A small business is often faced with difficulties when building a customer base and increasing revenue. While a financial plan could take a hit from a lack of clients, any company may instantly feel the positive effects from shifting the focus more toward community.
With this type of emphasis, owners may see a more popular store and products flying off of shelves. However, just saying a business is community-oriented may not create any noticeable changes, so instead, a venture should attempt to make some changes in order to achieve this goal.
Tips to boost foot traffic
A small business can increase revenue and shopper numbers by establishing a strong presence within a community. Foot traffic could be a direct result of that, and the more that people are both aware of and value a store, the greater the chance that customers will walk in off the street.
Owners can also become more community-oriented by learning the type of people that frequent the area near the store, according to the Small Business Administration. Employees could actually sit outside and watch who goes by, in order to learn the demographics and personal preferences. For instance, if window shopping is popular, the storefront may need an improvement.
Moreover, financial tips could also include hosting an event. These don't have to be costly affairs, but they should promote a sense of community. Promotions count for a small business, and discounts on important local days may be a smart decision to increase foot traffic.
Put an emphasis on the experience
A community-oriented business has to feel just right. For example, the look of the store and the attitudes of the people involved can make or break a strong financial plan.
Family- and locally-owned stores are a positive in today's economy, according to MoneyWatch. Many people want to band together and support their communities, so a company which is both based and run inside a close-knit area has the upper-hand over its larger competitors. Comfort is something that everyone wants, so a business that can provide that is a major positive.
Moreover, appearances make a big difference for any small firm, the news source noted. Local people will be more likely to visit the store if it looks great, both inside and out. Therefore, owners should clean up the street and focus on providing value and quality experiences for all customers.