Strategies that can increase liquor store profits

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Strategies That Can Increase Liquor Store Profits
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BALANCE YOUR INVENTORY. 

• Did you know that as a general rule, liquor
  stores that sell more beer make less profit, and
  that those that sell more wine make more profit?
  It doesn't matter what you drink or even if you
  drink. What matters is that you stock and sell
  the items that earn the highest margins.

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TURN YOUR LIQUOR STORE INVENTORY SIX TO NINE
TIMES PER YEAR.

• Every item on your shelves or in your storeroom
  represents dollars that you can't deposit or
  spend. Though it's important to offer customers
  product selection, having too much inventory can
  be worse than not having enough

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UNDERSTAND THAT SALES DO NOT EQUAL PROFITS

• It seems so simple, but this misunderstanding
  drives many businesses into bankruptcy. Sales
  revenues are what liquor store owners use to pay
  the expenses, like the lease, payroll, sales tax,
  licenses, insurance, marketing, utilities, and
  inventory, as well as any business loans or other
  obligations. What is left after all expenses have
  been paid is profit.

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ESTABLISH REASONABLE GOALS AND OBJECTIVES

• At a minimum you must know how much revenue you
  need to generate to meet your expensesper week,
  per month, per quarter, and per year. Use an
  industry guide to help determine realistic goals
  and objectives. Determine how much revenue you
  need to break even, and from there you can
  establish profit goals.

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KNOW YOUR INVENTORY.

• Most liquor store customers either know precisely
  what they want or don't know what they want at
  all. Thats why its vital to command a certain
  level of expertise about the products you sell,
  especially wine and spirits. So when a customer
  comes in looking for the best options for a
  bottle of wine or corporate gift, youll be able
  to confidently make recommendations and thereby
  satisfy the customer.

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CONTROL YOUR EXPENSES

• All business owners are emotionally involved.
  Because they love their business, they have a
  tendency to purchase things that are not really
  needed. Taking the time to research the need and
  the ROI of purchases will help you control
  expenses. In other words, make sure your
  purchases directly contribute to the growth of
  the business.

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MAKE YOUR STORE VISIBLE ONLINE

• It almost goes without saying that a
  mobile-friendly Web site can be invaluable in
  helping customers find your storeespecially
  impulse buyers. Do all you can to make sure your
  site is optimized for local SEO. Also, set up
  business profiles on Facebook, Twitter, and
  Google, and make certain to remain active on
  social media. If you have the resources to
  develop an e-newsletter, ask customers to opt-in
  to your e-mail list and use the e-newsletter to
  keep customers abreast of specials, as well as
  special events.

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HOLD EXCLUSIVE EVENTS.

• Special eventslike wine and spirit tastingsare
  a great way to bring new customers in the door
  and introduce them to new products. Offer
  discounts on brands featured at special events to
  encourage patrons to buy.

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ENCOURAGE SATISFIED CUSTOMERS TO POST REVIEWS
ONLINE

• Positive reviews on major sites like Yelp can
  encourage new customers to patronize your
  business, as reviews are strong social proof and
  appear when potential customers do Internet
  searches. Equally important, local reviews are a
  ranking factor with search engines.

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LOVE YOUR CUSTOMERS

• Show them that Customers Are Really Everything
  (C.A.R.E) to you. When they see you as a friend,
  they will increase their spend. They will do
  that by returning more often, by asking for your
  advice, and by recommending your store to others.
  As you probably know, most liquor stores live and
  die with their big whalesthe regular customers
  who buy in significant quantities. Reach out to
  those customers and make sure you give them a
  reason to return to your store time and time
  again.

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liquor store abu dhabi

• SPINNEY'S Abu Dhabi LLC 
• 3rd Floor
• Centro Capital Center
• Khaleej Al Arabi Street
• Abu Dhabi
• PO Box 40411
• UAE