After the (often chaotic!) days of the summer holidays, the start of the new school year can also be opportunity for business owners to adopt new habits and prepare for new expectations and challenges.
The end of September also marks the midpoint of the financial year as such, it could represent a good opportunity for business owners to review progress so far, assess their existing processes and review their strategy. From researching new tools, re-evaluating business plans, and discovering new ways of working, taking stock in this way can shine a light on new ways to improve and grow a business.
The start of the third quarter is also, of course, a great time to focus on and prepare for the upcoming Christmas trading period that for many small to medium retail businesses, will be a vitally important time of the year.
Tackling admin head on
When streamlining operations, smaller retailers could look at how they tackle heavy admin tasks as a first step. Dedicating time to creating efficient systems provides an opportunity to identify any bottlenecks and inefficiencies in current processes.
AI automated software can significantly reduce the time taken to complete repetitive tasks, including data entry and scheduling, so business owners can focus on other priorities, such as engaging with customers or finding new ways to increase their client base. For retail business owners, software that handles lengthy admin tasks can free them up to dedicate more time to improving customer service or improving products ahead of a busy winter shopping season.
Recent Start Up Loans data shows that only 36% of micro-businesses in the UK have integrated AI into their business. For those small retail business owners struggling to keep all the plates spinning, it could at least be worth investigating whether AI could help with marketing, spotting inventory and sales trends or for those with an online presence, automating responses to customer queries. Research in 2020 by Aberdeen found that companies using AI capabilities achieve a 3.5 times greater annual increase in customer satisfaction rates.
Prioritising financial planning
September is also a month when business owners prioritise financial planning. Retail business owner Natalie Press, who founded Yorkshire-based pet shop, Woof the Dog Shop, uses this time to reflect on sales to date.
She comments: “Like most retailers, we see a downturn in sales in August because of the summer holidays. September is a return to consistent income, and we take the time to monitor our current sales and look at where we need to be. Then we plan accordingly, scheduling events and content to help us drive sales. We’re also taking time to complete financial year end processes in good time. As a working mum, organisation is key, and September is a great time for me to get all things in order.”
Boosting sales on socials
With many retailers experiencing a slower pace over the summer holidays, business owners may have had time to look at how they can reach new audiences on social media, to tap into new markets and grow their customer base.
Samantha Henry, founder of online dog accessory and grooming store, Pup Chic Boutique, has had a record year for sales because of her growing social media presence. Samantha discovered that selling her products on social media platforms allows her to generate more profit in the comfort of her own home.
Samantha comments: “What I love about operating my business on social media is that I get the opportunity to interact with customers, which helps to increase my target market, and build a loyal customer base. Setting up shop on socials is a highly strategic move, as it doesn’t cost much – or take much time – to create a free account on platforms, set up links to direct people to online stores and engage in livestreams to sell products.
“I’m always thinking about how I can get returning customers back, and by building relationship with customers on social media and actively listening to their feedback on products, customers feel connected to your business and a community is created. I also have the opportunity to reward loyalty directly with customers, which further incentivises repeat business.”
Preparing for the festive peak
Natalie Press, owner of Woof the Dog Shop, uses the month of September to organise festive events at her store: “Another priority for us in September is to assess what products have sold well at Christmas, and to see what new products our customers are looking to purchase this year. Our ‘Santa Paws’ event that we’re currently planning always goes down well with local shoppers, and we hope for our event to be even bigger and better this year with our partnership with Temple Newsam.”
At Start Up Loans, we are committed to support small retailers – and indeed for that matter businesses in any industry – looking to scale up their operations and we make this happen by providing the necessary mentoring, resources and financial support they need to thrive. To read more about small retail success stories, please visit: https://www.startuploans.co.uk/success-stories.
