Businesses: find inspiration from Greggs
Banking sheets will give businesses an indication of the economic climate.
10:03 06 May 2013
The sluggish economy has high street bakery chain, greggs, looking at its banking sheets. Like many other businesses, it has suffered some losses for this first quarter and did some research to try and track down the source of the losses. Much of what they found could be said of any company currently reviewing their banking sheets for the same information:
- Poor weather
- Reduced consumer spending
- Competition
- Lack of customer loyalty as customers search for the best deal
Greggs has made some innovative changes and results are proving positive, with a 3% gain on the banking sheets from their recent pairing with moto service stations and an expansion of their frozen food line which is sold in iceland.
Plan ahead by reviewing banking sheets:
- Don’t assume customer loyalty in a tight market.
- Location is important when people decide to stay closer to home.
- Innovation can help offset loss and promote financial growth.
- Research is a useful tool to determine where the loss is coming from.
- Revamping prices may be a necessity to maintain clientele.
- Know what deals your competition is running to avoid losing business.
Greggs took more notice of the results on its banking sheets when there was a decline of 9per cent in its shares. While profits aren’t expected to be significantly impacted, they have taken steps to try and track down the source of the issue.
At first they assumed it was the poor weather, but further investigation revealed that the loss may be attributed simply to consumer’s habits of saving and eating at home.
Greggs also had to consider the expansion of their frozen food line, as well as the pairing with moto service stations to see if either of those was causing the negative effect for the stores’ sales declines on the banking sheets, but there was no correlation.