In this episode, Charlie share's Broad River's four growth strategies. These have been the main drivers for growth at the company over the past several years.
These strategies are:
1. Continuously improving and reinventing their current stores. This includes remodeling, investing in the team and leadership, and incorporating technology. They focus on metrics like same store sales, sales per square foot, and sales per guest to measure their success.
2. Identifying the white space in their designated market areas and expanding their market share. They open new stores in these areas and also segment their customer base by offering different store concepts, such as two-in-one stores and freestanding outlets.
3. Customer segmentation and introducing new concepts within their current markets. They aim to increase their market share and penetration.
4. If they successfully execute these three strategies, the fourth strategy of entering new markets through either greenfield expansion or acquisitions becomes viable.
Next, Charlie discusses how to best set up your budget for the following year, when to start, and what to think about in order to be successful.
This episode on YouTube: https://youtu.be/eoYjVea5ahg
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