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hey there Selena night the retail beat strategist here and before we get started into today's episode I just want to give you a little bit of an intro about what's happening so this week I launched the five-day supercharge your retail sales challenge and because in the challenge we're doing live videos every single day in the bringing business to retail community I thought that it would be a little bit of overload to jump in twice in one day to do business strategies the people who are in the bringing business to retail community which is where I host the Facebook lives every wednesday at twelve-thirty p.m. sydney time they are usually being in there and they used to the lives but because we are doing them every single day I didn't want anyone to get overwhelmed and I really want them to focus on supercharging their retail sales so I made the decision this week to not actually do an extra Facebook live but that doesn't mean you won't get a business strategy what I did was I went through all of the videos and all the downloads and I picked and from the top three I chose today's episode so that you can do a little recap because it is all about cash flow and we all need money especially at this time of year I find that in March tends to be where the low happens and everybody starts to get a little bit amped up and a little bit antsy about what their bank balance looks like so if that's you I hope you enjoyed today's recap episode on three tips to managing cash flow in your business now it's not too late to come and join the five-day supercharge your retail sales challenge we are just about to hit day for but that's okay all of the videos are in the group so you can go back and recap and on Friday tomorrow I'll behold holding a live marketing masterclass something that you don't want to miss if you're planning on doing any promotions for your store in the upcoming month so if you'd like to come and join us as I said it's not too late head on over to Selena night com forward slash sales where you'll get a copy of the challenge workbook straightaway you'll be asked to come and join the bringing business to retail community and once you're in there you can go and recap all the days that you've missed and feel free to ask questions because that's what we're doing so let's jump into today's episode three tips to managing cash flow in your retail store when it comes to cash flow there are a lot of business owners that put their head in the sand but cash flow is the lifeblood of your business so today we're going to make you pull up your big-girl business pant and confront the numbers head on hey there I'm sale from Serena night calm and the bringing business to retail podcast and today let's talk about how to manage cash flow in your retail business Oh [Music] I recently asked a bunch of retailers what their biggest fear about confronting cash flow head-on was and the answers are probably going to sound familiar to you they're scared of looking at their bank balance they're scared that there won't be enough they hate juggling and they hate that sinking feeling that comes into your stomach when you receive the latest round of invoices now cash flow is a big topic but today I want to tackle just the three biggest problems that I see retailers make when it comes to managing cash flow number one tracking so many retailers just don't track what they sell your point-of-sale system has all the answers you don't have to guess these things it should all be there waiting for you to download and spend some time revising what I tend to find is that in the rush to get a point-of-sale system up and running one of the key factors that gets overlooked is categorizing stock if you're a fashion store you may sort them by type like dresses shirts and pants or if you sell children's toys maybe it's by age group or item types such as wooden toys or if you sell homewares you might categorize candles wall hangings and cushions just to name a few when you create categories you can see at a glance how each type of product does in your retail store you can look at the overall profit for the category the margin and how much of the percentage of total revenue the item actually accounts for later you can drill down into specific items but categorizing your store in two sections easily allows you to report on which areas of contributing the most to your business and when it comes to tracking you also need to set aside time once a month or want to quarter to go over your numbers to go over your stock your turnover and your margins number two when it comes to managing cash flow the second stumbling block than I see retailers running against is forecasting now tell me can you sit down and look over the past month and previous year sales for a particular product before you order or do you just guess well sometimes getting works when you know your business inside out but what happens when you grow to the point of being able to hire a manager not being in your store every single day is going to dull your senses and if you don't have a plan in place and that plan is using the data that you already have then you're bound to start getting your stock levels roll you're going to leave yourself too short and you're going to miss out on sales or alternatively you'll have too much which leaves your cash flow tied up in inventory and number three is holding on too long if you're tracking and forecasting you'll have a good sense of how your inventory is travelling but if you aren't you may look up one day and find that that item on the shelf has actually been there for six months knowing how and when to get rid of stock is an important part of the business process you need to weigh up how much an item is costing you when it's not selling and it's taking up valuable real estate and what could you have bought with that money instead or what could you pay for with that money instead in the show notes i'll link you up to another of my most popular downloads on how to move old stock but knowing when to move it is just as important as knowing how to move it and still getting a return if you're listening to this on the run i will package all of this up for you in a download and you can grab that at salina night calm forward slash retail 36 if you've found this information useful come and join the bringing business to retail community you'll find a bunch of retailers from all over the world talking all things business and best of all it's free for this week's cash flow download plus a link into the bring business to reach our community head on over to Selena night calm forward slash retail 36 or simply tap the link on your mobile device until next week be profitable this episode is brought to you by my new resource the five-minute hack to make you a copy writing a ninja if you have an online store then this is for you it will show you exactly how you can update your product descriptions in order to make more sales download it for free at Selena night calm forward slash ninja