Are you hiding from the numbers in your business or not sure how you should manage your stocks and the numbers that really matter in your business? Then today's Start Scale Succeed episode is for you. Nicole is chatting with Sarah from Flourish Retail, merchandising expert who has over 20 years experience working for retailers like ASOS, River Island and Debenhams. 

 

KEY TAKEAWAYS

• There are two aspects to sales, firstly your total sales which would be what you’ve sold in a period. Then your net sales, which includes returns. Returns are an important number for your business because it impacts your profit and the customer experience. 
• With clothing a 20% return percentage is pretty good but it can fluctuate depending on the product. Something fitted will have a higher return rate. 
• Maximise your profit as much as possible from every unit of stock you’re selling. Be aware of how much stock you have and how much of your money is tied up in that stock. 
• If you don’t try and negotiate with suppliers on minimum order amounts then you might be left with too much of your cash invested in stock. Remember that you’re also paying for storage on your stock too. 
• Understand what’s working, what’s actually selling well for you, the numbers don’t lie. Don’t be afraid to get rid of products that don’t make you money and take up your time. 
• Review your pricing, with costs going up then profit margins begin to slide. Look at your competitors' prices regularly and make sure you’re missing a trick. 

 

BEST MOMENTS

‘Sales are vanity, profit is sanity’

‘It’s important to trade in season’

‘Add the context to the numbers’

 

EPISODE RESOURCES

www.flourishretail.com

www.instagram.com/flourishretail

 

VALUABLE RESOURCES 

www.thebuyerandretailcoach.com

www.instagram.com/thebuyerandretailcoach 

www.tiktok.com/@thebuyerandretailcoach

https://thebuyerandretailcoach.com/newsletter-sign-up/

 

ABOUT THE HOST

Buying & retail expert Nicole Higgins spent the last 18 years working for companies such as Primark, M&S, Debenhams and Asda, sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line. 

Nicole now uses that experience and works as a consultant and coach for entrepreneurs and small to medium sized business owners, helping them start and scale their product businesses as The Buyer And Retail Coach (TM) 

Join the Start Scale Succeed waitlist. How to start & scale a product business. A 12 Week programme:  thebuyerandretailcoach.com/startscalesucceedwaitlist

 

CONTACT METHOD 

Website http://www.thebuyerandretailcoach.com

IG https://www.instagram.com/thebuyerandretailcoach/

TikTok www.tiktok.com/@thebuyerandretailcoach

LinkedIn linkedin.com/in/nicolehigginsuk 

Email [email protected] 

Newsletter https://thebuyerandretailcoach.com/newsletter-sign-up/

Book a call with me https://thebuyerandretailcoachltd.as.me/discoverycall