1040E Planning for Success

7/28/2019 1040E Planning for Success

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Bui Plaig Vm 3, I 1

• Whaabpa?

• Cpabpa

• Hwhdypab?

• Addacpcd

• BpaadcInsIde

Pacc A i pa ri h a i i prat. It a ri th

i r. Th h a rit a tai i pa k h th

ar, hat th’r i, a hat th’r tti it. Th rtair h ’trit a i pa t th aait thmv. I rtai, th r

h ha pa rar i.

Rrt Pri

www.ReTAIlcouncIl.oRg

A Pu blI cATI on o f

sPonsoRed by



retailersguide A piati Rtai ci caaa

A raiti i pa i th rt rqirmt r pai a

i r xpai a xiti i. Thi Rtair’

gi prvi a tarti pit r rtair h t t

tart a rmi a rtair at th imprta

kpi a pat i pa ha.

WHAtisABusinessPlAn?

“At it hiht v, a i pa iv a xiti i

r r a trprr a trtr vi hat i

k ik vr th trm,” a davi wit, dirtr sma

bi baki at stiaak.

A i pa i th mpa’ r trat, it rip ar

r , it Pa A a it Pa b. A t mak it rk, a i-

pa mt raiti a jtiv.

Ma pp rapp ith h t a thir pra a

i rr raitia. sm a vr ptimiti

i ai h th i i ar a h th

a maa th i. At th am tim, m ma t

pimiti aii t th pprtiti a pai

rr a pra ki.wit rmm rtair ri i prptiv thr a-

vir, thr i r, atat, ar a ma

i akr. “Th a hp i i raiti a -

jtiv,” h a.

ComPonentsofABusinessPlAn

Thr i riht a t rit a i pa. dpi

th ki rtai i prat, ’ t at

r irt apt th i. fr xamp, a rtai i-

that rt dVd i rqir a pa r prhai a tr’

worth of lms, while a grocer will need to plan for how to keep

pr rh.

As a start ing point, Scotiabank provides a ve-step process

that apt that hav a rat t -trm

.

1.BDcp

Th i ripti prvi a vrvi hr th i

ta a hr at th i t . Hr ’

ri r pra a, r vii a th jtiv

r rtai trpri. y’ a ri hat it i that mak

r i iq.

2.thmapac

urtai r tmr a r mptiti i a im-

prtat apt th i pa. I thi ti, ’ -

mt th tk th itr, ivtiati mraphi

thi, ratr tr, virmta ha

a thr thi t tr a prit th tr th itr a

understand how you t into that future.You’ll also need to dene your market share. To do this, you’l

t iti a ri r mptitr’ trth a

ak that a arv aa i pprtiti

that r mptitr ai t raiz.

fia, t iti th irt tp pttia

tmr r r tr. y i at t vp a prtrait

hat r tart tmr k ik. what’ mt imprtat t

th tmr: pri, prt, rvi, mthi ? what

th , h t th , h th a hr

th ?

.rtaii.r

Ywwadp

apawhay

ac.



Bui Plaig

3.saadma

When you’ve identied your customers, you can tailor your sales

a markti t rah th pp.

Your sales process needs to help you create satised custom-

r. cir th qti:

• Where will you sell your product?

• How do you sell your products?

• How will you process sales?

• How will you structure your discounts?

• What happens to the customer relationship after the sale,

a h i maa rtr?

When you have your sales dened, dene your marketing. How

i piti r tr ithi th markt, h i pri

r prt t rat va, a h i prmt r

prt i th marktpa?

Rmmr t tr r pa it ar. Tak r ia r mar-

kti, avrtii, rai, mrhaii, tr i a -

i a ai ar amt t th t. Jti r timat.nxt, mpar r prjt a vm t r xp. ca

you break even? Is the prot worth the effort? Do you need a loan to

get through the rst few years? How much should you borrow?

4.Bopa

“with rtai, rtai i tai. It rqir prtt tai pai

ar tmr t, r mari, ta hiri, a jt

at vrthi . It’ a th thi pt tthr. A

a ki i ’r t ar,” a l Krr, ceo KrrMi

I., a i ti mpa.

Rmmr t tak tim t at r a th tai r i-

i . Hr ar m thi t thik at:

• Whwwy? ca it a r, r mt

hir pp? d k h t hir a trai pp?

• Dpccypa. Prha ira a pr

par r th piiit mptitr, pp air

hai tmr tat, mp trik a ratr

itrr.

rraak.m/rtai

tAkeAsmuCHtimeAsYouneeD,

ButkeePitsHort

H h it tak t rit a i pa? That

p.

“It h tak a a it tak t rarh a

rta hat it tak t vp a pa,”

a davi wit, sir Maar, stiaak. “Atit t, th i pa pr tak thrh

a pr that vaat th hih a hat

ma m.”

stiaak rmm a 10-pa i pa that

vr th mai apt th i itht ri

th rar i tai, t wit a th th a pa

i var pi th mpxit th i.

“y ’t at it that th k pit t t, a

you don’t want it so short that it’s supercial.”

Hwwyp

ypdc

hapac?



A piati Rtai ci caaa

• Whaadydw? what at m-

iipa rqirmt, mi ii rm socAn t pa

mi i r tr a a vr prmit t ta?

• Whaabacccydcy?

• WypayacacharaCcCa -

adac-apaadadcacy?• Ha y cd a acca? Ar pai

th rrt tax? A it th tia rtaii i

avaia th w thrh Rtai ci caaa at

.rtaii.r/tkit/tia.

• Whwppyyb? d k h t mt

thm? A pa t tart i Rtai ci caaa’ Rtai-

r Rr gi, avaia i at .rtaii.r/

tkit/rri.

5.faca

yr i pa i rmai impt ti rk r

aa ht it th pa. y mt t t r xp,

prjt r a, trmi i a a a h mh

mt rr a, t th i ra, trak

spending and cash ow.

ADDitionAlComPonentstoConsiDer

dirt i pa i prvi irt ia h t

vi a i pa. caaa bi srvi r sma bi-

, a a th ra vrmt, t thr m-

pt a i pa that rtair i t ir:

• ia pa hpp. Pa t hat ki

ima at t prjt.

• Dcdyccpc.H a

ith tmr mpait i trit t r tr’ ima.

• Dapacyc.H i k hat

hav ha, hat i rr a hat ha ?

• eyhadadypa.Mak a it

hat t , hat t t t it

a h t hav it . Ma rat ia hav

ri p a vaih a th r vr xt.

BusinessPlAnsArelivingDoCuments

“A i pa i a ivi mt,” a wit. “writi

a i pa i t mthi . A i

pa rm th ai maaria rvi that rvi rm

tim t tim a a.”

o hav prati r i, priia rviit th pa t a hat’ i a h t

ha r pa that a ti t .

wh r i pa m a part th mitri

pr, ’ a t mr rai xpa r prati

a a ith mitak h th r.

“It’ har rk, t it’ t mpiat,” a Krr, “a it ra-

k i hthr k r i r r ii-

ness to do the work to [nd out] what drives the business.”

namb?RCC has much to offer retailers by way of benet

prram that i sAVe you Money, rarh airmati that i KeeP you coMPeTITIVe a

vt that i a t neTwoRK.

Pa a r mmrhip partmt r viit r

w it at www.acc. r rthr tai.

Rcc rprt mr tha 40,000 tr thrh-

t caaa. Rcc Is AbouT doIng TogeTHeR

wHAT ReTAIleRs could noT PossIbly do on

THeIR own.

JointoDAY!

1255 ba strt, sit 800

Trt, otari M5R 2A9

(888) 373-8245

[email protected]

.rtaii.r

ADDitionAlresourCes

• Starting a convenience store: This resource provides

itrti irmati that a appi t a rtai

i. www.cbc.//Cs?pa

a=CBsC_fe%2fdpay&a=&cd=1099

483437618&c=gdHw

• Interactive business planner: This interactive software

hp rtair vp a thr-ar i pa.

www.cbc./bp/

• Start-up checklist, courtesy of Canada Business Servi-

r etrprr: www.cbc.//C

s?paa=CBsC_fe/dpay&c=gdfac

sh&cd=1081945275479&a=

• Retail Council of Canada’s “Starting a Business” re-

r pa: www.acc./bc

• Scotiabank’s Business Planning Guide:www.caba.

c/cda/c/0,1608,CiD10331_liD,00.h

• Your local business college will also offer courses on

h t t p a i a rit a pa.

spcazdacaadchpyabccd

To help you take your business to the next level, RBC has a dedicated team of account managers who specialize in nancial services for retailers. With up-to-date

knowledge of the changing trends and business opportunities in the retail sector, your

RBC account manager can help you reach more of today’s sophisticated consumers.

Whatever retail business you’re in, there’s an RBC retail specialist ready to help you.

bcyaba.c/a

1040E Planning for Success

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