A secured business loan is a great way of expanding or improving your company. But did you know they were also good at increasing your footfall?
Getting customers through your door can feel like an uphill battle, especially for retail businesses. According to The Guardian, British retailers have suffered dramatic losses in foot traffic in 2019, with a 1.9% drop in September alone.
But it’s not just big retailers who are struggling. Retail SME’s are also feeling the pressure, with a fall in shopper numbers of 3.1% over the last three months. So how can businesses combat this? Think Business Loans reveals three ways a secured business loan can drastically increase the number of people walking through your door.
Offer an experience
Thanks to the rise of Instagram and FOMO (fear of missing out), retailers must now offer more than just a transaction. They now have to create a bespoke experience for shoppers, in order to generate more foot traffic. When Vans noticed store sales were down, the sneaker giant began to invite rock bands into its London stores to attract a bigger audience and increase footfall.
While you might not want to hold a concert on your shop floor, we believe funding an innovative experience at your store with a secured business loan is a great way to improve your footfall; and thus sales.
It’s the outside that counts
No matter how beautiful inside your shop is, if the outside doesn’t match then you won’t get the foot traffic you need to succeed. Obtaining a secured business loan is a great way to help to invest in the front of your store. That way, you are more likely to attract customers inside and increase your sales. Even small things such as placing ad boards outside your store will work wonders to help advertise your services and special offers.
Keep your staff motivated
If there’s one thing people value, it’s good customer service. There’s nothing that can drive away customers quicker than bored and unhappy staff. By regularly boosting employee morale, your business will be able to achieve its business and goals. From better equipment to days out, investing in your company culture is the best way to produce a fun, yet productive, environment that will keep your employees happy.
Despite an increasing number of SME’s shifting their focus online, many still value having a face-to-face conversation. At Think Business Loans, we are the first and only UK secured business loan brokerage that combines human expert lending managers and world-beating technology.
Our iFunds Technology matches SME’s criteria and searches over 200 lenders instantly to offer you rates instantly. If you would like more information about investing in a secured business loan, get in touch with our lending managers today.
Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author