5 of 5 - Reviewing the season and business so far


Finally now is the time to start analysing your business ready for next season. The analysis you do now is the start and preparation for your next seasons buy. Make notes and start to build your list of requirements for next seasons. Ideas and thoughts. What is working what isn’t.  Write it down before you forget.

Review:-
  •  Sales
  • Stocks
  • Margin
  • Profit


There is no better time than the present.



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4 of 5 - Reviewing the season and business so far


If sales are on plan, how can you maintain this growth?

  • Identify what is selling, can you get more. If it is fashion line do you want more ? Sometimes it is best to sell out as repeating can be the kiss of death. Get something similar instead….
  • Build on your successes, your doing something right keep it up. 
  • Do not get complaisant. 
  • Keep the enthusiasm and energy up. 
  • Check your stock levels, any free OTB ( open to buy) ask your reps what is selling well out there, that you don’t have. 
  • Maintain the momentum.


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3 of 5 - Reviewing the season and business so far

You now need to review the effects of the down turn...

The Aftermath 
  • Are there any orders overdue, do you still need the stock / can they be cancelled? Maybe you can negotiate a discount to take them in. Always talk to your supplier first, discuss the situation. This will ensure you maintain and good relationship. 
  • Costs, what are they? Can any of them be reduced? Turn stockroom lights off? Reduce staff coverage? What is the busiest time of the day. Analyse your sales by the hour. Reduce coverage accordingly. 
  • Don’t do any automatic replenishment on core lines – monitor it manually until business improves. 
  • Above all you must protect your margin or even better increase it. 
  • Are you actively networking within the industry, how are others doing, can you do it too? 
  • Look at joining FSB , regular local coffee mornings and free member s meeting. Great to listen and hear what other local businesses are going through. Great money saving offers also on banking, Insurance etc 
  • Promote yourself , your business & the services you offer. 
  • Talk to the Lingerie Industry reps that visit you regularly, what are others shops/ stores up to? Can you adapt to your business?
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2 of 5 - Reviewing the season and business so far

Let's address what you could do if your sales are down...
  • Make sure what offers you do have are displayed well in store, you don’t want your customers to miss them.
  • What promotions do you have lined up, are they going to be effective enough, can you do more, give a better offer, stronger promotion? This is where your data base of customers comes into its own. Use it! Invite them in entice them with exclusive offers and events……….VIP evening? VIP offers / sale day?
  • Staff motivation – keep energy up. They are your one big asset. Incentives don’t have to be expensive. Maybe companies you buy from can denote some prizes. 
  • Look at your advertising calendar, is it strong enough? 
  • Is a Mid season sale required?


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1 of 5 - Reviewing the season and business so far

So here we are trade shows are over and the AW2012 seasonal buy should now be complete. It is time to look at this season’s performance so far. So how is it? The obvious way of looking at this is sales vs Budget or target to date. If sales are lower than expected then cash flow could be a serious concern. What should we be looking at?

Let us first address why sales could be down...

  • Check your shop / store feels right? Is there a good feeling when people come in, is the atmosphere right? Nice scent and good displays of exciting product. Are the windows a WOW!? Do the same checks for the website if you have one. 
  • Identify what is and isn’t selling, identify the problem areas and act on them. Is your web site giving you enough business if not why not. 
I like this one...

  • Promote your best sellers and not necessarily your worst. Have a top ten list or area of product! Top ten display area maybe? This way you show them what to buy by displaying the popular lines prominently.



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