Tips on how to grow your small retail business

After a certain point of time every business wants to expand and move from the small category to medium and so on. When you are sure of your capability after a point of time you can grow your business from the current state to the next level. But what happens in between the words small and medium, how do you reach to that level?

Here are few tips that will give you a brief knowledge and idea on how to grow your small retail business:

1. Open a chain or one more store in another location

One of the simplest and the best ways to expand your business is to open it in one more location. This makes your business”™ outer look appear as a growing business as well. And this will give the customer a positive vibe that your business is doing well and hence you are being able to expand it. Make sure that your second store is also as functional as your first and distribute attention to both of them equally.

2. Alliance

When your have enough money try the technique of alliance with other similar business. This is one of the fastest ways to expand your business. It will help you expand your business and get more buyers as you will also get their existing buyers as your consumers which will add up to your profit.

3. Give out free stuff and offers

Everyone loves free stuffs and gifts that people are usually used to buying. This attracts customers and gives you a chance to clear your stock as well. You can take advantage of the off season when you get to clear stocks and this way you can invite more customers. Give away unsold products for free with the fast selling products. You can also provide offers for example give out expensive products for lesser price and the stock that are in demand give them away with offer that says save 5 rupees on this product, buy two get one free, shop for 500 and get 60 percent off on two other products, etc.

4. Be unique

Being unique is one way to make more profit and get your business to move from small level to the next level. Stand out from your competitors and give the customers something that none of your competitors are providing, this gives a reason to the buyers to choose you among the existing similar business around you.

For example, come up with great posters and window display that point out what you are providing different and beneficial for them from the other business. This will make buyers stop and take a look into your store to see what exactly it is that you are providing them.

5. Customer relationship

This is also one great way of increasing business to get more profit in order to expand your retail store. Talk to your customers and get their feedback on how you can improve your business and what is it that they like about your business. Teach your staff to help out customers and handle their complaints, to be presentable and to be welcoming to all of them.

When you give customers a good experience it will show in your business as we know that people speak and that is how the word of the mouth goes hence you will be able to gain more consumers for your business which will ultimately show as profit and help your business upgrade.

6. Be familiar with your locale

There is no use in trying to sell Hakka noodles in an area where every wants to eat chapati and dal. Know what your locale customers want and focus on that or else what is the reason the buyers and the majority crowd will come into your store for. Learn what your majority buyers want and where you are established so you are fully aware of what they want and what you are providing is exactly what they want. This will help you gain buyers otherwise it will just be another tiny open store that have been there in a corner that we usually come across on the streets.

7. Bring something new

Do not stick to the same sale and same advertising ways every year. Last year you were giving away chocolates during Christmas why not give offers on cakes this time. Or during Diwali you were giving offer on ethnic wear why not try something extraordinary this time like buy two sets in  a price for one.Or many more according to your will. This will keep your buyers interested but in case they like your previous style and pattern of sales and offers go with it, after all you can always get a feedback. Bring in new products that will excite the customers so you are in focus when every other similar business is providing the same daily meal. Have new menu every year and every occasion and get noticed more.

8. Take help from technology

This is one of the most important point at the moment. We all have been hearing about accounting, ERP, CRM, POS, billing, Inventory software. Get the software that your business require and get going. This will help you watch your expenses, track your stats, manage your customers, automate your business, take care of your inventory and help you manage everything in a more professional and beneficial level.

Getting a complete solution would be to get an online ERP software. That can take care of your entire business unless you want to get different software separately which is not a bad idea either and then you can get them to integrate with each other and utilize them for your business.

Reach is a cloud based software that has many products like ERP, Accounting, Inventory management, POS, CRM, Supply chain, etc. It is easy to operate and is mobile friendly. It automates your business and helps you manage it even when you are not in your store.

Reach is a complete solution as it customize with your business and makes itself suitable for the user.

For queries and more information click on contact us. And for 15 days free trial of the software click on each software mentioned above as per your choice and requirement for your retail business.

Sumathi

I’m a tax expert with over 10 years of professional experience. I’ve gained practical insights on GST and other Taxes during my tenture as a Tax expert and GST Trainer in Reach Accountant.