If your indepently-owned food market was highly successful in the past but recently, due to an influx in competitors located nearby, seems to have lost its steam as a profitable entity, you may be worried about what is in store for you in the future if sales continue to plummet and you can't find a feasible way to regain control of your finances. Use the tips below to salvage the market and increase the amount of money you earn.
Meet With a Business Consultant
A business consultant can help you out with all matters pertaining to the operation of your market. Before meeting with a consultant, collect paperwork associated with recent sales and expenses. Tax statements, vendor bills, sales receipts, and banking records will provide a consultant with a clear picture when they are determining how your business is currently doing. A business consultant will provide insight that will help you reduce costs and increase your profit.
For example, if you have been purchasing products from a pricey vendor, a consultant may suggest that you switch things up by purchasing products from another business to see if it makes a difference. If you haven't used much advertising recently, a consultant may suggest that you hang large, colorful signs in front of your business or update your market's website so that more people are inclined to learn about the services you provide.
Hold More Frequent Sales and Offer Loyalty Rewards
Instead of limiting sales to specific times of the year, opt to hold sales on a more frequent basis. If you have an abundance of products that haven't sold in a very long time, drastically reduce the price of them in hopes that people will be interested in purchasing them. Although you may feel that this is not the best way to earn back money that was spent to acquire these products in the first place, making some money is better than earning nothing.
After unloading the products for a reduced rate, keep in mind that the products weren't your best sellers and choose a new line of products to take their place. Offer loyalty rewards to recurring customers. A discount on each sale or a free product in exchange for a specific amount spent will demonstrate that you care about your customers, and each of them may be inclined to do business with you again because of your efforts.
Make Improvements to the Inside and Outside of the Market
If your market is lacking decor or if small repairs are needed on both the inside and outside of the establishment, take the time to upgrade the market during a day that your business is closed. Potted plants, bench seats, and trash receptables are some items that you can place outside and that will improve the overall appearance of the market.
Add new lights and carpeting indoors. If the market is need of fresh paint or if there is visible damage to doors or windows, hire a contractor to assist with making the repairs. Your customers will appreciate the changes you have made and may decide to do all of their shopping at your establishment once the outside and the inside of the structure have been preserved.
Contact a business consultant like Joyful Planet LLC for more information on how you can increase your earnings.