Online retail sales continue to grow aggressively, and as a result, there has been a growth in the industrial warehouse sector and a reduction in demand for traditional retail spaces. According to the U.S. Department of Commerce, online sales account for 8 to 10 percent of all retail sales and is projected to grow to 30 percent of all retail sales by 2030.

Rethinking retail will be necessary since a significant portion of vacant retail buildings will no longer meet the needs of a modern retail outlet. Modernization will be possible for some retail structures, while others will become obsolete. Rural locations and low-income communities will suffer the most due to the cost associated with upgrading.

Omni-channeling may offer a viable solution to harmonize brick-and-mortar retail space with e-commerce. This multichannel sales approach offers customers integration that makes shopping online, by phone, and/or in the store a seamless experience. Since shoppers prefer the ease of comparing prices and product features online before heading to the retail location for the final purchase, this approach makes sense.

Retailers will need to significantly adjust their thinking to adapt to these new economic realities of the marketplace. Coordinating with retailers to assist their omni-channeling efforts will benefit both investors and their tenants.

Even the smallest of businesses may have multiple sites and employ people at various locations. Managing disparate locales can present challenges, yet it is important to maintain consistent standards of quality, service, and professionalism and to foster team allegiance throughout the organization.

If you do not work with or even see your employees on a regular basis, there is little opportunity for natural or unplanned interaction. This makes communication essential. Conduct weekly team meetings via phone or webinar and use these occasions to emphasize safety protocols, reinforce business priorities, discuss progress toward stated goals, and share news about the industry and the company. Make it a point to visit each site regularly and try to get the entire group together for trainings, updates, and team-building sessions once or twice a year.

Put systems in place to delineate roles and responsibilities as well as clear decision-making protocols. Establish specific, quantifiable performance metrics that are aligned with the company’s goals (key performance indicators or KPIs) and measure performance at both the site and individual levels. Hold all employees accountable for delivering on their KPIs, regardless of where they are based.

Take advantage of technology to facilitate communication, skill-building, and administrative tasks. Some of the best and most cost-effective training communication and management tools commonly used by small businesses include Google Docs, Gmail, and Google Calendar; Basecamp; Salesforce.com; and Skype. Most of these tools are affordable (or even free) or are available on a subscription basis.

Psychology plays a key role in the purchase decision-making process, and you can use this fact to boost customer retention.
One approach is to take advantage of a trigger known as FOMO, or fear of missing out. FOMO is a powerful psychological motivator that stems from basic human survival instinct, the fear that something is going to be gone, finished, or over before you get to it. You can apply FOMO by presenting your customers with limited-time offers. When customers sign up with their email address, incent them to become repeat customers by sending exclusive, limited-time repeat customer specials.

Social proof is another psychological principle you can employ to bolster customer retention. Social proof refers to the reaction people have when they see other people enjoying something or benefiting in a way that sparks desire or envy. Shares, links, testimonials, tweets/retweets, and positive online reviews can serve as social proof points.

You can also use psychology to help your customers rationalize their purchases and feel good about the purchase experience. Sending personalized thank-you texts or emails tells customers that you value them and their business. Following up with advice on how they can get the most out of their product and offering special incentives reinforces the positive message and fuels repeat sales.

As you shape your marketing strategy and develop your retention methodologies, keep in mind that using a little psychology can encourage customers to remain loyal and transform first-time buyers into lifelong customers.

Here are three beneficial features of green developments that may help attract long-term tenants.

Landlord-Tenant Energy Partnerships

Investors are constantly looking for efficiencies that promote business sustainability and profitability. Energy partnerships between landlords and tenants can be beneficial for all parties, and by implementing green initiatives investors can create a balance between up-front cost and savings initiatives.

Traditionally, property owners have carried the full burden of green upgrades to their buildings. As green initiatives have become more attractive to tenants, their willingness to contribute to some of the more costly upgrades has increased. Landlords have an opportunity to partner with new tenants while sharing the costs of green initiatives. As these partnerships become more commonplace, demand for this type of initiative as an incentive to potential tenants may increase.

Sustainability and Reduced Energy Costs

Sustainability has benefits for both tenants and landlords. There is an element of future-proofing your investment against rising energy costs while also maintaining a competitive edge by providing appealing tenant inducements. Environmentally friendly upgrades can keep your structures on the cutting edge of new technologies and incentivize tenants to match your commitment to environmental conservation.

Solar and wind power can offset the costs of electricity use, with surplus energy being sold off to generate an income source that can be reinvested into building upgrades or maintenance programs. Water recapture systems can reduce dependence on municipal services. The reduction in water usage can present attractive cost savings. Building owners use these water savings to make building and common area upgrades such as pools, saunas, and parklike areas that would otherwise be limited to higher-end building complexes.

Many business owners who emphasize environmental issues look for like-minded partners. By advertising green improvements to your buildings, you can potentially benefit from lucrative partnerships with likeminded businesses.

In some instances, there are tax savings or incentive programs to offset green upgrades. Investors can increase the financial impact of their upgrades by ensuring that they meet or exceed the thresholds to access these incentives.

Providing for Future Generations

The media and public opinion have emphasized the need to protect future generations from the most harmful impacts of climate change. Alterations to building codes are being undertaken in many communities to mitigate potential climate risks and reduce harmful emissions. The scientific world has also contributed to the overall awareness of these issues.

Potential tenants and business owners are encouraging positive responses to these important changes to our planet. By utilizing newer green technologies, we have an opportunity to maintain a lifestyle of convenience while reducing our carbon footprint, saving money, and contributing to the longevity of our planet.

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Subscribing to every podcast devoted to business and self-improvement could be a full-time job. Let this list direct you to interviews with innovative leaders, successful businesspeople, and acclaimed entertainers. This list also includes some video series.

The Best and Worst Time of Day to Ask for a Raise or Close a Sale
By Geoffrey James

Inc.com

When you ask for something may be just as important as how you ask for something. This article provides a primer on “decision fatigue” and how employees can use it properly. In summary, it’s hard to make good decisions, especially about important matters, near the end of the day. Don’t ask for a raise while dashing out the door. The request will likely be denied or dismissed. On the flip side, the last portion of the workday may be an ideal time to ask for a vacation, because your boss might be less inclined to consider all the implications of your break.

20 Places to Find Online Entrepreneur Courses
By Gabrielle Pickard-Whitehead

Smallbiztrends.com

Scroll through this list for educational opportunities to sharpen your business knowledge and hopefully increase your revenue. This selection includes offerings from universities like Harvard, companies like Shopify or LinkedIn, and individual entrepreneurs. Course lengths range from a couple of days to a couple of months. Costs vary.

What are the latest successful trends in marketing? Here are three:
These 3 New Marketing Trends Will Transform Your Marketing Strategy

Today’s consumers expect more than flashy ads. To get the best ROI, you need to develop relationships. Here are five tips for relationship-marketing strategies:
5 Relationship-Marketing Strategies for Small Businesses to Use to Increase ROI

Have you incorporated video into your marketing efforts? Check out these impressive stats about the effectiveness of video marketing:
27 Video Marketing Statistics That Will Have You Hitting the Record Button

Artificial intelligence is a key component of modern marketing efforts. Try these five methods to make the most of AI in your marketing:
Five Ways To Use AI In Marketing Today

Need some fresh marketing ideas? Here’s a list of 101 things you can try, broken down by category:
101 Small Business Marketing Ideas