Money Saving Tips for Your Small Retail Store

This has been a year like no other. For many retail businesses, the picture has changed rapidly and there has been a lot of work put into adapting to these changes, from stores quickly creating ecommerce sites to door-to-door deliveries becoming the norm. 

However, things are looking up. We’ve heard good news about the uptick in retail sales and the outlook is largely positive. However, businesses are still feeling the effects of the last 18 months, and those working in the retail sector are trying to find the financial balance again. 

As a retail business owner, it’s likely that you’ve already started to rethink how you operate now that customers are returning to browsing in-store. If so, here are some ideas to help you save money now that your doors are open again. 

Do some DIY

There’s always the occasional maintenance job to be done in a retail store. From fixing shelving and changing lightbulbs to updating full displays, there are jobs that you might have once farmed out to contractors. But if they’re relatively easy tasks, you or one of your employees might be able to take them on. 

Invest in some basic tools such as a hammer and nails, a drill, and multitool accessories that will help you with any cutting that needs to be done. Having a DIY kit in the store is an investment that can save you money on these smaller tasks.  

Look at your bills

If you’ve recently reopened, it’s likely you’ll have already seen the stark contrast between electricity usage between when your store was closed and now. This is the ideal time to look at your energy supplier. Use a site like Uswitch to compare prices and see if you can get a better deal with a different provider. 

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Also, think about introducing energy-saving options. You might have always had standard bulbs but swapping these out for LED alternatives can save energy as well as money. 

Renegotiate contracts 

The contracts you had with suppliers 18 months ago might be very out of date when you re-read them. A lot of the conditions that you agreed to may no longer be applicable and you could find that you have wiggle room when it comes to renegotiating terms. 

Read through these contracts carefully to see where you might be able to make savings and see if it’s possible to get discounts. 

Reconsider your marketing strategy

If you had a healthy marketing budget before, you might have forked out for media campaigns and full advertising on local billboards. Marketing remains important, but you can save money on this by updating your website and social media channels rather than spending thousands on a radio advert. Cost-effective marketing strategies are important for small businesses. Using strategies that don’t have a large upfront or ongoing cost is crucial. Digital signage software is an alternative method to traditional paper-based advertising. 

How are you adapting to the new normal as a retail business owner? What money-saving measures have you introduced? 

Originally posted 2021-06-11 17:29:41.