Growing your retail business need not cost you a fortune if you check out all the options available. Just hunt around and you will discover ways to save money on the things you do every day. For starters, here are four quick tips that can help your retail business grow and help improve your bottom line:
1. Explore Remnant Advertising Opportunities
Remainder advertising refers to the advertising space or time slots that a media company has been unable to sell. Advertising time and space is a perishable commodity. If it is not sold, it is lost, used for a "house ad", or given away for public service announcements or some other non-revenue producing filler. Your retail business can take advantage of the shortfall, usually at a heavily discounted rate. (That discount can sometimes be up to 90 percent off the regular price!). Since this is typically a last-minute deal, keep a few approved ads ready for release in a wide variety of formats and sizes.
2. Offer Amazing Customer Service
If you offer amazing customer service, your delighted customers will surely spread the good word. And, it doesn't cost you a dime. A courtesy follow-up call, providing timely services, a friendly thank you note on your invoices, repeat customer discounts, giving your customers a reason to return etc. are all good business practices that will earn you more clients in the long run. Don't shy away from asking a happy customer to share his/her experience! Remember, smiles are free - and infectious. A friendly face leaves a lasting impression that money can't buy.
3. Make the most of Networking Opportunities
Even if you run a one-person shop, there is always value in building solid partnerships within your community. So, make the most of potential networking opportunities. Both via social media such as LinkedIn or in person meetings and luncheons with like-minded people in your industry. Remember - lunch is cheap and offers you the opportunity to hand out a business card, but the return on a potential partnership could be limitless.
4. Earn Rewards
Check with the service vendors you currently use to see if they have a reward program you can join for free. With some programs, you can redeem your rewards for gift cards, which you can use for your business expenses instead of cash. When shopping for a corporate credit card for your business, look for one that can help track your company's expenses as well as reward you in the form of easily redeemable cash back or airline miles.