Retailers: How To Grow Your Business This Year
If you’re a small retail business owner looking to grow or just be more successful in 2023, consider these ideas as shared by independent retail business owners and other industry and small business experts.
Staying Informed
As busy as you are, it is important to find and learn from a “macro” view, i.e., what big companies are doing and the industry, as well as taking a “micro” look at retail news that covers businesses similar to yours.
To stay up to date, look for media, newsletters, or podcasts that cover businesses that interest you the most.
Find newsletters or sites that focus on your niche in the retail industry, i.e, restaurants, apparel, etc., ones that talk about specific topics such as technology, e-commerce, etc., or those with insight from independent business owners or entrepreneurs most similar to you.
Updating Your Google Business Profile
Creating and keeping your Google Business Profile listing updated will allow you to appear in local searches, in Google Maps and Google Map Pack (GMP).
Keep your profile up to date, with current photos, contact info, business description, and business hours.
Adam Petrilli, CEO & founder of NetReputation.com, says businesses that claim their Google My Business page have an online profile that Google instantly recognizes as authentic.
And that provides a baseline of credibility likely to boost your business's profile visibility across Google local search results, he says in a post for Entrepreneur.
“Being on a highly visible map and included in the list of businesses in the area enables mobile users searching for “businesses near me" to locate yours,” adds AdQuick’s Chris Gadek in a SCORE blog.
It's essential, he says, to keep your Google Business Profile accurate and up-to-date.
“GMP also allows customers to leave reviews, improving your local SEO and increasing your search engine results page (SERP).”
Using Shopify Resources
Greg Gillman, chief revenue officer of MuteSix, calls Shopify one of the best resources for independent retail businesses.
It’s more than a platform to set up your online business, he says in the SCORE article —Shopify also features additional products that lay the groundwork for prospects for small businesses.
“From its technical partners to assist in website design, system integration features, industry-specific content, or customer support, Shopify has created a wealth of resources to support retailers,” adds Gillman.
Joining Retail Groups, Associations
Retail groups and associations can provide a great opportunity to expand your knowledge, whether learning more about small business operations or industry-specific trends.
Stephen Light, CEO of Nolah Technologies, a Texas-based mattress company, recommends the Retail Owners Institute (ROI) as an educational resource for independent retailers.
With its focus on retail financial management, he says, ROI can help “any retailer, anywhere, to ‘turn on your financial headlights.’”
“ROI has courses on every crucial aspect of keeping a retail business financially viable and tools and calculators that help retailers project and model,” Light says in the SCORE post.
Attending Digital Trade Shows
A digital traditional trade show could give you the same benefits as a traditional one but with fewer expenses and less time away from your business, according to the online wholesale marketplace Faire.
“The cost of travel and accommodation when attending trade shows contributes to the overhead of your retail business. Instead, use the budget that’s typically earmarked for travel on stocking your shelves with the products your customers will love,” explains a Faire post.
Traveling to trade shows on a seasonal basis to stock up on merchandise can be a hassle. Plus, doing so takes you away from the important day-to-day operations of your business.
But with virtual trade show platforms, Faire says, “all you need is an internet connection to do your buying.” Make sure to have a high-speed business internet plan you can count on to keep you connected.