18 Jul Top 5 tips to grow your Retail Business!
#1 Buy Better!
Cash flow is so important to small retail business! You cannot afford to ‘waste’ your cash flow on excess products on the shelves. It’s also a balancing act to have enough stock, so that you don’t lose out on sales, when and how much to re-order of each stock item. So what’s the answer? It’s in knowing your business statistics. Ensure that all your data is easily accessible, but more importantly, understandable. Use the right software and tools which will help show you the right stats for your business. When you are informed, you can make better business decisions.
#2 Grow your Sales Team
All retail business rely on staff from packing shelves to customer service. As the owner of the business, you have more knowledge about the business than your staff. Ensure you pass on the right knowledge to staff members so they can help the business and customers to the best of their abilities. Create steps for procedures to ensure customers are greeted with the same awesome service every time. The best way to train staff is to automate your training techniques. Training software which have customised or editable learning modules will allow you to develop your business into a powerhouse of knowledge!
#3 Customer Service
We’ve all hear it before, ‘You need good Customer Service!’ but what does it actually mean? Good customer service is where your customers experience will cause them to think positively about your business. Develop scripts or guides for interacting with a customer from when they first enter the store, purchasing at the till and dealing with issues such as refunds or complaints. Use the tips from above to inform your staff on how to deal with each situation to ensure consistency.
Take your customer service to the next level by incorporating your POS software. Introduce customers to items they may like based on their previous purchases, or wish them a happy birthday! You can do this both face to face within the store, or via an email blast.
#4 Get Online!
Got a website? Great! Active on social media? Awesome! Modern retailing is multichannel, incorporating physical stores with online stores and mobile interactions. Customers will frequently use your website and online presence to make a decision about your products and will often visit a few times before either purchasing online, or coming instore. Being online not only increases your sales and reach, but your brand awareness.
If you’re already online, or looking at starting, ensure your POS system is multichannel and makes it easy to update products and keep track of stock levels across your online stores. Without this, you can add countless hours keeping track of everything!
#5 Manage Time Correctly
Running a small retail business can be very time consuming and full of endless paperwork. Using the right tools can cut down on admin and tech management. Streamline such things as purchase orders and stock management. Use predictive ordering to inform you when and how much stock you need automatically. Online management tools will allow you to add, remove and edit your online stock from one location. The tools are out there to save you time!
Do you need help to spend less time doing boring admin work? We specialise in saving small retailers time and money, contact us for a free demo on how we can help you!