This week we celebrated St. Patrick’s Day, and with it all things green. Keeping in line with this theme, today’s post is focused on one of the most valuable of emerald-hued items: money.
Any small business owner is aware that maintaining your bottom line is essential for long-standing success. While overhead costs, such as rent, marketing, or utilities, are part and parcel of any business, out-of-control operating costs can be crippling. This is especially true for new-to-market retailers, where one month of too much spending can derail the entire business.
The following suggestions will help to reduce costs without cutting corners:
1) Adapt New Technologies
The cash register will continue to make its march towards extinction in 2015, as many savvy retailers adopt POS (Point of Sale) systems. Not only are POS systems more customer friendly, they outperform old-fashioned registers in all areas, including- performance, functionality, looks and cost effectiveness.
2) Choose your Location Wisely
It’s essential to find a space that suits your needs, both in terms of location and size, as well as pricing. Do you need a large space or could you consolidate to a smaller footprint, or even a shared area? Is the pricing justified when considering both location and foot traffic?
When considering these questions, many retailers might be surprised by the cost-friendly alternatives to their existing set up. For example, a common area option within your local mall is a fantastic choice for retailers looking for built-in foot traffic minus the cost.
3) Find a Partner
The secret to small business success can often times be attributed to an amazing partner. Forming an alliance with an autonomous partner that brings added stability to your business is hugely valuable.
Take the brand Honest Tea for example. By partnering with Coca-Cola they created instant credibility and sustainability, while maintaining the core tenets of their brand. This partnership promotes the core tenets of a successful partnership: take mutually beneficial assets and combine them to create added value for both parties.
Interested in opening a retail location, or expanding your existing business? Partner with Westfield Mall Retail on your next retail location. Connect with your leasing manager today.