Don’t Let Rising Costs Hinder Your Business Growth
Small businesses can’t help but feel the pinch from the increasing cost of living. Rising heating and lighting costs can take a toll on your expenses when it comes to maintaining your retail or commercial space.
Nevertheless, there are certain steps you can take to reduce these costs and keep your business growing through difficult times. Here are our top tips from investing in product longevity to installing motion-controlled lighting.
Invest in product longevity
Constant maintenance and repair costs for your physical space can be detrimental to your budget, especially during a recession.
Nevertheless, keeping your store in pristine condition is key to attracting new customers and increasing sales, so it’s not something you can compromise on.
Luckily, there are ways you can keep the design aspect of your retail space intact at minimum cost, and it all starts with investing in product longevity.
Quality and durability are what add years to the lifespan of a product. At Novograf, we design products with longevity in mind, using durable materials handled with care by our skilled workers.
Thorough assessment of the item’s quality is performed before launching a product to ensure it measures up to our high standards.
Moreover, most of our products are designed in a way that if a section gets damaged, you don’t have to replace the whole thing. Instead, you can repair the section, thus adding another ten years to the product compared to traditional surface products.
That’s the case with our graphics and 3D surface coverings which can be used to breathe new life to your furniture, checkout points and stalls.
The longer a product lasts, the better it is for the environment.
Minimise maintenance costs
There are some business costs that you can’t avoid such as utilities and card processing fees, others which are driving the most revenue for your business such as marketing strategies, and some costs that are unnecessary.
To reduce your business expenses, it’s important to evaluate where you can potentially cut costs without hurting your business.
Downsize your physical space
Often, physical stores are bigger than what a business needs them to be. With rising gas and electricity prices, it seems necessary to be paying higher utilities for a space you don’t need.
If that’s the case, consider moving to a smaller space with a lower rent and lower maintenance costs. You don’t have to spend a lot on renovating the new space, and with the use of cost-effective design solutions, you will be able to elevate the space in no time.
3D surface coverings, for example, can be used to mimic any surface effect you wish, such as wood, metal, or marble, while ensuring high-quality and longevity. Floor graphics can transform any flooring, and internal signs can be used to create a cohesive branding experience.
Rent your retail space
Renting your space is another option to save money. Perhaps you can divide the space using partitions and dividers and share it with another business whose services complement your own. That way, you can attract a new customer base and increase sales.
You can also retain certain areas from your retail space, such as a lounge area with chairs and tables for events or meetings. Depending on your shop setup, you can schedule these during or outside of store hours.
Install motion-controlled lighting
Installing motion-controlled lighting can help you save money on electricity bills as well as reduce wear and tear on light bulbs. Make sure that the lighting system matches the design of the space for optimum effect.
Switching to LED light bulbs is also a great way to reduce your electricity consumption by up to 75%, especially if using the ENERGY STAR rated products. They last up to 25 years longer than their incandescent alternatives while providing the same level of brightness.
In terms of cost, switching to LED lights can reduce your energy spending by up to 20%. Together with motion-controlled sensors, you can reduce your energy consumption and spending significantly.
Go paperless
How much do you spend on flyers and other printed materials to advertise your business?
Instead of printing tonnes of paper, which also have a negative impact on the environment, invest in digital signs. They allow you to display content on a rotational basis, whether it’s for promotional, informational or entertainment purposes. They are energy-saving and can be incredibly cost-effective in the long run.
You can also place digital signs in the staff room to disseminate internal communication without the need to have everything printed on paper.
Focus on customer loyalty
In addition to investing in your physical space, focusing on customer service is a fool proof way of keeping your business growing during tough economic times.
By providing exceptional customer service, you can build customer loyalty and differentiate your business from competitors. This can help you weather economic downturns and emerge stronger on the other side.
The times we live in may be challenging for businesses, but with the right set of tools and smart decisions, you can significantly decrease your business costs and increase your revenue.
At Novograf, we have a range of products designed to support your business in creating leading-edge retail spaces in the cost-effective way.
Sources
https://www.energy.gov/energysaver/led-lightinghttps://www.talk-business.co.uk/2019/05/01/how-much-money-can-my-business-save-with-led-lighting/
