Description

Tariffs are shifting, costs are rising, and retailers are feeling the squeeze so how do you protect your profits?

Cathy sits down with retail expert and coach Dana to tackle the challenges of cost management in today’s unpredictable economy. From supply chain disruptions to navigating price adjustments that don’t scare off your customers, this episode is packed with smart, actionable strategies to help independent store owners stay profitable no matter how much the inflation impact shakes things up.

What You’ll Learn:

• How tariffs impact retail pricing and supply chain costs
• The importance of reviewing invoices and tracking expenses for better financial planning
• Key pricing strategies to protect your margins without losing loyal customers
• Innovative sales strategies and promotions to boost engagement and customer retention

Key Takeaways:

• [05:36] Navigating Price Changes and Customer Reactions
• [10:38] Promotional Strategies and Customer Engagement
• [20:54] Vendor Relationships and Inventory Management

Resources Mentioned:

• Tune into Episode 7 about The #1 Step to Take to Increase Your Profits and to ensure your initial markup (IMU) supports long-term profitability!
• Learn how to scale your retail business with our free training: 3 Steps to Maximize Profit & Reduce Overwhelm.
• Already know you’d like to partner with RETAILMavens? Apply for a game plan call here.

1. Spot hidden cost increases – Pull up recent invoices and compare them to expected amounts. Are you seeing signs of rising costs?
2. Find your margin killers – Run a quick POS report to catch quietly shrinking profit margins.
3. Strengthen your vendor game – Talk to vendors about better terms to support your bottom line.
4. Fine-tune your pricing strategy – Review your top sellers to ensure your retail pricing reflects today’s costs.

Have questions? Reach out via email!

Share this episode with a fellow store owner and help them tackle cash flow challenges!

Connect with ambitious store owners in the Richer Retailer Facebook Group.

Economic shifts are inevitable but with proactive planning, strong pricing strategies, and a pulse on your numbers, your business can stay strong, profitable, and growing. Happy Retailing!