Cash flow is the heartbeat of every small business. If your established company’s profits do not outweigh its expenses, your business is on a downhill turn. But before you throw in the towel and declare your company defunct, consider why your business’s sales have been decreasing. There’s a good chance you’ll be able to save it if you can pinpoint a fix.
1. Product Mix
Your store may not be catering to a wide enough range of consumers. If your store specializes in indoor furniture, why not throw in some patio furniture, or lawn décor? The more your store has to offer—while still remaining in a well-defined niche—the more customers you will reel in.
2. Following Up
Many store and restaurant owners have taken to Yelp to respond online to positive and negative reviews alike. Owners thank positive reviewers for their visit and promise negative reviewers a better experience should they visit again. Responding to feedback and inquiries shows a certain level of dedication to the customer, and which customer can say no to such excellent service?
3. Answering Phones
Lots of people go window-shopping just for fun, but many people do targeted shopping—that is, they call a store with a specific inquiry and then decide whether or not to make the trip. The kind of customer service that these people receive on the phone can make or break their decision to visit the store and make a purchase. You don’t necessarily need to create a script for telephone calls—these can come off as fake-sounding—but it can help your sales considerably if you coach your staff in proper phone etiquette and customer service.
As the saying goes, never judge a book by its cover—but people still do it. Make sure your storefront display is neat and simple but also appealing. Add some decoration to the display in accordance to holidays, seasons, or promotions. Make it known to passersby when your store is having a sale.
If you have questions about your small business’s future, visit our website at Biz2Credit for guidance.