If your business is steadily outgrowing its shoes, then congratulations are in order. You’re living every entrepreneur’s wildest dreams! Building a successful retail business from the ground up is a seriously impressive feat, and a testament to the blood, sweat and tears that you’ve channelled into your venture. But now comes the real hard work: scaling your business and taking it to the next level.
Whether you began as a humble market stall, an emerging pop-up store, or a small boutique, the formula for seamless business growth lies in careful planning, strategic decisions, and the right tools at your disposal. For some business owners, these prospects are exciting. For others, the seemingly mammoth task of expansion is a little more intimidating. Either way, the good news is that we’re here to take the guesswork out of the scaling equation.
Today, we share 7 tips for scaling your retail business with ease in 2023, so read on to find out more.
1) Start A Business Transaction Account
If you’re ready to get started on the scaling journey, do yourself a favour by opening a business transaction account (BTA) today. In the early days of starting your business, keeping your business finances separate from your personal ones may have been a relatively simple task. However, as you begin to rapidly grow, maintaining this crucial separation becomes more important than ever, and also a lot more difficult.
Fortunately, a BTA will help you stay sane amidst the chaos, providing several benefits that are indispensable for scaling your retail business:
2) Clearer Financial Tracking
With a BTA, tracking all your business-related income and expenses becomes infinitely easier. This clarity is invaluable for budgeting, financial projections, and assessing your business’s overall financial health.
3) ATO Compliance
Ah, the dreaded tax man. If you have a mini panic attack at the end of every financial year, starting a BTA is a great way to alleviate a ton of stress and ensure that tax time is a breeze. You’ll be able to easily identify tax-deductible expenses, reducing the risk of errors and potential audit complications.
4) Access To Financing
As your business grows, chances are you’ll need additional finances for expansion. The good news is that a well maintained BTA can make it a lot easier to secure loans or lines of credit, allowing you to capitalise on those shiny new opportunities.
5) Legal Protection
Finally, separating your personal and business finances can offer legal protection. In the event of legal issues or disputes, having a distinct BTA can shield your personal assets.
Remember, although this might seem like a simple task, it’s an essential foundation for future growth. So, if you don’t already have a BTA, what are you waiting for?!
6) Offer Multiple Payment Options
Newsflash: cash is no longer king. You’re probably aware that we’re slowly transitioning into a cashless society, and to ensure that you’re not missing out on a piece of the pie, offering multiple payment options is no longer a luxury, but a necessity. You see, as you scale your business and expand your reach, catering to the needs and preferences of the modern consumer is essential.
For starters, an EFTPOS machine is an absolute must-have, enabling your customers to make convenient electronic payments. And if you’re worried about any extra fees, we’ve got your back. There are tons of fee free EFTPOS solutions available in 2023, making it easier than ever to accept card or contactless payments.
Aside from EFTPOS, it’s also a wise idea to look into offering mobile payment options such as Apple Pay and Google Pay that are gaining immense popularity among consumers. Tech-savvy solutions enable customers to make transactions without actually opening their wallets, in a convenient and safe way.
Bonus: If you’re really looking to secure your spot as a retail superstar, consider partnering with buy-now-pay-later providers such as AfterPay, Klarna and Zip so that your customers are able to pay for purchases flexibly.
7) Expand Your Product or Service Range
This one’s pretty self explanatory, but if you’re looking to scale your retail business, you’re going to have to expand your product or service range. But before you go crazy trying to add new lines or services, it’s crucial to conduct thorough market research and understand the needs and preferences of your target customer base. Afterall, there’s no point in channelling your previous resources into products or services that literally zero people are interested in.
In addition to market research, you should also look towards your existing customer base for feedback and suggestions. What are your customers wanting more of? What could they do without? By aligning your expansion with genuine customer demand, you’ll not only attract new business but also strengthen loyalty among existing clientele.
Ultimately, diversifying your products and services not only attracts a wider pool of customers but also keeps existing customers engaged and interested in what your business has to offer.
8) Venture Into The World of E-Commerce
If you don’t already have a kickass website for your retail business, then it’s time to get down to business. Let’s be honest – it’s no longer 1995, and coming short on this forefront is a surefire way to lose customers to your competitors. Fortunately, venturing into the e-commerce world is a major step as it allows you to tap into a global market and provide an easy experience for customers to shop from – especially when you’re trying to scale your business.
And the best part? There is no need for specialised skills or geeky coding prowess to get your e-commerce website off the ground. By taking advantage of the numerous e-commerce platforms available in 2023, creating the perfect website can take as little as 3-4 days from start to finish.
What’s more, they often come with built-in features for multiple payment processing, inventory management, and order/shipping fulfilment, allowing you to focus on what you do best – delivering amazing products and services to your loyal customer base.
9) Consider A Business Credit Card
Another great way to ensure that you are able to invest in saving your business new products, services, and opportunities for growth is to consider a business credit card. It’s no secret that expansion costs money, and the last thing you want is to miss out due to insufficient funds.
First and foremost, a dedicated business credit card will often come with a higher credit limit compared to a personal credit card, enabling you to invest in more inventory and improvements, or seize those once-in-a-lifetime opportunities that may come your way. Whether you’re in need of capital for more supplies, flexibility in cash flow, or an increased marketing budget, your trusted business credit card is there to assist you every step of the way.
The good news is that the benefits don’t just end there either. Indeed, business credit cards offer a wide variety of perks, including better separation of business and personal finances, improved credit history, cash back, rewards and so much more.
10) Take Advantage Of Automation Technology
Finally, as your retail business grows, so will the need for automated processes that streamline operations. Whether it’s invoices and accounts, inventory management, or scheduling apps for social media, automation is the lifeboat that can save you time, effort, and also improve overall efficiency to no end. Not to mention, it’ll also help to minimise human error eliminating the need for tedious manual data entry. Ain’t nobody got time for that!
So, why tackle the boring tough stuff on your own when you can let automation take the driver’s seat? Ultimately, automation isn’t just a time-saver; it’s a strategic move that allows you to focus on more important things like planning, innovation, and providing exceptional value to your growing customer base.
And there you have it — 7 top tips for scaling your retail business with ease in 2023. Scaling your retail business is a thrilling and incredibly rewarding journey, and with careful planning and the right approach, you can turn your small stall or shop into a thriving retail powerhouse. All the best!