In this OP-ED, marketing consultant Alex Goldfayn looks at mega retailer Best Buy and offers some ways they can improve their business. There are six simple steps he suggests the company take to save themselves from the same fate as other big box stores like Circuit City.
Small businesses can definitely benefit from reading this as a case study for what works best in retail environments. Even if you own a tiny, community retail business the tips that Goldfayn describes could prove to be invaluable.
The tips basically boil down to focusing on your best-selling products and not spreading yourself too thin with merchandise. Focus on what works and use successful companies as an example on what to do in your own business. Take Apple as a prime example of a retailer who uses small spaces but gets huge amounts of business. A simple tip is to get rid of boxes and put the products themselves on display. Consumers want to see, touch and experience the products before they buy them. Reading the back of a box can only do so much. It’s the one advantage brick and mortar businesses have over online retailers like Amazon.
Other important tips include hiring and training quality employees and using effective marketing strategies that go beyond traditional methods. Using social media and engaging your customers directly is a great way to understand your consumer base. You can plan a better strategy of what to sell and how to sell it.
If you’re worried that you don’t have the working capital you need to make these changes to your business, don’t let a lack of cash stop you. Simply go out and find it. You don’t need to go to the bank and apply for a small business loan to make this work. Research your possibilities with a business cash advance and find out how you can get fast cash easier than ever.
Unlike traditional business loans, a merchant cash advance provider can get you funds when you need it without all the leaps and bounds one would find at a bank. Apply online for free and get approved in just 48 hours. If your business meets the four easy qualifications, you can receive up to $250,000 in no time at all.
Your business may not be in bankruptcy.
That’s all it takes to get financed! So what are you waiting for? Take charge of your company’s future and apply for a merchant cash advance today.