Small business owners across the UK are struggling to cope with the current crisis. In such challenging times, it’s even more important to manage your money and stay on budget. Businesses need to make financial decisions that are sustainable in the long run. Address the current situation, and then think about what you want to achieve in the future.
Here are a few ways you can save money in your small retail store.
Save on energy
You can opt for energy-efficient options, like LED lights and solar energy. You might need to invest some money initially to buy new lighting and energy sources. However, once they are installed, you will start to notice a decline in your energy bills over the coming months.
Renegotiate with suppliers
You can renegotiate with suppliers to get a better deal. If you have used a supplier for a long time and are a reliable client, they will be more likely to reduce their fees. You might be able to secure a discount on some products and save a little cash.
Cut down on maintenance
You don’t need to hire someone for every single job. You might be able to do some jobs yourself. For example, if the store needs repainting and a little maintenance work – put your DIY hat on and get started. Instead of calling a professional, use a Milwaukee multi-tool to take care of any repair work.
Reduce the small expenses
Small expenses add up over time. You might be using an excessive amount of paper on tasks that could be done online. Or, perhaps, you like to invest in pretty stationery for the staff to use. Cut out the small expenses that are not essential to the survival of your business. You might have to cut down on some business perks – like buying everyone a coffee at lunchtime. If you feel uncomfortable about diminishing employee perks, have an honest chat with everyone about the current crisis.
Tweak your marketing strategy
Marketing can be very expensive. Focus on growing slowly and sustainably so you can connect with your customers and engage with them. It will be much cheaper than traditional marketing techniques and provide better results long-term.
Utilise free marketing tools and watch your audience grow organically. You don’t need to rebrand your business every other month. Find a brand image that works for you, and stick with it. There’s no need to redesign your logo and all of your advertising materials to generate interest in the brand. You can stick with what you have and use social media marketing to your advantage. You can take product photos yourself and post them on social media consistently.
Keep your finances in order, and watch out for any slips in your budget.