Retail is certainly one of the toughest businesses to be in. While retailers have always faced fierce competition, the rise of online shopping has driven many a retail store out of business. If your business is experiencing tough times, you’re not alone.
In fact, the popular personal grooming product retailer – Shaver Shop, is also feeling the pinch. In their first financial year as a listed company, Shaver Shop have warned that their earnings could fail to reach the prospectus forecast by nearly 18%. And to add salt to the injury, their share price fell 6 cents as a result. While the first half of the financial year was profitable for the retailer, it seems that an “unprecedented same store sales volatility” led to their profit loss over the last 2 months.
So, how do you avoid the same grim future? Read this article and you’ll be well on your way to turning things around. As the owner of Xtreme Shopfitting & Joinery, I’ve helped several shop owners turn revenue drops into revenue wins. Today, I’ll do the same for you.
Let’s first take a look at some great tips for improving your business offered by Business Queensland. Then, I’ll explain how Brisbane shopfitters can help turn your business around.
1. Evaluate your current situation
I myself have seen many retail business owners at a complete loss when it comes to implementing changes to increase their revenue. Before you make any changes, it’s important to first understand the factors that are affecting your business.
To evaluate your current situation, I recommend that you use some common business tools. These include market research, trend analyses, benchmarking practices, SWOT analyses and webinars, among others.
These tools will give you a complete picture of your current business practices and the changing market trends.
2. Set clear business goals
Revenue drops can only be turned into revenue wins if you understand your business goals. And no, I’m not talking about having a vague idea of goals – your business goals must be clear.
To formulate clear business goals, your goals must be specific and clearly understood. They should also be measurable, achievable and relevant to your business. Also, your goals should have a specific time frame for completion.
Start by writing down your goals and prioritise which ones to focus on before moving onto the next.
3. Develop strategies for achieving business goals
Once you have your business goals in place, you next need to develop and implement strategies for achieving these goals. To do this, you’ll need to have a solid plan in place.
Always remember to create a realistic plan and write it down in a format that suits your needs. Your plan must include a time frame for completion, a list of actions and responsibilities, the resources you can dedicate and your desired outcome.
I also recommend that you create an overall business plan using these points. Your business plan will help you establish how to go about achieving results.
4. Take the help of Brisbane shopfitters
Finally, my biggest tip for improving sales is to avail the help of Brisbane shopfitters. Experienced shopfitters will help implement the aesthetical changes to your retail store. This will make your store look more attractive, be more functional and drive more revenue. Shopfitters make use of several techniques to make a retail store look visually appealing.
At Xtreme Shopfitting & Joinery, we have a team of experienced Brisbane shopfitters who can assist you with your shopfitting needs. We’ve carried out several retail projects successfully and we offer reliable services. Moreover, our team has the expertise to carry out all aspects of shopfitting. From creating open displays to implementing effective signage and showcasing best merchandise, we can help you with everything.
By investing in expert Brisbane shopfitters such as us, you’re sure to transform your business and see better revenue growth.
If you’re looking for ways to turn revenue drops into revenue wins, then you should consider the following tips. First, evaluate your current situation and set clear business goals. Next, develop strategies for achieving your business goals. Finally, take the help of Brisbane shopfitters to make improvements to your store. You’ll be surprised how much of a difference these simple tips will make to your retail revenue!
And, for the best shopfitters in Brisbane, look no further than Xtreme Shopfitting & Joinery.
Get in touch with us today to find out how our team of professional shopfitters can help you out!