As the year comes to a close, I can’t help but look back with a full heart at everything we’ve accomplished together in 2024 with this year in review. YOU — our incredible community of retail store owners — have inspired us every step of the way. Let’s take a moment to celebrate some highlights from this amazing year: ★ … Read More
#001: It’s Me. Hi – My Journey to Retail Success
I wasn’t even meant to be in retail. I was an accidental retailer, and retail success did not come easily. My journey from sleepless nights and near-bankruptcy to retail success inspired me to create Retail Mavens. Now, I’m here to share my story, the lessons I learned, and strategies to help you become a Richer Retailer not just financially, but … Read More
Top Tip for Managing Money In & Money Out
Managing money – the constant juggle of incoming revenue, paying bills, and ordering new inventory, can feel like an impossible task for store owners. Without a plan, it’s easy to get overwhelmed – and let’s be honest, we’ve all been there. That’s exactly why I love the Profit First method. It’s not just another bookkeeping system; it’s a game-changing framework … Read More
How to Start Paying Yourself When There’s Not Enough Money in the Bank
Question from Beatriz: “How do you start paying yourself every month if there’s not enough money in the bank to cover even regular expenses?” This is a great question—and it’s one that so many retail owners ask! Because here’s the truth: paying yourself needs to be a priority. If you’re not paying yourself, it’s a red flag that your business … Read More
Which Retail Action has the Biggest Impact?
Bonnie recently asked in our retail community: Which retail action has the biggest impact? As a retail store owner, it’s easy to get caught up in the day-to-day hustle — helping customers, stocking shelves, managing the register. But if you want to see real growth and sustainability in your business, it’s essential to step back and work on your store, … Read More
Top 5 Tips for Selling While Closed: Freshen Up Your Store Without Losing Business
Closing your store for a makeover might seem like a daunting task, especially when you’re worried about losing business. But what if I told you that you can turn this temporary closure into a golden opportunity if you’re focused on selling while closed? By strategically planning your closure and leveraging online platforms, you can keep your sales up and even … Read More
How Do I Get Operating Expenses Under Control?
Operating expenses can be the bane of any retail store owner’s existence. They creep up on you, and before you know it, they’re eating away at your profits. If you’ve found yourself asking, “How do I get my operating expenses under control?” you’re not alone. Let’s break down some strategies for tackling the biggest expense categories so you can regain … Read More
Retail Systems for Growth – Where to Start?
What is the #1 indicator of consistent growth? Retail systems! You can not build on a shaky foundation and you can’t grow your retail store without systems and processes that will support that growth. This question came in through our retail community recently: “I now have one year under my belt, but I’m flying by the seat of my pants! … Read More
Store Owners: Feel Like You Never Do Enough?
Store owners: Do you feel like you never do enough? Like you’re doing everything in your store – and yet it’s like you can never do enough? This is for you! This question came through in our retail community recently: I’m struggling with delegating tasks to employees, making profit goals, and constantly feeling like I never do enough If you … Read More
How to Get Rid of Old Inventory
How to get rid of old inventory? This was a question that came through in our retail community, and it is a great one that highlights a situation many store owners find themselves in: How do I get rid of old inventory with enough profit to purchase new inventory and keep my customers coming back for new, beautiful merchandise? SO … Read More
How to Keep Inventory Looking Fresh for More Sales
Keeping inventory looking fresh is essential for attracting and retaining customers, as it creates a visually appealing and dynamic shopping experience. Here are my top 10 strategies to achieve this in your store: #1: Regular Merchandising Updates Rotate your inventory frequently to showcase new arrivals, seasonal items, or trending products. This keeps the displays visually interesting and encourages customers to … Read More
Manage Your Cash Flow: Vendor Terms on Advance Orders?
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
The Hidden Cost of Inventory Hoarding
Let’s break down the hidden costs of inventory hoarding and share simple strategies to clear out old stock while protecting your margins. Have you ever looked at a product sitting on your store shelf for months and thought, “Someone will buy this… eventually.”? Lazy inventory is like trapped cash, and it’s time to set it free! What is Inventory Hoarding … Read More
