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If you’ve gone through the time and expense of planning a retail liquor business and buying a BC liquor license (LRS), you owe it to yourself to make the most of it! While you may have made personal New Year’s resolutions, the beginning of the year is also the perfect time for business optimization planning. Optimization is the process of auditing, assessing and improving operations so that your business earns more profit, runs more efficiently and remains compliant.
Abraham Lincoln once said, “Give me six hours to chop down a tree and I will spend the first four sharpening the axe”. The adage beautifully describes the necessity of planning and preparation to achieve goals, whether you’re chopping a tree for firewood or building a liquor business in BC.
Planning is preparing…to succeed. If you spend ¾ of your time planning wisely and ¼ executing your plan, you’ll succeed. If you “freestyle it”, throwing the proverbial mud at a wall to see what sticks, you’re likely to have wasted a lot of time and money and you won’t get the most out of your BC liquor license. It’s essential that your plan relies on accurate data, facts and experience.
Enough with the pep talk!
5 Resolutions That’ll Maximize Your BC Liquor License
Formalize Store Policies and Procedures
You might assume that policies and procedures can’t make you more money, but they do! Formalizing policies and procedures that your staff follow, will make your operation run more efficiently, increase customer loyalty and retention. Policies and procedures also safeguard your BC liquor license, so you don’t lose it.
Plan to Remain Compliant
If you’ve read a BC retail liquor license terms and conditions manual, you’ll know that you’re required to uphold requirements once you buy a liquor license. It’s very easy to forget that the BC Liquor & Cannabis Regulation Branch has eyes on licensees and deals seriously with those who aren’t in compliance or who play fast ‘n loose with those requirements. Think of a compliance plan as a fire drill. It’s written down and practiced, to protect your BC liquor license.
Audit Liquor Inventory
Stock your shelves with the wrong mix for your customers and you won’t earn as much revenue as possible. If you hire a BC liquor consultant to audit your inventory for winners, losers and loss leaders; by creating the correct mix of products, you’ll optimize profits and reduce expenses.
Audit Store Set Up
The types of displays you use and where they’re located can make a huge difference in your sales. Additionally, what stock and where you place it in your store can also optimize profits. Well thought out shelf, fridge and point-of-sale displays can make a world of difference to your bottom line.
Audit Customer Traffic Flow
Traffic flow is frequently an afterthought. It shouldn’t be. How your customers walk through your store, the predicted paths they choose, are dependent on thoroughly considered design. A bad store layout often results in traffic paths that bypass big sellers or big-ticket items.
Make the Most of Your BC Liquor License
Rebecca Hardin has been a BC liquor license consultant for nearly 2 decades. As your go-to advisor and consultant, Rebecca (and her team) can help plan and execute the business strategy resolutions you set this year and in the future. Whether your retail liquor business is already up and running or you have a start-up and are considering buying a liquor license, contact us today!