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

How well are you managing the most valuable asset in your business? 

In other words, your stock. The chances are, if you are a product business owner, whether that is an e-commerce brand or an independent retailer, then the majority of the financial value of your business is tied up in your stock.

And my question to you is how well are you managing that asset? 

In the last episode asked you, do you have a cashflow problem or a stock management problem. And I suggested that you have a stock plan to determine the answer. Once you have your stock plan, the its time to dive a little deeper.

Today I want to talk about my second golden rule of stock management. And that is be really clear about what's selling and being productive in your business versus what isn't selling and is sucking up all of your cash.

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:

[0:00] The Golden Rules of Stock Management Recap

[02:46] The Second Golden Rule of Stock Management - You need to know which stock is selling and which is not

[03:14] A stock plan is a good place to start, but it won't tell you the full story...it has a major flaw

[04:55] We fix that flaw by looking at the tail.

[07:25] Knowing what product is selling and what is not has other benefits to your business that will put you ahead of most retailers

[10:29] Making a stock plan by product type helps you understand even more

[12:14] If creating a stock plan by product type is overwhelming - then try a stock-to-sales ratio

[14:35] This is what you should be doing to start getting control of your stock

[16:22] Do you need this but find it overwhelming? Then learn more about my newest service

Mentioned in this episode:

Capify

Is your cash flow problem really a stock management problem?

The reason I asked this question is because recently when I ran the Retail ROAR summit, I asked everyone who signed up what their biggest issues were. And the biggest issue that came up, particularly in people with a six-figure (or more) businesses,  was their cash flow and people were talking about issues that they were having managing it.

This happens to be an area that I love to geek out about so I wanted to share my experience from the retail industry to explore how improper stock management can lead to significant cash flow challenges. And to that end I have three golden rules for stock management that I want to share with you over the next three episodes.

Today is Golden Rule Number One - have a stock management plan. We dive deeper into why this is so important to start with and I will give you some tips on how to accomplish this. 

And if you are looking to get some help with managing your stock register to get more information about my latest service at https://futureretail.lpages.co/feel-good-business/

Let’s Dive In:

[00:00] Introducing The Golden Rules of Stock Management

[02:0]3 Do you have a cash flow problem or do you have a stock management problem?

[07:56] Why I understand so much about stock management. 

[10:18] How Tame Your Tiger will help your stock management

[12:43] Golden Rule of Stock Management #1 - Have a Stock Plan

[18:05] Coming Up Next - What is driving your sales?

Mentioned in this episode:

Capify

In this episode of the Resilient Retail Game Plan, I’m talking with Tamsin Rennie, founder of Monroe Creative, about the critical balance between aesthetic appeal and functional performance of websites for product-based businesses. 

We discuss common mistakes businesses make when DIYing their websites, the significance of professional branding and web design, and how to strategically appeal to your specific customers. We also cover practical tips for improving website functionality, the importance of SEO, and making sites user-friendly and accessible. 

Tamsin emphasizes the value of cohesive and strategic branding in conjunction with a well-designed, functional website to enhance business success.

[01:47] Welcome Tamsin! Tell us a bit more about your business

[02:22] Tamsin shares about her experience with her own product businesses

[07:25] How important is it for a website to really have the right look for the brand?

[09:02] Can you talk me through what the process might look like to create a specific appeal for a very specific customer?

[11:09] What kinds of mistakes does Tamsin see shops make when they DIY their website?

[17:16] The relationship between branding and web design

[22:27] How to learn more about Tamsin

Get the full show notes on our website at https://www.resilientretailclub.com/podcast-episode/a-retail-owners-guide-to-effective-branding-and-website-design-with-tamsin-rennie/

Mentioned in this episode:

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Have you used Google Shopping in your business? Maybe you've given it a go, but you're not really sure if you're getting the best results. Or you've taken a look and it just all seems too complicated. 

Today I’m joined by Sara Jones. She is the founder of the online retail Academy and she's a specialist in Google Shopping Ads. She's going to be talking to us about the difference between Google Shopping Ads and Meta Ads, how to set it up and how to get the best results for your business.

Let’s dive in!

[00:00] Diving into Google Shopping Ads with Sara Jones

[01:39] Welcome Sara Jones! Founder of the Online Retail Academy

[02:04] What is the difference between advertising on social media versus Google advertising?

[06:08] What is the difference between sponsored listings and shopping images in Google?

[07:52] Are there specific types of businesses that are eligible to run Google Shopping?

[10:07 ]What do retailers need to have to get started with Google Shopping Ads?

[14:10] What are some of the nice to have things that make it more likely to succeed?

[18:37] Let's talk about keyword research

[22:49] What kind of budget do people need to be thinking about for this kind of shopping ad?

[27:11] Will Google Shopping Ads see the same shift in cost as we've seen in the social media sites?

[29:07] Where can you learn more about Sara and the Online Retail Academy 

Mentioned in this episode:

Capify

Being in the retail business today has been described to me as standing on one side of the Grand Canyon and being able to see the other side, but having no idea how to get across. 

You are an ambitious, focused business owner who has big plans, and big dreams for their businesses, but you just can’t see how to bridge the gap between where you are today and where you want to be. 

So today  I'm going to be sharing with you some of the behaviors and actions that I've seen small business owners take that keep them stuck in the business they have today.

Then I'm going to be sharing with you four golden rules that will help you build a business that not only looks good, but feels good too!

And if you're somebody who is thinking “Yes, okay, Catherine, I've got it I want to get to the heart of my business!” Then I am going to be launching something this year that will help you if you want to get the foundations right in your business but you don't have the time. If you want to learn more you can sign up to register your interest and then you'll be the first to know about my new service.

[0:00] Welcome!

[04:03] Creating a business that not only looks good but feels good too.

[08:41] Four habits that are keeping you from the business you desire

[09:53] Habit #1: You're Always Talking About the Weather (you blame external factors for what was happening internally)

[13:15] Habit #2: Believing success is linear and that there is a finish line.

[17:28] Habit #3: You are being distracted by somebody else's idea of success.

[20:36] Habit #4: You are eating too many donuts (spending lots of time and money on things that don't make a difference while neglecting those that do.).

[23:56] Four Golden Rules that will Help you Build a Business You Love

[24:04] Golden Rule #1: Radical Responsibility: taking full responsibility and full ownership for everything that happens in your business.

[25:58] Golden Rule #2: Celebrating that there is only one you. 

[27:46] Golden Rule #3: Always Eat Your Vegetables: Focus on the things that are not super sexy or exciting from an external perspective but will 100% help you grow your business.

[29:56] Golden Rule #4: Resilience on Repeat

Mentioned in this episode:

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Maybe you've been wondering, will my customers buy this? Will they like this new product line I'm developing or purchasing? Or what, quite simply, do my customers want to see from me?

We often get told that we need to talk to our customers to understand them. It's advice I've certainly given out a lot in my lifetime, for sure.  But what do we actually say to them? How do we even figure that out? And how do we get people to share information with us that is genuine? 

How many times have you maybe asked people, do you like this? And they've all said yes. And then nobody bought it. 

If that sounds familiar or if you've ever wondered how best to get information out of customers and satisfy that curiosity, then you want to listen to today's episode. 

I'm joined by Katie Tucker. She is an author and a market research expert  and her book, "Do penguins eat peaches?" Is an absolutely phenomenal practical guide for small business owners when it comes to answering that all-important question, which is what do my customers want?

And another important question, are they prepared to buy it from me?

Let’s find out!

[02:36] Welcome Katie Tucker, business consultant and author of Do Penguins Eat Peaches?

[04:24] How did Katie get involved in customer research?

[05:50] One of the biggest problems that businesses have is knowing how to structure productive conversations with their customers. Here are some tips to make it better.

[08:55] What are some of the best ways to learn what our customers want? Here’s a hint, don’t ask them what they want, discover their behaviors instead.

[11:14] Why you should avoid focus groups and what to do instead.

[15:22]How can you truly validate a new product idea?

[22:29] What do you do when your vision as a business owner doesn't match the needs of the customer?

[28:45] How to connect with Katie

Connect with Katie Tucker:

Sign up for her newsletter - www.productjungle.co.uk

Mentioned in this episode:

Capify

Sales - without it, we don’t have a business, just an expensive hobby.  And yet, for many of us, when it comes to thinking about selling our products or services, or promoting our businesses to the world, it suddenly feels very difficult.  

One of the people I come back to time and time again when it comes to getting clear about selling on social media is Sara Dalrymple.  I can’t actually remember how I first came across Sara, but we’ve been chatting on Instagram for years, and I’ve invited her into my membership on more than one occasion to share her pearls of wisdom about selling on social media.

If you want a masterclass on how to promote your business regularly and joyfully, go check out @saleswithsara on Instagram and see how Sara shows up day after day to share her message.

So when Sara announced she was publishing a book on sales, ‘More Sales, Please’ (with the same publisher as my book Tame Your Tiger), I knew I had to get her onto the podcast to tell us all about it. 

Today’s episode provides practical advice on making the sales process simpler and more approachable for small business owners, aiming to boost sales and customer satisfaction.

Sara shares valuable insights on approaching sales with clarity, confidence, and ease, emphasizing the importance of selling in a way that feels natural and aligned with one's personality. 

We talk about overcoming common sales myths, the effectiveness of listening to customers, and the crucial role of energy and enthusiasm in connecting with potential buyers.

[00:17] Welcome Sara Dalrymple, Author of More Sales, Please!

[03:20] Sara's message behind her book - We live in a time where anyone can open a business, but we aren't taught about sales and marketing. Most small business owners feel its complicated, Sara wants to prove that its not.

[05:31] Is there a way of approaching sales if you are more of an introvert?

[07:00] Sara's process to make sales feel more natural 

[11:08] What is the difference between selling a product and selling a service?

[12:54] Sales aren't about forcing the buyer's choice. It's about creating a space where they are happy to buy.

[19:26] Sales can start off as an emotional journey, so we need to set the stage for our buyers with the messages we want them to receive.

[24:23] What is the relationship between your passion for your product and [sales?

[33:39] How to connect with Sara Dalrymple

Mentioned in this episode:

Capify

Today's podcast is a pep talk. And the theme of the pep talk today is that the UK is officially in recession. 

So you might think this is an odd theme for a pep talk, but I know that it can feel overwhelming and demotivating when you hear headlines like “ UK officially in a recession after Christmas sales collapse.” It can feel like a very worrying time for a business owner. And we've also had other high-profile bad news recently in the press, for example, the body shop going into administration, which a lot of people are also feeling demotivated about.

And so what I wanted to do with this episode is dig in a little bit into the data and the stats behind the headlines, tell you why I think you should be optimistic, and five things to do instead of letting it overwhelm you. 

[00:00] It’s time for a Pep Talk

[03:00] Let's Define What Recession Means

[05:21] Reasons I believe you can be optimistic despite the headlines

[07:36] What actually happened to the Body Shop

[08:53] Five Things to Do to Beat Feeling Overwhelmed

[08:58] Focus on your circle of control. Make your business as good as it can be as opposed to spending that time getting distracted or, demotivated by external factors.

[09:49] Keep Your Business Nimble. Now, more than ever, it's important to keep your stock under control, to not have too much of your money tied up in your stock so that you have got some flexibility.

[10:36] Understand Your Customers. No matter what the economic environment, no matter what's going on in the world, knowing your customers, talking to them, really understanding them is only going to help you as a business owner.

[11:03] Take Action! Make sure that you are thinking about your circle of control, what you can do, to move things on and focusing on that instead of the things that you can't control.

[12:05] Get Support. You want to have that environment where you can talk to other people going through the same thing as you so you can share your worries and concerns and get ideas from what other people are doing too.

[12:42] Don't Forget to Join Retail ROAR

Mentioned in this episode:

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Today I want to share three tips on how you can get the most out of the Retail ROAR conference. The conference features a lineup of 10 founders of retail businesses or brands and 9 subject matter experts. To help you prepare to get the most from the conference I share a summary of the diverse range of speakers and their respective topics, which cover various aspects of retail business, including social media, website development, public relations, wholesale success, email strategy, and maintaining work-life balance. The event also features networking opportunities through a pop-up Facebook group. The focus of the conference is to help attendees create a business that not only looks good, but feels good too, helping them feel inspired and ready to succeed in 2024.

Retail ROAR is a FREE online conference taking place from the 29th of February to the 1st of March. Sign up today!  www.retailroar.co.uk

[00:00] Making the most of Retail ROAR

[02:44] Tip #1: Check out the lineup of retail founders. Find the stories and experiences that interest you. Mark the date/time in your diary to attend that session.

[10:12] Don't miss my opening remarks on how to create a business that not only looks good but feels good too.

[10:42] Tip #2: Go back to your goals for the year and identify the experts who can help you move towards that goal. Mark their sessions in your diary.

[14:08] Tip #3: Remember to network with other attendees in the Facebook group!

Episode Links:

Get Your Free Seat to Retail Roar - The UK's most inspiring FREE retail online summit at www.retailroar.co.uk

Mentioned in this episode:

Capify

In this episode of the Resilient Retail Game Plan, I am talking with coach and facilitator Hayley Watts about effective team management, productivity, and your well-being as a founder.

We talk about effectively giving responsibility to your team through an analogy with a 'fried egg', the importance of clarity and setting boundaries in team roles, as well as how best to approach difficult conversations with your staff. We also touched on the importance of looking after your health and well-being during stressful times.

Haley Watts helps business owners focus on the work that matters. She helps people grow their businesses while looking after themselves. She gives business owners the confidence that what they are working on is the right thing to help achieve their goals

0:00 Welcome Hayley Watts

02:54 As the team grows, how do founders stay productive?

05:53 What tips does Halyley give to build a team that works together?

09:16 How can founders value the different external viewpoints of new team members?

11:02 As a founder, what can you do to help the team perform at their best levels?

14:05 What should you do when team members are not meeting expectations?

19:31 How to bring your company's values into the recruitment process

21:44 How can founders reduce their overall stress and improve their well-being?

25:44 Get in touch with Hayley

Connect with Hayley Watts:

Linkedin: https://www.linkedin.com/in/hayley-watts/

Website: www.inspireful.co.uk

Episode Links:

Get Your Free Seat to Retail Roar - The UK's most inspiring FREE retail online summit at www.retailroar.co.uk

Mentioned in this episode:

Capify