Top Tips for Running a Profitable, Customer Friendly Retail Business
You have a great product, you have worked out your marketing plan, and you know that people will want to do business with you. The only problem, however, is quite a big one. Looking down your profit and loss projections, it is clear to see that you need to make huge savings in a number of areas, or your new retail business will not make it through the first couple of months.
Where could those necessary savings potentially come from?
As a retailer, point of sale software is going to be an unquestionable necessity in your business. Ordinarily, that is a line you may skip over, as the initial instinct is to search your report for anything that is not business critical. Have your really considered all of your options, however? It is likely you have carefully chosen a point of sale provider who offers you great value, but look again.
Have you considered using free web based point of sale, rather than the system you are currently planning to employ? This will save you a lot of money in set up costs as well as in recurring payments for software upgrades.
There are many benefits associated to this as well as significant cost savings, such as clear, up to the minute live reporting and easier monitoring of sales. Operationally, a free point of sale platform offers as much functionality as one you would pay thousands for.
One way to be more profitable as well as have a great reputation in the local community is to go green. Whether it is by using low energy appliances, energy monitors or being careful with the volume of paper you use, each will save you money as well as make your business greener.
If you are starting your small business thinking big, this will prove a brilliant grounding for a social responsibility plan.
Review Marketing Strategies
Many businesses get a little “flyer happy” when they first launch, placing leaflets on cars, through letterboxes, and into unsuspecting hands as people walk past. Not only can this be irritating from both sides of the fence, it can cost a lot of money and prove very unproductive. Save money on printing and distributing hard copies of leaflets, and instead take to social media to ensure people are made aware of what you are offering.
Get yourself a Google Places listing and be active on Facebook so you can “Check In” at your premises, perhaps you could encourage customers to do so in return for a small discount or complimentary item?
The range of possibilities for cost saving is huge, explore which are best for your business and enjoy a successful start for your company.