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Getting a liquor store license in BC is the first big step for a start-up liquor retailer, but it’s only the beginning of what can be a challenging journey. For over a decade, Thrive Advisors has worked with many liquor store owners and managers who operate successful businesses. We’ve noticed that they share common characteristics. From our perspective as liquor store consultants, here are seven traits we feel are the most important for store owners.
1 ) Understands Liquor Store Licensing Requirements
Liquor store licensing terms and conditions are enough to make any businessperson’s head spin. There is so much to know and the rules are frequently amended. Successful licensees understand the fine print applicable to location restrictions, relevant law and compliance obligations. Their knowledge prevents costly contraventions and enforcement action. Read “Opening a Liquor Store in BC? Here’s What You’ll Need”.
2 ) Prioritizes Liquor Store Licensing Compliance
Complying with requirements doesn’t stop when your license is approved – that is where it begins! Effective liquor store licensees are committed to compliance. They conduct compliance reviews, stay on top of LCRB bulletins that may affect their operation and license, and provide compliance training to employees.
3 ) Trains Associates in Customer Service Excellence
Experienced liquor retailers know that customer service can make or break their operation. To that end, they provide their sales associates training that emphasizes courteous, helpful service and product knowledge. Exceptional customer service is the key to customer retention. According to the Harvard Business Review article “The Value of Keeping the Right Customers”, acquiring a new customer costs 5 to 25 times more than retaining an existing customer.
4 ) Inspires Employees and Leads by Example
Effective liquor store managers set a good example for their employees to follow. They take a proactive role, care about ethics and kindness, and actively look for ways to motivate their team. They use far more “carrot” than “stick” to motivate employees. Walmart’s Founder, Sam Walton, wrote that “Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They’re absolutely free—and worth a fortune”, Sam’s Rules for Building a Business, The Walmart Digital Museum.
5 ) Is Decisive, Even Under Pressure
Running a liquor store involves many decisions, from inventory management to employee acquisition. Successful liquor store licensees don’t procrastinate or second-guess themselves. They let data guide them or ask an expert for guidance, then act swiftly. They measure the results of decisions and aren’t afraid to learn from past mistakes.
6 ) Stays on Top of Alcohol Market Trends
Liquor trends can inform inventory choices and help liquor store employees understand their customers’ preferences. Stocking trending and new products will make your store remain relevant and competitive. Licensees who ignore trends and new releases may miss out on categories and SKUs that could be profitable sales channels.
7 ) Sets Goals and Plans for the Future
Success in the retail liquor business never happens accidentally. An effective licensee sets goals, creates budgets, measures outcomes, acquires knowledge or hires knowledge.
Liquor Store Licensing Expertise You Can Count On
Thrive Liquor & Cannabis Advisors is BC’s most trusted retail liquor business expert. If you have questions about how you can make your Licensee Retail Store more successful, our liquor store consultants have answers! Whether you need to apply for or update your liquor license, improve your operational strategy, provide compliance training for your employees, we can help!
