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KEEPING ON TOP OF CASH FLOW AND OPTIMISING RESOURCES IS VITAL TO DRIVING PROFITABILITY , SINCE HIDDEN COSTS CAN HAVE A MUCH BIGGER IMPACT THAN THEY WOULD FOR LARGER RETAILERS .

competitive . Having a poor grasp of cash flow can further squeeze profit margins , putting their business at risk . Keeping on top of cash flow and optimising resources is vital to driving profitability , since hidden costs can have a much bigger impact than they would for larger retailers . Retailers lacking a comprehensive understanding of their operational expenses may jeopardise their profit margins as they are often unaware of improvements needed to optimise their financial resources .

To enhance operational efficiency , small retailers must concentrate on streamlining processes to save time and money . Investing in technology that organises stock , takes over organisational and administrative burdens and tracks costs and spending will help them keep on top of items that otherwise may slip through the cracks . By integrating technology that has the ability to manage employees , inventory and payroll , small retailers can put that additional time and money back into their business , rather than spending it on administrative tasks that are easily simplified using scalable digital tools .

Competing with larger online retailers

The vast majority of small businesses must compete with larger online companies in an increasingly global marketplace . This is particularly the case in the retail sector . Online retailers have an inherent advantage compared to small retailers as they can offer lower prices , offer greater convenience and a wider range of goods to customers , who don ’ t have to leave their homes . This makes it difficult for small retailers to compete , particularly if they ’ re solely relying on a brick-and-mortar shop . In fact , with more than 80 % of retail customers conducting online research prior to making a purchase , it is more important than ever for small retailers to have an online presence if they wish to widen their core customer base and compete with larger online retailers .

To do this , small retailers must create an omnichannel experience for their customers

38 Intelligent SME . tech