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!

 

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