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?
