At Adelphi Mill, we’re always pleased to see our tenants trading with one another and making deals that are beneficial for everyone. That’s why we’re keen to help you understand how important inter-tenant trading is, and how it could make a big difference to your business in 2018. If you aren’t getting involved yet, here’s why you should.
Influencers have gone micro
You may have heard about influencers being used for marketing campaigns. Influencers are people who have a large following on social media or on their blog, and who can help to create sales just by sharing your products or services to their vast audience. However, this trend is starting to slow down. Now, marketers are recommending the use of micro-influencers: people who have a small following in a strong niche, who might have more of a bond and therefore influence with their fans. A fellow small business could certainly count as a micro-influencer. Partnering together will give you both new marketing opportunities that could prove to be lucrative.
Local shopping is key
There is a huge trend right now for local shopping. Following initiatives from many big brands such as American Express, people are catching on to the ethical and economical benefits of shopping with small, local businesses. This is another way you can exploit relationships with fellow tenants. You can supply them, and they can supply you, keeping everything in-house. This boosts the local economy, sustains and supports both of your businesses, and also gives more opportunities for future growth.
Regular income builds growth
If you have a client who is also your neighbour, chances are high that they will continue to order from you so long as you produce good quality for them. You’re conveniently located, you become a person rather than just a business, and they feel good to buy from someone local. This means you can count on them to supply you a regular income as they continue as your client. Having that confidence that the order will come in time after time means you can build your business, growing to a higher standard and expanding your abilities. It may give you the chance to order new supplies, upgrade your equipment or packaging, or even hire a new employee with that assured income.
Growth creates growth
Having your neighbouring tenants do well will also help you to succeed. Let’s imagine an example, that you are a web developer who creates a website for a fellow tenant and then maintains it for them on a monthly retainer. Because you were able to offer them preferential rates and build a site that helps to convert viewers into customers, they start to do very well and even manage to expand their business. They open up another subsidiary which sells similar products on a different theme, which means they need a new website – another task for you. Now that you have so much work coming in, you’re able to afford the expense of hiring a second person, which doubles your income without doubling your costs. Now you can provide them an even better service, and the cycle continues!
There are lots of reasons to support your neighbours with inter-tenant trading in 2018. Whether you want to support local businesses from an ethical standpoint, prefer to deal with people in person, enjoy getting lower rates from them, or just find it convenient, they are all valid. What’s important is the results – that both you and your fellow tenants can grow your businesses to higher successes as a direct result of inter-tenant trading.