Forget the big payday: making every day count in small business retail

Gone are the days when retailers could bank on a hefty payday by simply selling their business. Today, the smartest strategy is to extract value every single day. This is why we have a mantra at Tower Systems for local small business retailers: make everyday your payday.

This shift in mindset is crucial. Instead of dreaming of a distant payout, focus on building a thriving business that rewards you consistently.

How do you make this happen?

Start by viewing your business through a new lens. Every decision, from staffing to pricing, should be evaluated with “daily profitability” in mind.

Here are some key strategies to put this into action:

• Optimise your workforce: Streamline your roster to maximise efficiency and minimise labour costs.
• Prioritise customer interaction: Ensure your most skilled staff are on the floor, guiding customers and encouraging higher spending.
• Create captivating displays: Eye-catching window displays and in-store presentations will draw customers in and inspire browsing.
• Maximise impulse purchases: Strategically place enticing offers in high-traffic areas to boost sales.
• Implement smart pricing strategies: Explore options like loyalty programs (discount vouchers, hampers), bundle deals (2-for-3 offers), and multi-buys to increase average transaction value while minimising price comparisons.
• Negotiate the best deals: Secure the best possible prices from suppliers and always take advantage of settlement discounts.
• Expand your reach: Leverage online and social media platforms to promote your business and attract new customers.
• Encourage deeper basket purchases: Identify opportunities to upsell and cross-sell, encouraging customers to buy more with each visit.

Ultimately, the success of your business rests on your shoulders. Don’t blame external factors like suppliers or landlords. Take ownership of your decisions and their impact on your bottom line.

By relentlessly pursuing profitability, you’ll not only increase your daily earnings but also significantly enhance the long-term value of your business.

Need help tracking your progress? Tower Systems POS software provides the tools you need to easily monitor your business performance.

Tower Systems is not your usual POS software company. We have retail experience and this informs the service we provide, the support we offer and the tech we build – to help local small business retailers run more valuable retail businesses, shops they love working in and from which they benefit personally as well as financially.