Mar 5, 2023
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Cathy Wagner, The Retail Maven, or as I lovingly refer to her…The Profit Lady…joins me on this episode to talk about profit when it comes to retail. She has loads of experience helping retailers make more money, have more profits, watch out for retail market trends, and stay ahead of the game.
She shares her actionable tips and steps to bring more profit to your retail business…like these 3 KPIs you NEED to pay attention to:
Rent Costs – 10% of Sales
Team Payroll Costs – 10% of Sales
Inventory and Costs of Goods – 48% of Sales
Have you ever doubted the impact of quality customer service? Cathy shares a story about a personal experience she helped create for a retailer by making detailed, personal calls to their top customers. Those phone calls alone resulted in 30k worth of sales!
We also talk about a tricky subject for retail owners: paying yourself! Not paying yourself is not the favor you think it is. You have to value your time and input into your business, this mindset will impact your business and profits for the better.
Cathy shares a ton of great information and resources in today’s episode. So please check out the links, training, books, and whatever can be of use to you. We’re here to help…and we’re rooting for your success!
- Actionable steps for more profit in your independent retail business.
- Staying up to date in the ever-changing world of retail.
- Comparing and watching retail trends.
- A retail story of making 30K with the power of customer service.
- Is there a hole in your business?
- Are you STILL not paying yourself?
Mentioned In This Episode:
- Start your week off right with the Rise & Shine newsletter, sent to your email inbox every Monday morning!
- Retail Mavens
- RETAILMavens on YouTube
- Retail Mavens on Facebook
- How to Increase Your Sales so You can Consistently Pay Yourself & Your Staff
- The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It
- Made to Stick: Why Some Ideas Survive and Others Die (Audible Audio Edition)
- Accounting Software & Solutions | QuickBooks Global
- The Business of Fashion (@bof) on Instagram
- Harvard Business Review (@harvard_business_review) on Instagram
- Register for EVOLVE 2023 and use code podcast to save $400
- Crystal Media
- Crystal on Instagram
- Crystal Media on Instagram
- Crystal Media Co – YouTube