3 Ways To Save Your Bricks And Mortar Business
High street businesses have been in decline for years, and this is largely due to the growth of the eCommerce industry.
However, the situation has worsened in recent months. Thanks to COVID-19, many smaller offline businesses have been forced to close for good, and many well-known larger businesses have gone into administration.
These are difficult times indeed, but if you have managed to survive thus far, we have to congratulate you. But to ensure your high street business lasts into the long-term, you might want to consider the following.
#1: Prepare for another financial crisis
The pandemic situation is far from over, and it might be that a second wave of the Coronavirus hits businesses hard again in the future. Of course, there could be other factors that could put your business at risk of a financial crisis, such as the threat of the competition and any type of natural disaster. However, if you can take steps to improve your financial situation, you might be able to override any oncoming storm.
So, read our article on getting your business ready for a financial crisis, and follow the tips within. Save where you can, put money into an emergency fund, and find ways to generate your revenue to improve your cash flow. By taking such steps, you will be in a better position if disaster strikes again.
#2: Do more to get customers into your store
People still shop on the high street, so all isn’t lost. If you could take steps to get them into your store, you will increase your profits. So, consider what you might be able to do to attract their attention.
Adding some kerb appeal is a must, as the more enticing your store looks on the outside, the higher the chances that they will take a peek inside. So, give your store a fresh coat of paint, improve your window displays, and consider the digital signage options provided by EventDisplay.
You might want to give out the occasional freebies too, as everybody likes to receive something for nothing. Or you might offer more discounts, using these discount strategies to ensure you don’t lose your profits.
It might be that you can improve the customer experience too. If you have the space and resources, you could provide a relaxation or eating area. That would certainly please tired customers. You could offer other experiences that can’t be replicated through online shopping, such as special themed events and creative workshops that are tied into your brand. Take a look at these examples of experiential retail for some good ideas.
#3: Diversify what you are offering
You should do this to stand out from competing businesses.
It might be that you extend your product range to give people a wider choice of things to buy, perhaps with unique products that they would struggle to buy elsewhere.
You could repurpose areas of your store too. So, while you might still sell your regular products, you could do something a little different elsewhere. A book store could open up a cafe area, for example, and vice versa. And a clothes store could open up a beauty area selling makeup and fashion accessories.
You don’t want to steer too far away from your main business strengths, but if you can give your customers something more when they enter your business, you will make more money and increase their interest.
These are just a few ideas, so we hope they were useful to you.
We wish you every success as you move forward with your business.