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 times I’m left scrambling to pay for it.” Handling Advance Orders First off, let’s chat about placing orders 6-8 months in advance. This is a reality for many retail stores, especially in the fashion industry where wholesalers often require orders well in advance ..read more

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 concerned about inventory management. How do you accurately predict how much inventory to have on hand at any given time? First, high five to you for recognizing the importance of inventory management so early on in the process . It’s going to set you up for success right ..read more

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 to make a new more profit strategy stick: You need to put profit FIRST. Now, I can hear some of you saying, “But Cathy, won’t that leave me with insufficient funds for inventory, payroll, rent, and other expenses?” The answer is a resounding PROBABLY, an ..read more

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 not just aim for profitability; let’s manage cash flow intentionally during the busy season and plan for the slower months. To relieve some of that pressure. To get some financial peace of mind! Retail Off-Season Profitability Let’s start by examining pr ..read more

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 to LOVE your numbers, but you do have to KNOW your numbers. When store owners join RETAILMavens, whether in our group coaching or 1:1 consulting program, the initial call to action is always centered around finances. Why? Well first because we know how important it is that you’re ..read more

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: Cash flow chaos! Believe me, I’ve been there. It’s a financial tug of war that tugs at your sanity too. The Broken Financial Formula The culprit behind this cash flow chaos is a broken formula, the conventional way of a ..read more

Have you ever heard of the Freshness Factor? The truth is that you can unlock major sales growth with the Freshness Factor. Freshness Factor is a pivotal aspect of inventory management. This metric isn’t just a buzzword; it’s a strategic tool that holds the key to maintaining a dynamic inventory, keeping your customers satisfied, and boosting your financial bottom line. Understanding the Freshness Factor Magic The Freshness Factor is more than a mere calculation; it’s a strategic approach to understanding the vitality of your inventory. Why does it matter, you ask? Well, here’s the truth bomb ..read more

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 veteran or a budding entrepreneur, mastering cash margin could be the key to unlocking financial success in your business. The Basics of Profit Margins Before we delve into the nuances of cash margin, let’s revisit t ..read more

Would you like to know why YOU should celebrate Amazon Prime Days and turn them into Your Store Days? Wait, what?! Why am I asking you, an independent retailer, to cheer for Amazon Prime Days? Because this is a huge opportunity to take advantage of the cultural fanfare this event gets and put a local twist on it to make it your own successful annual event: Your Store Days! In fact, we have taught this for years now and we’ve seen store owners increasing sales 176%!!! Our clients have gotten featured on the front page of their local newspaper, because of this idea. Before I tell you how t ..read more

A lead magnet is a very well known term in the online marketing space, but they can also be a very efficient retail marketing strategy. That’s why I’m sharing these 7 retail friendly lead magnets you can use to grow your email list. Why Lead Magnets? The ultimate purpose of your lead magnet is to attract leads – or customers – into your world. You do this by building a connection with them, by providing them something of value so they feel comfortable with giving you their contact information. Because no one wakes up thinking: “I can’t wait to join some email lists today!” Most often lead mag ..read more