Something that many store owners struggle with is managing cash flow, especially at it relates to getting vendor terms on advance orders. A great question in our retail community came from a clothing and accessories store owner who said: “I have to place a lot of my buys 6-8 months in advance. This ties up so much money and often … Read More
Profiting in the Retail Off-Season
How can you make sure you’re profiting in the retail off-season? This was a great question I received in our retail community recently, and I know many of you can relate. First things first—profitability is the goal, no matter the season. However, in a retail off-season, cash flow can take a dip, even if your business is profitable. So, let’s … Read More
3 Steps to Budget for Retail Profits
I’m about to share 3 steps to budget for retail profits – a crucial topic inspired by a question from our retail community: How do I create a strategic budget to maximize profits in my retail business? As the CEO of your retail business – you HAVE to know your numbers. I’m going to say that again: You don’t have … Read More
Where Should the Money Go – Calm the Cash Flow Chaos
Have you been feeling the cash flow chaos lately? In a recent Q&A session, a retail store owner in our retail community asked a great question: Where should the money go? Allocating your sales consistently across profit, inventory, payroll, and other crucial areas seems like an unattainable goal, leading to a frustrating cycle of financial inconsistency or put more simply: … Read More
Strategic Inventory Management: Unlock Sales Growth with the Freshness Factor
Truth bomb: You can’t grow sales with old inventory! Use the Freshness Factor formula to manage your inventory and unlock sales growth!
How Do I Calculate Profit Margins to Succeed in Retail?
In the dynamic world of retail, understanding and optimizing profit margins is crucial for long-term success. Recently, Pamela asked: How do I calculate profit margins to succeed in retail? In this blog I’ll explain the concept of cash margin, exploring its calculation, distinguishing it from gross margin, and delving into its impact on cash flow. Whether you’re a seasoned retail … Read More
5 Steps to Negotiate with Your Landlord
As a store owner, there will come a point when you have to negotiate with your landlord. Often it’s when it’s time to renew your lease, but sometimes circumstances calls for a different negotiation. Like when you just can’t make rent. Early on during the pandemic many store owners around the world faced having to shut down their business. It … Read More
The Best Content Ideas from Trade Shows
I know that going to retail trade shows is a whirlwind of activity and decisions. But don’t miss the pieces of content ideas hiding at your next trade show. It’s pure GOLD for your content marketing. You come back from trade shows with so much NEW… new lines, new items, new ideas and new enthusiasm. Right? Imagine today is your … Read More
How to Predict Inventory Needs
One of the best questions you can ask as a retail store owner is “how to predict inventory needs?”, because your inventory is your biggest expense – and so learning to control it results in a huge return on your investment. That’s why I get so excited when I get a question like Elizabeth’s: I’m just getting started, but I’m … Read More
How Do I Make More Profit?
Every week, store owners in our community ask a different version of the same question: How do I make more profit? It’s a question that often comes with an equal measure of aspiration… and frustration. A More Profit Mindset Now, before you rush to cash management strategies – action steps to take, there’s a crucial mindset shift you must make … Read More
