Market growth has remained slower than most had expected, so businesses are trying to not just strengthen, but grow while making as few investments as possible.
But while it’s difficult to grow a retail business, it’s even more difficult to achieve this goal without splashing some cash during the slow economic rebound.
Fortunately, businesses where cash remained tight have been able to improve their situation by utilizing untapped opportunities and working smarter. Below is a list of measures you can take to grow your brick and mortar without major investments:
Utilize no credit financing
Sometimes customers don’t have a huge chunk of cash to pay at once or can’t bear extra interest payments. If you’re selling items like cars and furniture, the interest rate you offer on credit may keep these customers away.
But with no credit options, you can wave any financing without any cost to you. Partnering with reputable companies will allow your customers to apply via your portal or retail websites.
Crest Financial and other similar companies hint that it is viable to read reviews before partnering with a company to offer no credit financing. With this approach, you can find out retailers’ experiences with approval amounts. For instance, some companies offer streamlined applications and apps for in-store application processes.
And just to double check, you can read about employee experiences at the company you’re planning to partner up with. If employees leave good reviews, it’s an indication that they’re motivated to provide the best service possible.
Interviews of employees at Crest Financial Services and other zero percent financing firms reveal the company culture and what types of treatment employees get within firms. By taking these factors into account, you’ll be able to make the best possible decision about who to partner with to offer no credit financing.
Look for cross-promotion opportunities
Cross-promotion is when you partner up with another business for promoting their product/service, while they do the same. Consider it as a mutually beneficial agreement where both businesses enjoy increased visibility without any investment.
You could begin by displaying your partner’s offerings in your outlet, and getting the same done by your partners. For instance, a business selling cookies could partner up with a Valentine’s Day gifts retailer and come up with Valentine themed cookies that can be displayed in both outlets.
Another thing you can do is give out a product or service from a participating partner free to customers. But if both of you are on a tight budget, you can just give out coupons and discounts for each other.
That’s what Payless ShoeSource and GameStop did years ago; these businesses scratched each other’s back because they were located within walking distance of each other. The takeaway? Look for cross-promotion opportunities within your proximity.
Optimize internal processes
Work with staff members who’re close to internal processes to identify waste. You can consider launching an internal challenge where staff members compete to identify ways to optimize existing processes.
Don’t just focus on improving your product/service. Internal areas, including supply chain and ordering and billing are some areas that can be optimized.
This step will allow your business to streamline processes and can give you a competitive edge by facilitating optimization of growth-supporting processes.