For several years and accelerated by the pandemic, the retail landscape has made it difficult to compete with solely a storefront operation. Small town retailers once shielded from the influence of national brands and big box stores in larger communities can no longer escape the move toward online shopping. Even service-based business which require an in-person interaction are implementing online scheduling and digital marketing. What can you do to compete in the world of digital tools and shopping online? I would suggest three areas to consider; awareness, convenience and experience.
First, awareness. Where are your customers getting information and looking for products today? Online. Does your business show up there when local customers are looking for your products and services (do the Google search….)? If not, you are invisible. Email marketing is also a significant tool to keep your business name front and center, one that online stores use repeatedly. You can’t compete if you don’t show up!
Shopping online offers the convenience of price comparisons, reviews, and access after-hours. What tools can you implement to offer convenience to your customers? If you can’t make the full move to an online store, consider offering email ordering so customers can ‘buy’ when they want. Find a way to provide product knowledge or capture customer reviews to share with shoppers online. Offer a price guarantee or consider free shipping/pickup/delivery options.
Lastly, one thing an online store cannot provide is ‘an experience’. How can you build experiences, product/service education, or events into your store to draw customers in?
Businesses must always compete – it comes with the territory. Whether it is with the business down the street, the big box store on the highway or the online store, competing well always starts with focusing on your customers’ needs and meeting them in the marketplace where they are.
REMINDER: The deadline to file your Beneficial Ownership Information report is January 1, 2025. If your business or organization is created through the paperwork filed with the Secretary of State’s office like an LLC or corporation, this law applies to you. Non-profit organizations that are not tax exempt under IRS code may also be required to file; sole proprietors and general partnerships are not required to file. Filing is simple, secure, and free of charge.
What needs to be filed? Generally, reporting companies must provide four pieces of information about each beneficial owner: 1) name; 2) date of birth; 3) address; and 4) a unique identifying number from an active U.S. driver’s license, U.S. passport, or other approved identification document.
Businesses are required to report to the Treasury’s Financial Crime Enforcement Network (finCEN). FinCEN’s Small Entity Compliance Guide walks small businesses through the requirements in plain language. Filers can also view informational videos and webinars, find answers to frequently asked questions, connect to the contact center, and learn more about how to report at www.fincen.gov/boi.
Kelly Weaver is the Regional Director of the Small Business Development Center in Aberdeen which offers free, confidential business consulting to start up and existing businesses. She can be reached at (605) 698-7654 x144 or kelly@growsd.org. The Center is hosted by GROW South Dakota.