Yes, small businesses like high street shop still exist. How long yours last depends on the owners. Sadly, retail stores are declining and finding it difficult to compete. A&F and American Apparel have closed more than 160 shops between them this year. Still, owning a high street store is not impossible; you just have to send out an S.O.S.
Here are the tips which will help save your shop from foreclosure. Good luck.
Cut Costs To The Bone
For a typical SME, the term “cutting costs” means switching off the lights. In your case, it means buying the cheapest milk and bread at the local supermarket. A shop is at a distinct disadvantage because it is not in vogue any longer. The goal is to attract custom, but reducing expenses should be the next aim if it isn’t possible. A motto to keep in mind is, every penny helps. For the owners who need to take action, Antony Batty insolvency practitioners LLP is on hand. Alternatively, hiring an accountant can be the difference between success and failure.
Open An Online Version
The main reason people don’t shop on the high street anymore is evolution. In the past, the only place customers could see an array of produce was a shop. Nowadays, consumers can go online and view ten times as many items with little hassle. Not only is it convenient, but it’s quicker too. Waging war against online shopping is a waste of time, which is why you should join them if you can’t beat them. It is more realistic to raise awareness of a website than a physical store. And, because the costs are low, it won’t impinge on the shop. Usually, an eCommerce site supplements a high street establishment.
Another source of customer frustration is with the products high street retailers sell. Back in the day, it was okay to flog items which were generic and had a mass appeal. For years, it was what kept the streets on inner towns and cities full to the brim with shoppers. In 2017, consumers want locally-sourced products which aren’t made by small children. Eco-friendly products and services are also popular nowadays. The items can stay the same but they must comply with the new customer requirements. Say you sell food, for example. You should promote the fact it is local and organic.
Try And Be Technologic
Technology firms, as in modern-day companies, have an edge. They have it because their attributes include failing and learning from their mistakes. Old school businesses are different because they aim not to fail, and they have a sense of arrogance. At the minute, the former structure is winning by a landslide. Changing processes is difficult, but you have to try and incorporate specific attributes. Shops which aren’t afraid to fail and act first and ask questions later have a better chance of succeeding.
When you send out an S.O.S, don’t expect someone else to answer the call. The responsibility is yours and yours alone.
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