The most successful independent retailers are the biggest risk takers. The independents most willing to accept change as a never-ending and essential piece of the retail puzzle are the most likely to take the biggest risks.
On the other hand, those who think they have it all figured out soon become guardians of what once was.
If you knew you could shift a portion of your purchases to at-once or immediates, and buy less merchandise with lengthy shipping windows, would you still commit so much, so far in advance? Or…would you take the chance that what you bought with a short shipping window had a greater likelihood of being better suited to the lightning-fast swings of today’s customer?
If you knew a prospective employee possessed the raw talent to become a great salesperson, would you stick with your dependable, but uninspired staff? Or…would you make the hire and invest the training time with the possibility this new employee could help take your store to a higher level?
If you saw a new line that looked great, but conflicted with one you had carried for seasons, would you back off and let other stores go first? Or…Would you write the order, seek exclusivity and take a chance this new vendor would far outperform the line you replaced?
If you had an idea for a new retail concept that required a complete redesign of your existing store, would you start looking for reasons to say no? Or…Would you meet with planners and contractors and take the risk that your next retail vision would be even better than the last?
To better understand this changing risk, think like you did when you were a start-up retailer, before the big mortgage, fancy vacations, and gold cards.
Remember when risk was something to be considered and managed, not feared and avoided?