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
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
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
