Helpful Tips for Running a Business

Discussion in 'Articles & Tutorials' started by ponder210, Jun 4, 2012.

  1. ponder210

    ponder210
    uix_expand uix_collapse
    New Member

    Joined:
    Jun 4, 2012
    Messages:
    1
    Likes Received:
    1
    Running a successful retail store can be a challenge for anyone. The recent downturn in economic conditions has made it even more difficult, however, to stay in business and turn a real profit. The standard advice that has been handed out to owners of small companies doesn’t seem to apply anymore, or at least, it doesn’t seem to be working. Fortunately, some business owners have discovered some new ways to make their retail stores more profitable and efficient.

    1. Make sure that each and every transaction makes your store a profit. A common mistake made today by many retailers is following the age-old advice of offering low cost or cheap items to attract customers to their store. In many cases, the profit margin on these is small, or a store actually loses money. While the idea behind this practice was that customers would stay in a store and make other, more profitable, purchases, too many customers have realized this. Today, customers simply walk into a store and only buy what is on sale. Offer sales, but make sure that the items sold are still making a profit.

    2. Think about paying for a good check verification system. While many new businesses simply make a blanket rule that they will not accept checks, this can ultimately cost a business a lot in sales. Businesses that accept checks do not run the risk of turning customers away when they discover they are not carrying enough cash to cover their purchases. On the other hand, businesses that just accept checks on trust alone run the risk of getting a bad check. This costs the business in bank fees, lost merchandise, and lost time and labor.

    3. Check what you are paying out in merchant account fees. While typical merchant account fees will range from two to five percent of the whole amount of a transaction, some companies charge way more by adding in service charges and other fees. In addition, it is very important to recheck the merchant account fees that your store is being charged every month in order to make sure that you are getting a fair and accurate bill.

    4. Have a good website. Really put some time and thought into designing your store’s website. While you may not want to start with an online store and shopping cart, a good website should include contact information and directions to find you retail shop. Even better websites will aloe their customers to easily navigate, browse, and find information about the store’s main products. Most importantly, be sure to update your website on a regular basis. If your website contains outdated information, customers will assume that you’re unprofessional, uncaring, or worse, out of business.

    Provided by Merchantseek.com
     
    • Like Like x 1
  2. harryt

    harryt
    uix_expand uix_collapse
    New Member

    Joined:
    Jun 11, 2012
    Messages:
    19
    Likes Received:
    12
    Thanks, this post actually gave me some good reminders about business. The information is well presented. I like the idea of making money on every item. The focus on making sure you make a profit and get enough cash flow is fundamental to business and these tips are all focused on that in a very practical way. I would add that:
    1. Understanding your market is an important part of success
    2. Meeting the market's (customers') needs are just as important.

    This coupled with a focus on getting paid and making a profit (which you help with) will ensure that you change and adapt to stay ahead of the pack.
     
    • Like Like x 1
  3. harvestllc

    harvestllc
    uix_expand uix_collapse
    Member

    Joined:
    Jul 16, 2012
    Messages:
    53
    Likes Received:
    2
    The post reminds me of my mother's small retailing store. Though its just small, she had able to gain profits accordingly.
     

Share This Page