the perfect time to ask yourself if your company has stayed in line
with the vision and mission statement you established when you first
started your business. Whether the business is relatively new or multi-
generational, perhaps this is a good time to re-evaluate your day-to-day
processes and revisit the entrepreneurial spirit which inspired you from the
beginning of this journey.
As time goes by, like anything else, we become blind to areas of our
business that can be improved upon. How has your company culture morphed
along the way? Is it still in line with your original vision? Make sure that you're
not just drifting in a particular direction out of complacency or adopting
narratives that may not fit with your mission and vision for the family business.
It's a good time now to re-define your culture according to your values. If you
find you have drifted from the source, now is a good time to adjust your sails
to proceed full steam ahead in the direction of excellence and growth. Even if
your day-to-day schedule is booked solid, consider taking the time to pull
back, look with fresh eyes, and examine the core of your business.
That's where the SWOT analysis (Strengths, Weaknesses, Opportunities,
and Threats) comes in as a valuable tool for plotting your company's course.
This analysis is a study to identify a business' internal strengths and
weaknesses, as well as its external opportunities and threats. It takes a
snapshot of our companies: where they are strong, where they are weak, and
where they are not aligned with our original goals and values.
After looking at your current vision and mission statement, you may find it
antiquated—it may have worked 15 years ago but has not adapted to today's
rapidly changing landscape. The ability to adjust our course to reflect our
renewed vision will help create a successful path into the future.
THE RETAIL
RE-IMAGINING YOUR
BUSINESS MODEL
