6 Cash Flow Tips for Retailers

July 30, 2019

6 August Cash Flow Tips for Retailers

Posted at 3:35PM • 7/29/19 • Liz Sagaser


Invest in Inventory

Don’t wait until Q3/Q4 bestsellers are sold out. You already know over half your business will be conducted from Halloween through the end of the year. Be proactive with this opportunity. Buy appropriate holiday stock early to score discounts where you can, and to ensure you have plenty of inventory for the holidays.

Review Your Employees

Ideally, employee reviews should be done every 90 days. Right now is the time to determine which employees are keepers, and which are not the best long term fit for your business. Once you’ve set up your team, take time to provide sales training. Invest your dollars, and your time, in team members you enjoy working with who are motivated to serve customers and to learn.

#VACAY

For many businesses, August is a stellar time for vacations for you, and for your most valuable employees. You’ll lose valuable sales opportunities if your best people take time off during your busiest season. Encourage time off now, and plan ahead as much as possible for absences during October/November/December.

Manage Payroll

If August is traditionally a slower month for your business, consider reducing payroll. Offer to let employees take a longer lunch break, come in later, or leave early if traffic is light. Offer part-time employees a long weekend by giving them Monday off. Adjust the staff schedule as necessary, paying special attention to overtime hours.

Payroll Part II

If you handle payroll on a bi-weekly basis (as opposed to twice a month), you’ll experience 3-paycheck-months 4-5 times each year. The next few months this is likely to happen are August and November (2019) and January (2020). Prepare for these monthly upticks in payroll by budgeting in advance.

Evaluate the Full Picture

Your bank account during the Summer can be impacted by everything from product damage in ultra sunny front-window displays, to a malfunctioning front door that increases your energy bill, to A/C service calls.

Take a break and do a walk-through; invite other members of the management or supervisory team to do the same. Look for simple, affordable fixes that will increase your cash flow.

You know your store better than anyone, and it’s easier than you think!

 

If you enjoy tips to boost your bottom line and better manage your business, then opt-in below for the Kerusso B2B Newsletter.

 



Also in KERUSSO B2B BLOG

8 Ways to Engage Customers on Facebook
8 Ways to Engage Customers on Facebook

March 24, 2020 0 Comments

The retail landscape in our country is changing on a daily basis. More states are going to stay at home orders, and the uncertainty is great. We understand this is a challenging time for you as a business owner.  We are also seeing many stores continue to sell in outside-the-box ways — especially online.
5 Winning Customer Service Strategies
5 Winning Customer Service Strategies

March 10, 2020 0 Comments

Exceptional customer service can (and often does) mean the difference between a dicey reputation, and repeat customers who send referrals your way. Chances are you’d prefer for each and every customer to leave your store with a full shopping bag on their arm and a smile on their face.
7 Ways to Get to Know Your Target Market
7 Ways to Get to Know Your Target Market

March 03, 2020 0 Comments

Your business’s target market is simply the people you’d like to sell to. While it’s tempting to say, “That list includes everyone everywhere,” the reality is you can invest your marketing time and budget more wisely by narrowing down your target market from #EveryoneEver to one or more groups of people who share similar interests and shopping habits.