The key to a successful business is achieving profitable sales and taking corrective actions when needed. How is your business doing? Is the store’s income achieving your sales goals? Which store operations are contributing to or taking away from your bottom line? Are your sales associates selling but without the store making an acceptable profit? Perhaps your store is making a profit but you want higher sales per square foot.
Once you determine that you are ready to make the needed changes you have to make a plan to improve your store.
Here Are 10 No Cost Steps to Help Improve Your Balance Sheet.
1. Increase your selling prices. Sales will immediately increase. You will generate a higher income for your business.
2. Pay your consignors 3% less. Offer the consignors 10 per cent less. Let them negotiate with you. Give consignors 7% higher than your first offer but you actually pay them 3% less than you currently pay. Both you and your customer are happy and you have a higher profit.
3. Evaluate your suppliers, customers and staff. If your evaluation shows that your staff or customers are losing you money, it is time let them go. Eliminate the suppliers, customers and employees who do not contribute to your profit. Make your shop’s atmosphere a better place to shop and work.
4. Rewrite your business story. What is your unique selling point? Why should your consignors sell to you and your buyers buy from you? Make it a compelling easy to remember story. Every sales associate should be able to tell your store story to you or your customers. Let every one know what makes your store special.
6. Start networking within the community. Attend business, civic and community meetings and talk to the people attending about your store. Let your community get to know you and your business. Invite them to store. Update your online presence.
7. Increase your average sale. Suggest related items that enhance their purchase. Make suggesting additional items a part of every sales transaction. Instead of asking whether they want it, show how having the additional item will enhance either their purchase or circumstances.
8. Get customers to come buy 2 more times per month. Know your customers’ tastes well enough to know what kind of items would interest them. Let them know when you have new inventory of their favorite products. Invite them to your store. Stay in contact with customers by phone, newsletter or social media.
9. Reconnect with old customers. Invite old customers back into the store. Let them know about the positive updates of the store.
10. Change the displays in your store. Customers love to look and buy new and exciting merchandise. This will keep them coming back more often.