How to Be a S.M.A.R.T. Supplier in 2016

Author: 8th and Walton

SmartGoals

Now that the holidays are over, it’s back to business as usual. To get your year off to the right start, let’s talk about S.M.A.R.T. goals.

While New Year’s resolutions get buried in your facebook feed, S.M.A.R.T. goals will drive you to accomplish your objectives. When outlining your goals for 2016, it is critical that you apply each of these 5 factors:

  1. Specific — What do you want to accomplish? Be as specific as possible.
  2. Measurable — How will you track your success? Use units of measurement like dollars, hours, etc.
  3. Action-Oriented — What actions will you take to accomplish your objective?
  4. Realistic — Ask yourself if this goal is realistic. If the answer is “No,” revise accordingly.
  5. Time-Bound — Give yourself a time limit to achieve your goal.

The #1 New Year’s resolution for most suppliers is: “Improve my business with Walmart.” Maximizing your Walmart business is critical for success in 2016, and the key is to be specific as possible about your objectives and what steps you will take to make them happen.

 

Four specific ways to immediately improve your business with Walmart are:

1. Reduce chargebacks and recover lost revenue
2. Learn to report sales and inventory effectively with Retail Link
3. Build forecast projections and evaluate forecast accuracy
4. Identify root cause of out-of-stocks and use seasonal trends to forecast sales

For help determining the actions you will need to take to meet your 2016 objectives, click here to fill out a Needs Assessment form. 8th & Walton experts will deliver a solution tailored to your business needs.

 

 

 

 

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