{"id":222,"date":"2020-11-10T07:00:00","date_gmt":"2020-11-10T12:00:00","guid":{"rendered":"https:\/\/www.vocne.com\/blog\/?p=222"},"modified":"2020-11-09T17:28:54","modified_gmt":"2020-11-09T22:28:54","slug":"why-you-may-be-missing-opportunities-in-your-business","status":"publish","type":"post","link":"https:\/\/www.vocne.com\/blog\/2020\/11\/10\/why-you-may-be-missing-opportunities-in-your-business\/","title":{"rendered":"Why You May Be Missing Opportunities in Your Business"},"content":{"rendered":"\n<p>Over\u00a0our working careers,\u00a0we\u2019ve\u00a0all been\u00a0influenced by something or someone.\u00a0Occasionally,\u00a0one or\u00a0two of these influences stick with us,\u00a0bring us opportunities, and so we pass these\u00a0little gems\u00a0on to others. \u00a0\u00a0<\/p>\n\n\n\n<p>We&nbsp;know what&nbsp;you\u2019re&nbsp;thinking:&nbsp;\u201cHere comes some piece of&nbsp;\u2018wisdom\u2019&nbsp;from some old guy who thinks that&nbsp;he has some insights that would&nbsp;benefit&nbsp;me&nbsp;and my business.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>But hear us out.\u00a0The\u00a0catchphrase that\u00a0we\u2019re\u00a0about to\u00a0examine may be familiar to\u00a0many of us, but its reach is expansive\u00a0and can be translated to many disciplines.\u00a0Its premise can also explain why small businesses acquire missed opportunities\u2014opportunities we\u2019ll explore more in depth in future blogs.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Retail is Detail<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Battleship.jpg?resize=525%2C286&#038;ssl=1\" alt=\"\" class=\"wp-image-228\" width=\"525\" height=\"286\" srcset=\"https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Battleship.jpg?resize=1024%2C559&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Battleship.jpg?resize=300%2C164&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Battleship.jpg?resize=768%2C419&amp;ssl=1 768w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Battleship.jpg?resize=1536%2C839&amp;ssl=1 1536w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Battleship.jpg?w=2048&amp;ssl=1 2048w\" sizes=\"auto, (max-width: 525px) 100vw, 525px\" \/><figcaption>Photo by <a href=\"https:\/\/www.vocne.com\/blog\" target=\"_blank\" rel=\"noreferrer noopener\">Vocne<\/a>. &#8220;Don&#8217;t miss your opportunity to make something happen in your favor.&#8221;<\/figcaption><\/figure>\n\n\n\n<p>\u201cRetail is detail.\u201d&nbsp;This phrase was once&nbsp;spoken&nbsp;to me&nbsp;many years ago.&nbsp;I was a young&nbsp;retail manager at a&nbsp;multibillion-dollar&nbsp;company.&nbsp;It made&nbsp;sense.&nbsp;I was&nbsp;directly&nbsp;responsible for&nbsp;millions of dollars of&nbsp;retail&nbsp;sales, inventory,&nbsp;profit, and loss.&nbsp;Why wouldn\u2019t a catchy phrase that rhymes \u201cretail\u201d and \u201cdetail\u201d be used in a retail environment?&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Apparently,&nbsp;this quote was first used by James Gulliver,&nbsp;while at Safeway and Fine Fare,&nbsp;to&nbsp;lay the foundation for supermarket retailing.&nbsp;For good reason too.&nbsp;When we broadly look at the business of&nbsp;retail&nbsp;we see many moving parts. All these parts work together. They are interconnected and dependent on one another.&nbsp;&nbsp;<\/p>\n\n\n\n<p>As customers, we see stores of varying sizes stocked with items to sell. These stores arrange their products in specific ways to entice the customer, thereby opening up more opportunities for them to sell.\u00a0Moreover, these stores also have employees and technology to help bring about a sale.\u00a0\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Little Details Have a Profound Effect<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"525\" height=\"389\" loading=\"lazy\" src=\"https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details-2.jpg?resize=525%2C389&#038;ssl=1\" alt=\"\" class=\"wp-image-227\" srcset=\"https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details-2.jpg?w=640&amp;ssl=1 640w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details-2.jpg?resize=300%2C222&amp;ssl=1 300w\" sizes=\"auto, (max-width: 525px) 100vw, 525px\" \/><figcaption>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@bernardhermant?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\">Bernard Hermant<\/a><\/figcaption><\/figure>\n\n\n\n<p>But how do they get to that point?&nbsp;Merchandise displays are carefully crafted to&nbsp;attract buyer attention.&nbsp;&nbsp;Store layouts are constructed to maximize the opportunity for add-on purchases.&nbsp;Product assortments are carefully chosen to cater to target customers. These same assortments are&nbsp;purchased or manufactured at desirable&nbsp;profit margins. The list could go on and on.&nbsp;<\/p>\n\n\n\n<p>What happens if a delivery of goods is slow to reach a store and a hot-selling item sells out in that&nbsp;location?&nbsp;<em>That is a missed opportunity.<\/em>&nbsp;What if that item&nbsp;actually arrives&nbsp;at the store in time but it isn\u2019t received and priced&nbsp;in a timely manner?&nbsp;<em>That is a missed opportunity.<\/em>&nbsp;What if that same item is received quickly enough but the wrong SKU&nbsp;(stock keeping unit)&nbsp;or price is affixed to the item?&nbsp;<em>That is a missed opportunity.<\/em>&nbsp;&nbsp;<\/p>\n\n\n\n<p>As you can see, missed\u00a0opportunities come from a variety of places and can add up quickly. These little details\u00a0can have a profound impact on\u00a0our\u00a0business.\u00a0Furthermore, if these details\u00a0aren\u2019t\u00a0defined and optimized with thorough planning\u00a0then\u00a0the execution will be subpar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">&#8220;So, how does this apply to me? I&#8217;m not in retail&#8230;&#8221;<\/h2>\n\n\n\n<p>Recently we were editing a video and our objective&nbsp;was&nbsp;to make this video&nbsp;stand out. Or,&nbsp;to use&nbsp;another&nbsp;phrase, we wanted&nbsp;it to go from&nbsp;\u201cgood\u201d&nbsp;to&nbsp;\u201cgreat.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>A video project can have good shots, a good \u201cflow\u201d brought about in the&nbsp;editing, and&nbsp;can tell a good story. However, is it as good as it could be? Will it have the same effect?&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"525\" height=\"280\" loading=\"lazy\" src=\"https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details.jpg?resize=525%2C280&#038;ssl=1\" alt=\"\" class=\"wp-image-226\" srcset=\"https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details.jpg?resize=1024%2C546&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details.jpg?resize=300%2C160&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details.jpg?resize=768%2C409&amp;ssl=1 768w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details.jpg?resize=1536%2C818&amp;ssl=1 1536w, https:\/\/i0.wp.com\/www.vocne.com\/blog\/wp-content\/uploads\/2020\/11\/Workin-the-Details.jpg?w=1599&amp;ssl=1 1599w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><figcaption>Photo by <a href=\"http:\/\/vocne.com\" target=\"_blank\" rel=\"noreferrer noopener\">Vocne<\/a><\/figcaption><\/figure>\n\n\n\n<p>We need to look at the little details. We can make&nbsp;a video project, for example, be even better by adding the right music and the right sound effects in the right spots.&nbsp;During the editing process, we can work on the color correction to really alter the mood of the project. We could also add a voiceover to really&nbsp;tie the whole piece together. This list, also, could go on.&nbsp;The takeaway here is&nbsp;that to surpass expectations we need to look at the details.&nbsp;&nbsp;<\/p>\n\n\n\n<p>A good practice for all of us managing small businesses is to&nbsp;really have a keen eye toward the small details that drive our businesses. These details will certainly vary depending on each situation.&nbsp;We won\u2019t always see&nbsp;all of&nbsp;the&nbsp;details, but&nbsp;spending the time and effort to&nbsp;identify the details&nbsp;goes a long way.&nbsp;&nbsp;<\/p>\n\n\n\n<p>By identifying the&nbsp;details&nbsp;we give ourselves the change to develop strategies to make sure they are executed well. If we&nbsp;are able to&nbsp;do this then we will find new opportunities for success that we didn\u2019t&nbsp;even know were there.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over\u00a0our working careers,\u00a0we\u2019ve\u00a0all been\u00a0influenced by something or someone.\u00a0Occasionally,\u00a0one or\u00a0two of these influences stick with us,\u00a0bring us opportunities, and so we pass these\u00a0little gems\u00a0on to others. \u00a0\u00a0 We&nbsp;know what&nbsp;you\u2019re&nbsp;thinking:&nbsp;\u201cHere comes some piece of&nbsp;\u2018wisdom\u2019&nbsp;from some old guy who thinks that&nbsp;he has some insights that would&nbsp;benefit&nbsp;me&nbsp;and my business.\u201d&nbsp;&nbsp; But hear us out.\u00a0The\u00a0catchphrase that\u00a0we\u2019re\u00a0about to\u00a0examine may be familiar to\u00a0many &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.vocne.com\/blog\/2020\/11\/10\/why-you-may-be-missing-opportunities-in-your-business\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Why You May Be Missing Opportunities in Your Business&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-small-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why You May Be Missing Opportunities in Your Business - The Vocne Post<\/title>\n<meta name=\"description\" content=\"Attention to detail is key to succuss when running a business. 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