5 Essential Investments that Will Secure the Future of Your Store - Sun and Planets Spirituality AYINRIN
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Author:His Magnificence the Crown, Kabiesi Ebo Afin! Oloja Elejio Oba Olofin Pele Joshua Obasa De Medici Osangangan Broadaylight.
The future of your store is only as secure as you make it today, which means you need to make some investments to secure your ongoing success right now.
From ensuring you have the chance to generate a consistent income via customer sales to stopping robberies before they happen, you need to future-proof your store’s security by investing in the five things discussed below.
Store Layout Design
The first place to start when it comes to securing your store’s future is to make sure it’s laid out in the most effective way to maximize sales. There are many experts in store layout design who can help you ensure your store’s floorplan maximizes space and optimizes sales. This is an investment that will deliver positive returns to your business for many years to come.
Why do supermarkets put milk at the back of the store? It’s simple. Milk is a top seller, so by putting it in the back of the store, customers are forced to walk by a lot of other products to get to it. As a result, they’re likely to buy more. An expert can help you create a store layout that delivers the most profit possible to your business based on your products and target customers.
Merchandise Display
Don’t try to cut costs on merchandise displays, because customers will notice and will be less likely to buy from your store. Second-hand merchandise displays are fine if they’re in great condition and you use them for their intended purpose. However, you need to be very picky when you buy used merchandise displays and only purchase high quality items.
You can also hire a merchandising expert to help you maximize your display space to generate the highest profit per square foot. Hire a consultant who has experience in your industry and work with them to create a planogram – a visual representation of your store’s products on display – that you can use to optimize every inch of display space available to you.
Security
Adequate security is critical to the success of any retail store. Be sure to consider your store’s security during hours of operation and while it’s closed. Shoplifting and robberies during hours of operation are a possibility as are off-hours break-ins, vandalism, loitering, robberies, and more.
With that in mind, you should invest in a high quality security system for the interior of your store. This means you need cameras that record all activities throughout your store, including activities in the stockroom and other non-customer areas.
After hours, invest in a security system that does more than record the interior and/or exterior of your store. Instead, choose a security system like the one offered by Deep Sentinel that uses a combination of security cameras, artificial intelligence, and guards watching through live video surveillance. This type of system combines technology with human intervention, so false alarms are mitigated but police are contacted within seconds when it’s necessary.
Marketing
Just because you open the doors to your store doesn’t mean shoppers will come. You need to invest in marketing to spread the word, build brand awareness, and motivate people to visit your store. That’s where marketing comes into the picture (and your budget).
Try to set aside at least 10% of your projected annual sales for marketing, and invest that money into marketing tactics that are most appropriate for your target audience. For example, social media marketing could be a perfect marketing investment to promote your store and products to Millennials, but for senior citizens, direct mail and local advertising may be a better choice.
Also, invest in a great website for your store even if you don’t sell online. It’s the first place people will go to learn about your business and products.
Financial Systems
How will you manage your store’s money? If you plan to handle all of your finances manually or using spreadsheets, you’ll be overwhelmed very quickly. You’re also likely to make a lot of mistakes. Instead, invest in financial systems and software tools that help you complete all of the money-related tasks quickly and accurately.
Ideally, your financial systems and software will integrate with each other, so you your daily income and expenses, payroll, and taxes are handled seamlessly. At a minimum, you should invest in software to manage your accounting, point-of-sale transactions, payroll, and taxes.
Key Takeaways about Investments to Secure the Future of Your Store
With strategic investments made today, you can secure the future of your store tomorrow. Start by investing in the five things discussed in this article, and you’ll be on your way to operating a successful store that not only stands the test of time but also thrives over time.
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