Running a local small retail business can be tough, and when things feel slow, it’s easy to feel overwhelmed. There are plenty of straightforward, cost-free actions you can take right now to improve your situation. Here are 13 to get you started:
1. Engage Your Entire Crew: Make sure everyone on your team understands how the business is tracking, its needs, and the “why” behind it all. Work together to set achievable goals and outline the steps to get there. Keep the communication flowing and track progress openly.
2. Declutter for Clarity: Spend a day decluttering your shop. You’ll be surprised how the act of physically tidying up can help you see potential positive moves for your business. Do it yourself, and then action those insights.
3. Ditch the Dead Weight: Be honest about slow-moving stock. Whether it’s items gathering dust for six months or two years, dead stock is costs space, time and cash. Anything you can recoup is better than its ongoing drain.
4. Reward the Next Visit: Include a discount voucher on customer receipts that encourages a return visit within a short timeframe – say, seven days. This is a quick win, focusing on immediate repeat business rather than long-term loyalty programs. Think of it as a “come back soon” incentive.
5. Know Your Missing Opportunities: Surprisingly, top-selling items often go out of stock. Your POS system can easily identify these missed revenue opportunities. Fix those stock gaps, and you’ll see an immediate impact on your bottom line. Check your “Insights Dashboard” if you’re using our software.
6. Partner with Your Community: Connect with a well-regarded local community group with a strong membership base. Offer their members a discount and consider donating a small percentage of each purchase back to the group. This introduces your business to new customers.
7. Have a Cracking Time on Socials: Social media is for fun! Entertain your audience. Don’t overthink it – show the fun side of your business and share unique knowledge that sets you apart.
8. Embrace the Freebies: Ensure your Google Business and Bing (yes, it still exists!) listings are up-to-date, engaging, and accurate. These free platforms are crucial for local visibility.
9. Trim Payment Costs: Card payment fees can eat into your profits. While surcharging is an option, exploring alternative payment providers could lead to significant savings. Even if you switch, consider still applying a surcharge.
10. Connect via Email: If you have customer email addresses and purchase history, use this valuable data for targeted email campaigns. Personalised communication can drive repeat business.
11. Re-evaluate Your Pricing: Ask yourself: “What price could I realistically sell this item for?”. Your convenient location or lack of nearby competitors might allow for a higher price point. Most POS systems make price adjustments simple.
12. Chat with Your Suppliers: If you’re feeling the pinch, chances are your suppliers are too. Ask if they have any special deals on inventory they need to move. If it’s stock you can easily sell, snap it up for a better profit margin.
13. Set Your Shop Up for Success: Create an environment that encourages spending: * Inside the front door: Feature a new, bright, optimistic, fun, and unexpected display each week. * At the counter: Place impulse-buy items with strong performance and unexpected finds. * Introduce a scent: Use a pleasant incense or candle. * Play happy tunes: Choose familiar music that customers might sing along to. * Temperature control: Make your shop warm in winter and cool in summer. * Keep things fresh: Move at least one product category each week to create a sense of change.
Implementing even a few of these free and easy actions can make a real difference to your local small business. Start today and see the positive impact!
