5 Tips for Growing Your Retail Business

May 29, 2018

All business owners know the importance of expanding your customer reach and growing revenues, but actually doing it can be difficult. Growing a retail business takes time and skill, and in a competitive marketplace it’s important to continue growing.

Whether you’re starting to look into helpful next steps for your business, or are on a fast track expansion plan, consider these tips to help grow your retail business.

Identify Inefficiencies

One of the best ways to enhance your business is to identify what’s holding it back. Looking at your business without bias can be difficult though, especially for entrepreneurs who’ve built the company from the ground up. To help identify inefficiencies, hiring a business consultant for a short period of time can make this process less painful. Consultants can bring knowledge and expertise in areas you may have never considered, and can ensure you’re growing your business in the right direction. 

Expand to Ecommerce

Have you expanded into the world of ecommerce? If you have yet to set up an online store for your business, it’s important to make that a priority.

In 2016, Canadians spent 19.2 billion dollars online, with about 60% of that spent on domestic retailers. And this willingness to spend money in local stores is not going away any time soon. If you’re still hesitant to set up an online store because of the logistics of the matter, consider only offering Canada-wide shipping to start. This will help keep initial shipping fees down, without the concerns of international tariffs or customs fees.

Embrace Local

The movement to shop local is in full force, which means it’s a great time for your business to start embracing the community. This could be doing things like sponsoring local clubs and teams, participating in community events, or even working with artisans to offer their products in your store. Embracing the local movement is a great way to show your community you care, and grow your customer base.

Outstanding Customer Service

There are many ways to make sure you’re providing the best service possible. Research Canada’s best companies, and learn about how they approach customer service; read retail industry blogs and news articles to see what experts are saying in the field; even survey your own customers to ask them about their experience and what you could improve upon via online survey. Providing excellent service will help ensure that customers keep coming back, and could help with word of mouth as well.

Upgrade Technology

A pivotal part of business operations is technology, and making sure that you’re getting the most out of the technology you’re reliant on. When technology works, operations are likely smooth, but when technology glitches or fails, businesses can face some serious setbacks.

Upgrading outdated technology is a great way to make sure that not only day to day operations go well, but gives you the ability to look into business growth in new and interesting ways. This could be upgrades to your countertop products like computers or payment terminals that process faster, or a more robust inventory and reporting system that makes back-end reporting and paperwork easier. A larger change like switching from your current POS system to an iPad POS solution could also significantly improve efficiency.

Learn more about the ways Moneris can help your business by taking a look at The Benefits of Retail Inventory Management with iPad POS or the 5 Reasons Why Merchants Choose Moneris!

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 

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