In the last instalment of retail survival tips from Bira (British Independent Retailers’ Association), ceo Andrew Goodacre urges independents to review their costs.
“Retailers are experiencing the same pressures as the suppliers in terms of rising energy and labour costs,” he highlights, emphasising:. “It is therefore equally important for the business owner to review all overhead costs, especially some of the larger costs such as:
* Energy – speak to your energy supplier and other suppliers to obtain the best rate possible. Some members have already saved significant amounts by doing this. Bira has an energy partner called Energy Options and it is certainly worth talking to this company.
* Insurance – obtain a new quote rather than just staying with the same provider. Bira has a new insurance partner who can offer competitive quotes, and many members have already saved a lot of money.
* Review opening hours in line with your sales trends – this may well save energy and labour costs.
* Review staffing requirement for periods of the day – many retailers are now looking at revising working hours to reflect changing consumer store visits. You will need to take legal advice when changing Staffing contracts, but flexibility is key more now than ever.”
Above: Reviewing shop opening hours is one of Bira’s cost-saving tips.
