‘Cutting costs’ is too often confused with cutting corners or taking short-cuts for measly savings. In reality, and if done right, cost reduction in business can actually benefit your business by allowing you to spend more on what your consumers really value.

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In this video you’ll find a comprehensive list of the most successful methods to reduce costs for your retail business. And while it’s worth considering each one, we recommend selecting just a few to get you started. Read through the options below and discover which methods feel most relevant to you and your business.

7 Ways to cut costs in a retail business:

1. Conduct an initial audit
2. Consider leasing out your space
3. Rethink your packaging
4. Slice shipping costs
5. Make the move to online retail
6. Take advantage of outsourcing
7. Negotiate with your vendors

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