The Resilient Retail Game Plan - retail insights, retail trends and best practices

Today we are kicking off a six-part series on preparing for the crucial time of year for retailers, Christmas. 

In this episode, I explain why now is the perfect time to start planning and share insights on setting goals, reviewing past performance, and strategizing for the upcoming holiday season. We'll explore how to plan for sales, manage resources effectively, and ensure your business is ready to delight customers. Whether you're a Christmas-focused brand or have another peak season, this episode provides valuable tips to ensure a seamless, (stress-free?) and profitable end-of-year period.

From July 15th - 19th, inside the Resilient Retail Club we have a five-day challenge to put together your Christmas strategy. Learn more about the Resilient Retail Club. 

[03:06] How do I define the "Christmas Season" (and what to do if Christmas isn't your peek-season)

[05:37] Why are we talking about Christmas now (at the start of summer!)?

[06:02] Building a Christmas Strategy 1: Analyze what happened last Christmas

[07:31] Building a Christmas Strategy 2: What is your intention for this year?

[09:27] Building a Christmas Strategy 2: How much are you going to make this year?

Links:

Learn more about the Resilient Retail Club: https://www.resilientretailclub.com/membership/

Learn more about my mastermind for product business owners: https://www.resilientretailclub.com/retail-business-mentoring/

Related Episodes:

162: How to Strategise for Christmas Success https://www.resilientretailclub.com/podcast-episode/how-to-strategise-for-christmas-success/

154: 7 Tips for Using Summer to Get Ready for Christmas

https://www.resilientretailclub.com/podcast-episode/7-tips-for-using-summer-to-get-ready-for-christmas/

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How do you improve the cash flow in your independent retailer or e-commerce brand? 

I want to introduce you to an acronym that I came up with to talk about the different elements that make up the cash flow in your business. And that, appropriately enough, is SHOPS. 

And in today's episode, I'm going to talk you through the five different elements of SHOPS and how each one has its part to play in cash flow. 

If you want to improve the cash flow in your business, by the end of this episode you should know where to start and what you might need help with.

[00:00] 5 Elements for Better Retail Cash Flow (SHOPS)

[01:42] What is the meaning of cash flow

[03:34] SHOPS - The elements for better cash flow

[04:10] S if for Sales

[06:29] H is for Having a cash flow map

[10:23] O is for Overheads

[11:56] P is for Profit

[13:13] S is for Stock

[13:40] What I look at when people come to me with a cash flow issue

[16:26] Do you want help managing your cash flow?

Links:

Learn more about my mastermind for product business owners: https://www.resilientretailclub.com/retail-business-mentoring/

Related Episodes:

Ep198: 5 Truths About Cash Flow in Retail - https://www.resilientretailclub.com/podcast-episode/5-truths-about-cash-flow-in-retail/

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In this episode of the Resilient Retail Game Plan, host Catherine Erdly and coach Annabel Gonifas explore how mindset influences business performance. Catherine discusses her personal experiences and emphasizes the importance of addressing mindset in her Product Business Mastermind. Annabel elaborates on the key challenges small business owners face, such as limiting beliefs, values alignment, and understanding personality strengths using tools like Clarity 4D. They discuss how understanding these elements can help business owners overcome procrastination, enhance motivation, and align their businesses with their true values and strengths. The conversation offers practical insights into how a strong partnership between strategic consulting and mindset coaching can lead to business transformation.

[00:00] How Mindset Impacts Business Success

[02:55] Welcome to Annabel Gonifas

[03:43] What are some of the ways that small business owners are holding themselves backMarker

[04:46] Examples of some common limiting beliefs and how they might play out in your business

[07:37] Why do so many small business owners struggle with mental blocks when it comes to running a business (that they didn't seem to have in a 9-5)?

[10:50] What can procrastination tells us?

[14:44] What is personality profiling? How does it work and how is useful in your business?

Links:

Learn more about my mastermind for product business owners: https://www.resilientretailclub.com/retail-business-mentoring/

Related Episodes:

143: Four Key Traits That Product Business Owners Need To Have In Order To Flourish - https://www.resilientretailclub.com/podcast-episode/four-key-traits-that-product-business-owners-need-to-have-in-order-to-flourish/

147: 7 Vital Ways To Avoid Giving Up On Slow Sales Days - https://www.resilientretailclub.com/podcast-episode/7-vital-ways-to-avoid-giving-up-on-slow-sales-days/

179: 7 Lessons I Learned from My Mastermind Members - https://www.resilientretailclub.com/podcast-episode/7-lessons-i-learned-from-my-mastermind-members/

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It's amazing the difference that a year can make. 

I am one year into my signature mastermind and I'm just about to start welcoming the fifth cohort of my signature Mastermind program where I work in-depth with ambitious product business owners, finding out what's going on with them, discovering what their challenges are, and helping them achieve their business goals.

And since I effectively become part of their teams for six-months (or more), it has given me this insight into what is going on inside these amazing and successful businesses. 

What I want to share with you in this episode are the lessons that I have learned from working with a wide variety of ambitious product business owners, e-commerce brands, and independent retailers and help you to think more broadly about what it means to be a product business owner in 2024.

So let’s dive in:

[03:10] The Benefits of the Mastermind for Product-based Business Owners

[05:42] Lesson One: There are lots of different routes to success for product-based businesses

[09:47] Lesson Two: High Street is NOT dead - there is a place for independent retailers

[11:53] Lesson Three: A founder’s focus is critical to the success of your business

[15:39] Lesson Four: It is possible to be in control of your business numbers

[19:34] Lesson Five: (With help) It may take a lot less time than you think to accomplish your most pressing goals.

[22:35] Five things that I've learned from running a Mastermind for product-based business owners.

[23:30] Join the next cohort of the Mastermind!

Learn more about the mastermind at https://www.resilientretailclub.com/retail-business-mentoring/

Get all of the show details on our website at https://www.resilientretailclub.com/podcast-episode/5-lessons-ive-learned-from-ambitious-product-business-owners/

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I can't believe I'm actually saying this, but it's episode number 200 of the Resilient Retail Game Plan. 

It is unbelievable to me that the podcast that I started nearly four years ago in 2020 has just hit its 200th episode, and I wanted to do something a little bit different today.

I have swapped places with my guests and I am being interviewed for today's episode. 

I'm being interviewed by Sarah Scott, who is my podcast manager. We are diving into why I started the podcast, what I love about hosting this show and where we are going. 

I want to sincerely thank every single one of you who has listened to the podcast today and at any point in the last four years, you've been a huge part of getting the podcast to 200 episodes, and I am so incredibly grateful.

And if you have a story that you would like to share with other product-based retailers, then please reach out, I would love to talk to you about being a guest in an upcoming episode. 

[00:00] Celebrating 200 Episodes of the Resilient Retail Game Plan

[02:30] How it started - With all the different content strategies available for businesses, why start a podcast?

[04:28] What format did the podcast start in and how has that evolved?

[08:33] The benefits of having a podcast has had on the business

[15:47] Which type of episode does Catherine enjoy more - solo or interview?

[17:35] Where do guests come from?

[19:16] Would you like to be a guest ... this is how you do it!

[21:49] What are your favorite things about being a podcast host?

[27:13] What inspires ideas for new episodes?

[30:57] What's next for the podcast?

Get all of the resources on our website at https://www.resilientretailclub.com/podcast-episode/celebrating-200-episodes/

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Father's Day is coming and it is the last big gift-giving occasion before Christmas. Generally speaking its not as big as big as Mother's Day in terms of spend, but it's still significant and it is definitely worth exploring.

Today I’m going to share 12 marketing ideas for you in your business when it comes to Father's Day. 

Let’s Dive In

[00:00] Father’s Day is Coming 

[02:02] #1 Highlight what collections you have for Father's Day

[02:58] 2024 Trending Categories for Father's Day

[05:47] #2 Curate Gift Bundles

[07:34] #3 Gift Guides

[08:09] #4 Emphasize Personalization

[08:51] #5 Introduce New Products

[09:40] #6 Lean into Dad and Grandad Personalized Items

[10:31] #7 Engage Wholesale Clients

[11:06] #8 Special Promotions

[11:40] #9 Additional Father's Day Incentives

[12:24] #10 Keep an eye on seasonal inventory

[13:37] #11 Giveaway Competitions

[15:40] #12 Promote Gift Cards

Get all the details on our website at https://www.resilientretailclub.com/podcast-episode/12-essential-fathers-day-marketing-tips-for-your-product-business/

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How do you find managing cash flow in your business?  

If it is something that comes to you easily, you may be surprised to hear that you are definitely in the minority. 

If you're one of the people who feels like cash flow is stressful and everybody else has it figured out, then I can promise you it is not the case. 

Over the last few weeks, I have spent some time talking to retailers one-on-one about how they manage their cash flow in their business. And it has been absolutely fascinating

If you are feeling like cash flow is a bit stressful I want to let you know that there is a way forward, it is possible to have a business where you can feel in control of your cash flow. I'm working on a new service that I will be launching later in the year. If you would like to learn more as details are released please sign up for the waitlist. https://futureretail.lpages.co/feel-good-business/

Let’s get into this episode:

[00:00] 5 Truths About Cash Flow in Retail

[02:54] What is cash flow exactly?

[04:40] What does good cash flow management look like?

[06:56] What does it look like when you don't have a handle on your cash flow?

[08:54] 5 truths about cash flow management that I learned from retailers

[09:06] Truth #1: If you are feeling in control of your cash flow, then you are in the minority. 

[09:58] Truth #2: Everyone believes that everyone else is managing their cash flow better than they are.

[11:26] Truth #3: Your accountant might not be giving you all the services you need to manage your cash flow.

[12:33] Truth #4: Retailers have a lot of information, but they don't always know what to do with it (Or how to take action based on the information)

[14:08] Truth #5: Retailers want to know how do they compare to everyone else or at least understand how other retailers are managing their cash flow.

[15:02] This is what I want you to take away from my cash flow research 

Get all of the details and resources on our website at: https://www.resilientretailclub.com/podcast-episode/5-truths-about-cash-flow-in-retail/

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Creating content for our businesses, love it or hate it, it is part of the everyday life of a small business owner. But how do you do it in a way that doesn't suck all of the joy and fun out of the process? 

In this episode, I'm joined by Char Dixon. Char is the founder of Loudmouth Content. She also has a really in-depth background in the retail industry and a whole host of knowledge about what it takes to market and promote your product business in a way that feels joyful, fun, and without the overwhelm. 

This episode has a lot of actionable tips for your business so let's dive in.

[00:00] Social Media Content Creation Secrets for Retailers with Char Dixon from Loudmouth Content

[01:50] Welcome Char Dixion of Loudmouth Content

[04:48]  How do you think people should be optimizing it or making the most out of their content to make sure it's pulling its weight?

[08:10] How do we make our own headlines?

[10:36] How can you use content to move people through the sales process?

[13:02] What type of digital content fits each phase of the buyer's journey?

[15:29] How do you create content that builds community and connection?

[21:21] Tips for streamlining content creation for small businesses.

[24:50] How do you measure the success of your content? 

[27:32] Where to find out more about Char Dixon at Loudmouth Content

Want to learn more about content creation? Check out these other episodes.

169: Strategic Content Production And Youtube With Matthew Hughes

170: All Things TikTok With Penny Walker

Get all of the resources on our website at https://www.resilientretailclub.com/podcast-episode/social-media-content-creation-secrets-with-char-dixon/

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Today I will be answering four questions that I've been asked from my membership and mastermind about stock management.  

If you've got a question about stock management that isn’t answered by today's podcast, you can join the Resilient Retail Club, where you will be able to ask me whatever questions you’d like whenever you like. 

And if you have enjoyed this series on stock management but you know, for a fact, you will just not have the time to do it, then I do encourage you to join the waiting list for my new service, which will be launching later this year. I am going to be able to work with you to manage your stock better. Join the waiting list here: https://futureretail.lpages.co/feel-good-business/

Let’s Dive In:

[00:00] Your Stock Management Questions Answered

[01:51] If you have questions about stock management that are not answered here reach out!

[02:22] Question 1: I'm a stationery company and I sell both direct to consumer and business to business. It would take me around 10 business days to get more stock.  I've heard that you should always order the minimum order quantity (MOQ) when testing out a new product. But what if that minimum is one? 

[06:28] Question 2: Quite a bit of my stock has a really long lead time, like six months, and I need to buy quite a bit to get a decent price in shipping. How do you balance making sure you don't run out of stock with not carrying too much? Should I carry smaller amounts and order more often, even if it means the margin takes a hit?  

[10:16] Question #3: I would like some guidance when stock has to be ordered a long way in advance. So for example, in my case, children's clothes are pre-ordered in autumn for spring delivery with new designs and styles released. I find this challenging as I'm being forced to buy in larger quantities than I would usually as I can only pre-order. They have no stock to order again if I misjudge. Plus it's a new design so I feel like I'm gambling on what would sell well. Often the order arrives one to two months late and it is a large sum of money I have to pay in one go when I wouldn't usually spend like that.

[15:58] Question 4: I'm buying Christmas stock, how much stock should I have, ideally in terms of value? Is it as simple as I want to turn over X during November and December so my stock value should be Y? 

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How often are you reviewing your stock?

Stock management is not a one-and-done type scenario.  

I certainly would be able to sit down with you and audit your stock. We would be able to go through it, look at how much you've got, understand what's working, and what's not working, and I could make recommendations on how you could trim that stock back and what you should focus on going forward.

And while this can be incredibly helpful it won’t prevent issues on an ongoing basis. 

Moving into a monthly review is a simple, but powerful way to get a vision of what the impact of the month that's just gone by is going to have on your future stock. And then you can use that information to actually take action. 

And I'm a big believer in information for action. You want to be able to look at your last month's sales and understand immediately what that means for you going forward.  

So today we are talking about my third golden rule of stock management - making stock management a monthly review process and what steps you need to take to accomplish it. 

If this all sounds very interesting, but you know, for a fact, you will just not have the time to do it, then I do encourage you to join the waiting list for my new service, which will be launching later this year. I am going to be able to work with you to manage your stock better. Join the waiting list here: https://futureretail.lpages.co/feel-good-business/

Let’s Dive In:

[00:00] My third Golden Rule of Stock Management: Make stock management an ongoing process in your store

[03:21] Why stock management is not a one-and-done activity for your store

[04:08] What activities are included in a monthly stock management review

[07:08] Examples of what can happen when you are actively managing your stock plan

[08:15] Questions to ask yourself on an ongoing basis about your stock plan

[14:40] The Three Golden Rules of Stock Management 

[16:43] Final thoughts and my new service

Mentioned in this episode:

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