The question of how to invest resources for a store’s success is always an ongoing, yearly concern. But I would say that in this past year, we’ve all learned how important it is to adapt to changing conditions while continuing to review all of the usual aspects of a store’s operating expenses.

With local conditions changing regarding in-store rules, and big-picture consumer interests shifting rapidly from products for anxiety relief, immune strengthening or energy boosting, it can be tough to get a sense of how it is best to invest in your business.

However, there are a few points to follow that can narrow your cost-of-doing-business list into something manageable and sensible. I try to keep these in mind to help decide where to invest resources for ongoing success.

Keep track of trends, but only choose the ones that have value: In order to stay successful and build for the future, you need to keep your store relevant. And this can be tricky. Trends come and go, and any interest in specific nutrients that is fueled by media attention may be fleeting, at best.

There’s always going to be a mineral, herb, or vitamin that generates a lot of media attention and quickly becomes popular. Your discernment, education and expertise can help you know when to stock, what to stock and what company to trust when that happens. My advice is to keep your ear to the ground for emerging ingredients and science and focus on top performers in evergreen categories, such as pain, anxiety, energy and cognitive health—and current stars like immune boosting herbs, minerals and vitamins.

This is probably something you do anyway, but you may want to request the assistance of someone on your staff to keep a lookout for new research. Every day, clinical trials and scientific studies are published that validate many of the supplements, botanicals and natural foods that you sell. This is valuable information to promote in your store, especially if the supplements you carry call out specific, clinically studied ingredients. Promoting the science behind the products can make a critical difference—print out those studies and have them available to your customers. So, consider this an investment in time and education that will pay dividends in satisfied customers, improved lives and a strong bottom line.

Edit your selections mercilessly: If you’ve genuinely tried to promote certain products in your inventory, but just can’t seem to get them to move, it’s probably time to let them go and replace them with something better. As always, make sure that, as much as possible, the products in your store can’t be easily found someplace else. In an era of online-everything, this can seem like a tough job—and it is. But combined with stellar service, your unique offerings make your store a destination. And that means that you can’t afford to donate shelf space to items that aren’t selling.

Nurture, develop and maintain a strong online and social media presence: If you don’t already have people on your store staff who are adept at developing a strong website, posting frequently on Instagram or interacting with customers on your store’s Facebook page, hire someone who is, specifically for that reason. Invest resources in this when and where necessary: online sales and social media engagement aren’t going away. And, in fact, this aspect of marketing and the way it contributes to your presence with your customers is incredibly important. It may be the first impression you ever make on potential customers and generate goodwill in your community, and positive results for your bottom line.

Remember the basics: Although in-store traffic has changed dramatically over the past year, your store’s appearance is still either a strong attraction, or an unintended repellent, depending on the state of your shelves, floors, lighting, paint and product displays. As always, keep viewing your store as though you were a first-time customer, and make sure it still feels welcoming, clean and well-stocked.

Consider expenses thoughtfully: I know that this seems like pretty basic advice, but it can be tempting to dive into a business plan with great enthusiasm, but without considering hidden costs. If you decide to boost the number and type of supplements, foods and other natural health products in your store, you’re going to need more shelving and displays, and creative ways of arranging them so they don’t make your space feel crowded. You’ll also need to schedule more training time for your staff to understand the products and possibly even hire someone to handle the additional stocking and inventory.

However, don’t let this stop you from making the decision to take your business to a new level, either. As long as you are bringing in new products that will help people live to their highest quality life, and have the best intentions, a lot of the bottom line will ultimately take care of itself.

Invest in a stellar crew: Your team should reflect everything that is great about your business. Make sure that every person you hire has a passion for natural health and a strong disposition toward helping others. Your pool of applicants may be closer than you think: it’s very likely that some of the best potential employees are already known as some of your store’s best customers. Also, make sure you mentor and compensate them well. A marginal investment in your staff only brings marginal results—you want enthusiastic experts that build relationships with your customers and help your business thrive. I can tell you from experience that hiring the best is absolutely worth it.

Listen to your customers: Your customers are ultimately the ones who decide the future of your business. The best way to prioritize your investments is to consider your customers’ needs—they see your store and the marketplace, in general, differently than you may be used to working “on the inside.” This is why pandemic-related innovations like curbside pickup, online store sales and local delivery may continue to be customer favorites: they are convenient, personalized and solidify local connections.

Analyze, analyze, analyze: Always look at what is happening in every facet of your business. If something isn’t working—a supplement line doesn’t sell, seasonal promotions don’t work out, or certain types of products can’t justify their shelf space—you need to actively intercede to make sure that what you’re doing is really working. You may not have to actually drop any specific item or product line, but you may want to reexamine what your staff knows about those products and book some education time. And on the other side, you may have to edit your selections as I mentioned earlier. The sales numbers will tell, but so will your instincts and experience.

Flexibility Is Our Future

I started in health food retail, and still maintain two stores of my own, so I understand what it’s like to review and re-invest on a regular basis.

Responding and adapting to changing circumstances is key in every business. And a challenging aspect of that is knowing what to invest in to keep your store thriving. I am sure that many of you already have this very much in mind, especially after this past year. But I also think that it’s important to review and really consider what to focus on and where to invest your resources. While that is a normal part of any budgeting process, rapidly changing circumstances, as we’ve all seen, make flexibility crucial as well. In fact, even though every store has its own concern, being extremely flexible in how we invest—and building that into our budgets and strategies—may be the one thing we all have in common. VR

A highly regarded leader in the natural products industry, Terry Lemerond is founder and president of EuroPharma, Inc. He also founded Enzymatic Therapy, Inc. and PhytoPharmica, Inc. and is currently co-owner of the Terry Naturally Health Food Store in Green Bay, WI, which recently won its sixth consecutive consumer choice award as “Best of the Bay.” With more than 40 years in the natural products industry, Lemerond has researched and developed more than 400 nutritional and botanical formulations that continue to be top-selling products in the market. Lemerond shares his wealth of experience and knowledge in health and nutrition through his educational programs, including the Terry Talks Nutrition website, newsletters, podcasts, webinars and personal speaking engagements. He is the author of two books: Seven Keys to Vibrant Health and the recently updated Seven Keys to Unlimited Personal Achievement.