Firstly
make sure any signage is clear and visible from outside
your shop and states and shows clearly what you sell and what your opening
times are. Consider using symbols rather than words as these can be more
effective and easily recognisable. A huge Bra would have an immediate impact
with passing traffic! Consider using an A board, these can be effective tools
to promote offers, products, new lines, events… but obtain permission from your local Council first.
Part 2 of 2: Sound advice on how to plan season budgets and stick to them.
In order to plan your budget spend effectively, there are
several questions you should be asking yourself; has your business increased as
planned, and if not, why not? If it hasn’t, identify the area of your business
or range that has let you down. Consider the brands you stock; are they still
performing? Don’t exempt your best performing brand from scrutiny. How much did
you spend last year in each area and should you invest more than next season?
Once you have these answers you can look at the OTB (Open to Buy) for next
season and set a spend limit per brand or per product group. Keep to it! As you
write your order, ask your representative to total it up as you go, be honest
and upfront with them tell them in advance how much you have to spend and the
reasons why. If you decide at the show, for whatever reason to over spend,
fine… but think where will you cut back?
Part 1 of 2: Sound advice on how to plan season budgets and stick to them.
I cannot emphasise enough how important it is to analyse and
plan your seasonal spend to avoid overspending before the season even starts.
The budgeting process for next seasons spend should start as early as only a
couple of months into the current season and should be on going. The aim is to
understand the lessons that can be taken from the previous year and to review
how much OTB you are prepared to commit up front, it is always recommended to
keep a % back. This will enable you to buy into that high fashion trend, pay
your bills on time and lastly to replenish regularly on your basic bestselling lines.
Part 2 of 2: Are you looking to change your product mix to attract new customers?
Enhance and improve on what you already have,
look for exciting and unique lines that your existing customer will also buy
into as well as attract a new base. Don’t forget to ensure that for every new
product that you introduce your staff is 100% trained and informed on it, there
is nothing worse than ill-informed staff. A possible issue when considering
niche market products are they by definition appeal or are only relevant to a
small but specialised market sector.
Another tip when looking for
new product lines is to ensure that they
offer high or higher margins that will enhance your profitability and lastly remember it is so important as
retailer to push the boundaries, be different and unique in every way including
offering the highest level of customer service and shopping experience, it’s
not just about the product.
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