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

Managing finances can prove to be a major source of anxiety for many business owners. From trying to navigate the maze of bureaucracy that is self-employment to juggling multiple income streams, there’s a lot to keep track of, and the last thing you need is to get caught out come the end of the tax year. If you feel like you’re sinking in spreadsheets it might be time to enlist the services of an accountant.   

In today’s episode, I speak to Rachel Martin. As the founder of ‘Accountant_She’, Rachel wants to change the way businesses work with their accountants by providing classic accountancy and business advisory services in a modern and convenient way. Your accountant is in essence a translation service and Rachel believes the job of a good accountant is to make you feel at ease with your business.

In this podcast, we discuss the importance of regular bookkeeping, tax planning and using your business records to make better decisions, as well as the software and apps you can use to help save and forecast for the future.

Get in touch with Rachel about working together at https://www.accountantshe.co.uk/ and you can follow and connect with her at:

https://www.instagram.com/accountant_she/

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Consumers are thinking more about how they connect and relate to their purchases than ever before - from shopping small and local to seeking out products that align with their values. As a consequence, it is truly encouraging to see such a large rise in the number of purpose-driven businesses coming to market that cater for people who want their cash to contribute to something greater than a business’s bottom line. From fair-trade and B-Corp certification to profit percentage pledges to charity, retailers big and small and showing how having a mission beyond making money benefits everyone.

In today’s episode, I speak to Mark and John Cronin, a father and son duo who created a mission-led e-commerce business that gives back in a big way. When John, who has Down syndrome, turned 21 he had some big decisions to make as he left the support of the public school system. After some thought, he came to his dad with an idea of going into business together and selling something that would help celebrate his own individuality - crazy socks!

Since starting in 2016, John’s Crazy Socks have operated under a simple mission - to spread happiness - which they've realised through many facets such as their donations to the Special Olympics, personalised messages in every delivered package, employing people with differing abilities and, of course, their wide selection of crazy socks. In this podcast we discuss how sourcing a more diverse workforce isn’t altruistic, it’s just good business, how your social and business missions can work together in tandem to great effect, and how gratitude and helping others should be at the core of what you offer to the world.

To get your very own pair of crazy socks head to: https://johnscrazysocks.com/ and you can connect with John and Mark at:

https://twitter.com/JohnsCrazySocks

https://www.facebook.com/johnscrazysocks/

https://www.instagram.com/johnscrazysocks/

https://www.youtube.com/channel/UChQzvQju2SQiW9rIf5JNsVQ

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From AI chatbots to cloud computing, I hardly need to tell you, small business owners, that technology is constantly changing how the retail industry operates - we’ve all become very familiar with self-checkouts, targeted advertising and next or same-day delivery, but cutting-edge tech often comes at a steep price and requires robust infrastructure, and so is often outside the grasp of many fledging independent businesses and startups. 

However, two technologies that don’t require a huge outlay of capital are NFC, the near field communications tech that powers contactless payments, and one technology that has become ubiquitous via accelerated use throughout the pandemic, which is QR (quick response) codes. In today’s episode, I speak to the Founder and CEO of SharpEnd, Cameron Worth, about how you can use this simple tech to turn your products into fully functioning media platforms.

We’ll discuss how connected packaging places much-desired autonomy and agency into the hands of the consumer and how bridging the gap from your product to your online space represents a whole new canvas and channel through which to speak with your customers, as well as heightening their enjoyment of your products whilst engaging with your brand post-purchase.

Get in touch with Cameron about working together at Sharpend.com and you can follow and connect with him at https://www.linkedin.com/in/cameronlworth/

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If there’s one advantage of being a small business over mainstream retailers, it’s the personal touch and connection you can foster between you and your customers - when you’re the one making the products, fielding customer questions and organising deliveries, closer proximity to your buyers is baked into the very nature of your business-running role. 

In today's episode of The Resilient Retail Game Plan, I speak to Michael Osborne - president of Wunderkind, a marketing firm that helps digital businesses to deliver one-to-one messages at scale, about the vital importance of personalisation in retail, which will hopefully give you some food for thought when it comes to connecting with your consumer base.

We take a deep dive into the evolution of online retail, from the Dotcom craze of the late ’90s to the more recent democratisation of retail and reach through platforms like Etsy and Instagram, as well as discussing how advances in technology are helping tailor marketing to consumer behaviour.  As well considering how the recent global events have accelerated shopping trends we, of course, discuss Christmas 2021 and what we think you can expect in the coming months.

Get in touch with Michael about working together at https://www.wunderkind.co/ and you can follow and connect with him at: https://www.linkedin.com/in/michaelosborne/

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With just under 100 days left until Christmas Day, I’ve got my festive fingers crossed that with a little help from The Resilient Retail Game plan you’re feeling well prepared for the busy Christmas sales season. 

If you’ve got your stock levels sorted and your marketing scheduled now is the time now to look ahead for bottlenecks - to see if you can anticipate and pre-empt pinch points and tackle them head-on by being practical and resourceful.

The crunch you experience in your business at Christmas is usually indicative of how your business will feel and handle as it grows, so it makes a lot of sense to put measures in place to make your life as a business owner easier and more streamlined now.

In episode 60 of The Resilient Retail Game Plan, we’ll discuss the importance of estimating your Xmas sales numbers, working out staff requirements and improving workflow by reviewing your workspace, as well as looking at how automation can do a lot of the heavy lifting when it comes to dealing with your customer base.

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As we’ve covered over the last 10 or so episodes, there’s a lot to consider and arrange when it comes to getting ready for the festive season. From securing stock to marketing and delivery, there are so many moving parts to keep track of, and as the orders fly in and things get busier, it’s all too easy to lose focus, make mistakes and burn out. 

Strategising week-by-week might be effective for the majority of your trading year, but once the holidays roll around you really need to look at the entire festive period in one go to best set yourself up for stress-free success.

From charting the most important festive deadlines and events to matching up your messaging with customer buying patterns, the key to a successful Christmas is a great deal of preparation, so in today's episode, we’ll look at putting together a trading calendar to help give ourselves a clear overview of the busiest time of the year for retail. 

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Whilst big retail isn’t exactly going anywhere, we’re seeing more and more that customers want something that mass-produced products and high street giants generally can’t offer - to be part of a journey when it comes to the consumer experience. 

Whether it’s getting their hands on something handmade and unique or voting with their wallet by buying locally and sustainably, consumers are savvy and know that it’s small, independent businesses that they need to go to for gift-able treats, purpose-led products and exciting exclusives. 

But as you may have experienced yourself, getting in front of those potential customers is a whole other story - in today’s episode we look at how bringing big retail and small brands together is ultimately a win-win for all involved.

My guest today is Matt Hopkins who, whilst working for big retailers like John Lewis, met lots of great brands struggling to get their products to markets. It was on the back of this discovery that in 2014 Matt formed The Great British Exchange with the explicit goal of bringing the best of smaller British brands to a much broader customer base, from food and beverage to housewares, by offering various routes to market including traditional wholesale and in-store pop-ups.

In episode 58 of The Resilient Retail Game Plan, we discuss the importance of stories, the power of selling face-to-face and how your success all comes down to preparation, research and execution.

Get in touch with Matt about working together at  https://www.thegbexchange.com/ and you can follow and connect with The Great British Exchange at:

https://www.linkedin.com/company/the-great-british-exchange/

https://twitter.com/thegbexchange

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As we’ve covered in previous episodes, Christmas has all the potential to be the most profitable point of your financial year, but a lot of your sales success is dependent on how well prepared you are to meet the demands of your customers. From making sure you’ve secured enough of your bestsellers to avoiding creating a stockpile of those dreaded ‘brown bananas', forecasting your sales and ordering stock can be a difficult and abstract task.

So, in episode 57 of The Resilient Retail Game Plan, I run through three vital questions you need to ask yourself before pulling the trigger on any new stock. We’ll look at your ‘hero products’ and the importance of building festive campaigns around your most giftable items; we’ll discuss thinking through your sales logically and getting into the habit of using purchase history and sensible predictions to aid in sales forecasting; as well as making some tough calls on whether it’s worse having too much stock or not enough when it comes to your collection of Christmas products.

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In my first solo episode in three and a half months and as a break from my Xmas content, I thought I’d spend this podcast sharing with you the five books that have made an impact on me and my business. You can always find me reading, I mostly have my head buried in novels, but when I started The Resilient Retail Club digging into business books keep me focused and helped me absorb info that has helped me work more productively and effectively.

First up is “Profit First” by Michael Michalowicz where he ultimately discusses why taking money out of your business is beneficial. Micheal touts the importance of making your business work for you by paying yourself from the very beginning. 

My second recommendation is “The E-Myth Revisited” by Michael E. Gerber. Published in 1986, it’s a little dated in places but contains some solid gems when it comes to how you should go about structuring your business. 

Third is the genuinely funny self-help book “You Are a Badass” by Jen Sincero. As we all know, running your own business can be tough and Jen’s peppy book will kick you up the bum and help you to get back on track.

My fourth choice is “The 7 Habits of Highly Effective People” by Stephen Covey. A modern classic, this book shifted the way I thought about a lot of things and centres in on being productive and effective by focusing only on the variables that you can actually affect.

My final choice (bar a few extra’s I’ve slipped in) is “Atomic Habits” by James Clear - which I’d describe as life-changing. A practical guide on how to create good habits and break bad ones, it contains so many good tips to get you to where you want to be.

Further Resources:

Use to code: 10podcast to get 10% off your first month when joining The Resilient Retail Club

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine - Michael Michalowicz

The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It - Michael E. Gerber

You Are a Badass: How to Stop Doubting Your Greatness and Start Living an Awesome Life - Jen Sincero

The 7 Habits of Highly Effective People - Stephen Covey

How to Be a Productivity Ninja: Worry Less, Achieve More and Love What You Do - Graham Allcott

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones - James Clear

Storybrand - Donald Miller

This is Marketing: You Can’t Be Seen Until You Learn To See - Seth Godin

Oversubscribed: How to Get People Lined Up to Do Business with You - Daniel Priestley

Hype Yourself - Lucy Werner

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Consumers, now more than ever, want to connect and relate to the brands and businesses that they buy from. It’s not enough to just send your products out into the world and expect them to fly off the shelves - you have to convey who you are and what you value if you want to stand out to your customers. Regardless of whether your product business was born from a simple hobby, has grown out of a search for sustainable alternatives, or aims to disrupt the market, when it comes to PR and branding, as my guest on today’s podcast, Lucy Werner says: “It all starts with a story”.

Lucy Werner is the founder of The Wern, a boutique consultancy for publicity & design. She has 17-years of publicity experience, both in-house and for some of London's top agencies, and truly understands the power of the personal when it comes to connecting with clients.

In today’s episode, we discuss the importance of setting a roadmap for yourself to help establish and align your business, and team, with your core values. We also talk about “showing a bit of ankle” by creating human touch-points for your customers to connect with, how it’s best to not fixate on your logo, and how getting other people involved is always useful when trying to figure out how your business comes across to the rest of the world.

Get in touch with Lucy about working together at  https://www.thewern.com/ and you can follow and connect with her at:

https://www.instagram.com/thewernagency/ https://twitter.com/thewernagency https://www.linkedin.com/company/thewernagency/

Hype Yourself is available here and you can pre-order Brand Yourself here.

Further Resources:

https://www.joinclubhouse.com/ https://meanmail.co/

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