Three Strategies for Retailers and Restaurants to Improve Profitability
Improving profitability is not just a matter of financial gain for restaurants, retailers, grocers, C-stores and retail petroleum businesses; it's essential for their survival, growth and ability to provide value to customers, employees and the broader community. Profitability ensures that businesses can continue to evolve, adapt to changing circumstances, and remain competitive. While there are a million ways to boost profitability, we recommend focusing on these three strategies for starters:
1. Drive sales with dynamic digital content.
Managed multimedia solutions, like digital signage, can increase your ability to engage customers by delivering dynamic, targeted, and relevant content, such as time-of-day messaging and store-specific pricing. Greater engagement also creates a much stronger brand experience and has become a new norm in the in-store experience. Digital signage video content not only influences customer in-store behavior but also nurtures a high-performance employee culture.
2. Simplify vendor management by partnering with a Managed Service Provider (MSP).
Outsourcing network services can be an effective strategy when it comes to running a business, because it frees you to focus internal resources on developing a competitive advantage. Yet every time you add another vendor to support your network, you add overhead and time management expenses. Rather than relying on five different vendors to provide five different services or capabilities, find a single vendor capable of providing multiple services and solutions, such as cybersecurity, Wi-Fi, Voice Over IP, 5G, and digital menu boards, and more. You will not only gain cost efficiencies, but in employing an MSP, you will also gain a partner with broad technology expertise. A well-respected MSP is far greater than the sum of its individual solutions - it can provide a far more intimate and nuanced understanding of your business’ specific needs.
3. Reduce risk by deploying strategic, multi-form cybersecurity.
In today’s world, it’s likely your business will experience a cyberattack or even a breach. Implement the most practical cyber defense and practice competent responses to potential incidences. With proper alerting and procedures, a breach doesn’t have to be catastrophic or take down your business. Even if you cannot afford to protect your whole store, you can prioritize protecting critical components. For example, if your Point of Sale (POS) system is already protected, you may need to focus on safeguarding the store manager’s PC––which can become an attractive target for ransomware or zero-day attacks. That may mean deploying a software agent (e.g. Managed Detection Response (MDR) or End Point Protection (EPP)) to respond to attacks or outsourcing daily operational responsibilities to a Managed Security Services Provider, or MSSP, which can deliver cybersecurity services to protect the store manager’s PC specifically.
By implementing these three strategies, you have an opportunity to not only enhance profitability but also help to future-proof your operations. Embracing these approaches ensures that you can remain agile, resilient and competitive, and ultimately thrive within an ever-changing landscape. Discover more about Hughes Managed Digital Signage and Cybersecurity Services.