With such upheaval in the market and changes within the government, it’s been a tough time for everyone, with no signs of these easing.
To recap, in October, Bira called on the newly appointed chancellor Jeremy Hunt to help deliver certainty, clarity and stability for independent traders. Upon his arrival, he ditched almost all of the former Prime Minister’s tax cuts, which had been made almost three weeks prior to this.
The basic rate of income tax will now remain at 20p indefinitely, instead of being reduced to 19p. Cuts on stamp duty and National Insurance remain in place.
Business needs confidence for consumers to spend and a stable exchange rate to be able to plan stocks. We are therefore pleased Mr Hunt has said that business will be looked at with regards to energy price support but will be watching what he means by ‘those most affected’ and aimed at ‘energy efficiencies’.
Bira remains committed to lobbying the government to support small businesses and by reviewing and reducing the business rate for all high streets would add the clarity, confidence and stability back to bricks and mortar retailers.
We then welcomed new Prime Minister Rishi Sunak towards the end of October and again Bira made urgent calls for him and his cabinet to now concentrate on reducing the cost burden on businesses now, with prompt support on energy and tax burdens. We are also calling for, in the long term, commitment to reducing rates to prevent further closure announcements.
However there are other actions that we believe that trades can make and be ready for Black Friday and Christmas.
The final quarter is traditionally the busiest for retailers, and despite the economic challenges retailers still have to be smart to make the most of the opportunity.
Our top tips include:
- Really make the most of social media to engage customers. Make sure you have strong images and call to action on each post.
- Focus on quality service – people like people and it’s important to give that personal touch with every transaction.
- Good merchandising to attract customers – window displays are key in catching people’s eyes.
- If you are taking part in Black Friday (which isn’t always relevant to indie retailers), do not discount everything and focus on slow moving stock.
- Stock management is also key, and do not run out of fast selling items in the last few days prior to Christmas.
