With the New Year around the corner, it’s a great time of the year to plan some resolutions to make the most of your small retail business in 2015.
A good business plan will carry you through the year. Make sure you have a strategy for your business’s sales and development. Get help with business planning from a business mentor or coach to really help your business take off. In Manchester, for example, you might want to look at the Business Growth Hub.
Share Ideas and Get Help
Small businesses can greatly benefit from membership of their local chamber of commerce or an organisation such as the Federation of Small Businesses.
Perfect Your Retail Space
A beautiful shop space is essential if you sell face to face. Beautify your location with some great wallspace frames showcasing your wares or brand-aligned artworks. Wholesale picture frames will save you money, whether you use them to display works or for resale at a profit.
It is essential to manage your stock costs, and by buying in bulk you can make some great savings. Look for opportunities to cut your costs by purchasing online, via buying groups, in bulk or from overseas suppliers.
Look at each cost aspect of your operation and find ways to trim back. For example, can you switch utility providers to get a better deal on your retail unit’s heating and lighting? Can you get better prices on some of your supplies?
Take Time Out
If you work long hours day after day, it is easy to lose sight of the bigger picture and become tired and a little fed-up, especially when business is tough. There will always be times when a retail business feels difficult, and it can be valuable to take a holiday and to distance yourself from the business and rethink your approach.
Build your own network of contacts and enjoy the benefits that come from speaking to other business owners. Whether it’s a supplier lead, a joint-working opportunity, an invite to tender or simply an opportunity to learn new skills, make new relationships or let off steam, networking is a really enjoyable part of business.
Look at Yourself
Presentation is key in the retail business, so take the opportunity to look after yourself too. Eat well, exercise, take care of your appearance and smile. These things will translate into better business.
Build Your Own Skills
Training and development are vital, so make sure you are seeking out new opportunities to develop your own business skills and abilities. Keep abreast of new trends and releases so that your business can evolve and grow. For example, you might want to invest in electronic systems rather than use time-consuming and slow manual processes.
Invest in Your People
Good staff are the lifeblood of any retail business, so make sure you hire the best staff that you can. Pay them fairly, give them a uniform and make them feel valued and part of the team. They will make all the difference to the success of your business and be the true shop-front of your retail brand.