I ran a retail business for five years over 15 years ago. Then I sold it and started supplying packaging to manufacturers. Now I run an internet based business. The following is how I boosted the business in my retail outlet.
One of the best ways to boost profits is by having the right technology and software in place. I find it staggering that many small business owners do not even know how much stock they have at any one time.
By linking your till to the right computer and software package you will know:
1) How much stock you have any one time
2) How much dead stock you need to get rid of
3) The exact margins you are making
By buying cameras and anti theft equipment you will greatly reduce the amount of pilfering that normally goes in the retail trade and remember to cover your storage area where goods are delivered. It is estimated that half of all stolen goods go out the back door! Now that technology is so cheap, it does not make sense not to have a decent system.
Have you considered expanding your sales area by reducing the size of your stock room? Once you have the right technology in place you will not need so much stock. Your high street premises are far too expensive to use for stock anyway. Renting a cheap lock up and keeping slow moving lines there will mean that you have now got a much larger sales area!
Moving location can also work wonders to the bottom line. We all have heard of location, location, location? but how many businesses do you know that once they have started never move?
Keep your eye out for your ideal location and if it comes up for sale / rent make sure you get it.
By making the right changes now it is possible to enhance the profitability of your retail outlet.
Retail Business For Sale
If you haven’t started your marketing calendar yet, why not do a total makeover this coming year? Even with an entire shop full of interesting and useful merchandise, have you ever wondered why people don’t seem to flock to your shop?
It wouldn’t surprise me if one of your clients says it’s a tad boring to come in your store. You wouldn’t want that to happen again this year, right. With strategic planning and a great calendar of promotional events, the year 2008 would definitely have something extra to add to your retail business.
And mind you, we don’t mean just the usual markdown price cut you regularly have in the middle and last quarter of the year. We would like to see a specially planned marketing campaign this year. This means planning for several exciting events that would give your clients and customers the motivation to shop in your store on a regular basis.
Planning for your promotional campaign for your retail business starts with choosing the most suitable marketing collateral – from the more popular ones (i.e. brochures and catalogs) to the most cost effective (i.e. postcards and flyers). Whatever you choose be sure to have them fit your retail business, your target clients, as well as your goals.
Next, you start your marketing calendar which contains all your planned and actual events for the whole year. Try to coordinate your special events with the major holidays, retail trends, seasons, and other occasions that would help you create a more interesting retail plan. And don’t just stick with the national affairs; also include those events that are celebrated in your local community.
In addition, make sure that you schedule your marketing events 3-6 months in advance. So you won’t be pressured and stressed when it’s time to implement your plan.
Here are some of the major holidays and events celebrated in the U.S. , Canada and the United Kingdom to help you map out your marketing calendar for 2008:
January to March – New Year’s Eve, Super Bowl, Bank Holiday in the UK, and back-to-school; Valentine’s Day, Mardi Gras, President’s Day, Black History Month, Ground Hog Day; Easter, Passover, Academy Awards, Spring Fever, St. Patrick’s Day.
April to June – Baseball opening, April Fool’s Day, Tax Day, Earth Day, Prom Season; Cinco de Mayo, Mother’s Day, Victoria Day in Canada, Memorial Day; Flag Day, Father’s Day, Graduation Time, start of summer vacation, Wimbledon Opening.
July to September – Canada Day, Independence Day, Summer Break; Start of school, Tax-Free Sales; Labor Day, opening of NFL, Autumn.
October to December – Columbus Day, Red Ribbon Week, World Series, Book Month (October), Halloween; Election Day, Veteran’s Day, Thanksgiving, Black Friday, start of Winter Sports; first of Winter, Christmas, end-of-year celebrations.
Both Naz Daud & Colleen Davis are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Naz Daud has sinced written about articles on various topics from Real Estate, Ezines And Newsletters and Business Promotion. Naz Daud - CityLocal Business Opportunity. Naz Daud's top article generates over 60500 views. to your Favourites.
Colleen Davis has sinced written about articles on various topics from Business Cards, Brochures and Sales and Negotiation. For more information, visit www.printplace.com to learn more about ,. Colleen Davis's top article generates over 201000 views. to your Favourites.
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