Award-winning accountancy firm Lamont Pridmore has praised the resilience of Cumbria and Lancashire’s smaller independent retailers during Independent Retailer Month despite the challenging economic headwinds.
Commercial conditions for UK retailers are currently tough, as they face rising costs, reduced consumer spending and competition from online businesses.
Despite the strain, independent retailers have shown a remarkable resilience, which the month-long awareness campaign aims to celebrate this year.
Chief Executive Graham Lamont from Lamont Pridmore recognised the adaptability of retailers operating in a sluggish economy but highlighted that challenges remain for the future.
“It is remarkable how well smaller businesses have performed in the conditions they face. We need to celebrate their role in our communities during Independent Retailer Month.
Given the current challenges of trading, Graham advised: “Smart retailers are those who have been able to design experiences that remove shopping friction by keeping queues short and staff helpful.
“A satisfying customer experience gives them a unique advantage over online brands, which can effectively drive foot traffic into stores.”
Graham Lamont says that sometimes even the small things retailers can do like keeping store displays up to date can change the way that customers interact with products and services.
The power of customer referral schemes was another talking point for Lamont Pridmore. There are countless examples in the corporate world, from reward cards to simple stamp books, but Graham believes that there are lessons to be learned here.
“These can encourage loyalty for existing customers whilst driving new customers into the shop. Customers referred through these schemes have been given both an incentive to shop and a recommendation as their first impression of the brand,” added Graham.
Finally, Graham Lamont drew attention to the importance of retailers diversifying their products and offering to ensure they are more adaptable to economic uncertainty and not reliant on one income stream.
”Look at the trend of coffee shops adding adjoining bookshops as an example, allowing customers to browse and buy books as well as drinks during their visit,” he said.
Of course, Graham believes that one of the key steps to building resilience within an independent business is using smart financial planning to adapt to market trends.
“Smart financial planning and business management are common practices for retailers performing at their best,” said Graham.
“Sales patterns and trends give businesses an idea of where they can grow. Analysing product performance enables businesses to make informed decisions on replenishment, pricing and promotional timings.
“Likewise, cash flow forecasting and staying on top of tax liabilities is an area that helps independent retailers significantly outperform competitors.”
“While businesses have done well so far, the current economic outlook is not promising. It would be a huge help to see the business rates relief, announced this week for pubs, clubs and venues, extended to independent and family-run retailers. In the meantime, retailers must do more to protect themselves from changing consumer habits and economic uncertainty.”
He encouraged any business struggling to stay ahead of the curve to reach out to Lamont Pridmore for guidance. Their accountants “understand best the commercial pressures facing Lancashire and Cumbria’s high streets and prides itself on its ongoing support for independent retailers”.
“Planning and adaptability are the cornerstones of long-term business success, so get in contact with your local Lamont Pridmore branch today.”
