RETAILMavens
RETAILMavens
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How Do I Get Operating Expenses Under Control?
Are you struggling to keep your retail store's operating expenses in check? In this video, we tackle the question every store owner faces: "How do I get my operating expenses under control?"
We'll break down actionable strategies for managing your biggest costs, including inventory, payroll, and rent. Learn how to raise your Initial Markup (IMU), balance your payroll with sales, and negotiate better terms with your landlord.
Don't let operating expenses eat into your profits - watch now to start optimizing your store's financial health!
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💰 Free Training: How to increase your sales so you can consistently pay yourself and your staff, with the 4 steps of the Sales Breakthrough System ⇒
www.retailmavens.com/paycheck
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🌟 Free Training: Learn how to Maximize Profit and Reduce Overwhelm with the Profit Club Method ⇒ retailmavens.com/maximizeprofit
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🤝 Become a Richer Retailer with the RETAILMavens ⇒
www.retailmavens.com/workwithus
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📖 Read the full blog post for even more detailed information:
retailmavens.com/how-do-i-get-ope…es-under-control/
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🔔 SUBSCRIBE so you don’t miss the cutting edge retail tips, tools and strategies that will help you improve your profits and get better sleep!
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zhlédnutí: 53

Video

Retail Systems for Growth - Where to Start?
zhlédnutí 126Před 14 dny
Cathy answers Janet's question on how to implement effective retail systems to ensure sustainable growth. Learn why financial, inventory, team, and marketing retail systems are crucial for your store's success. Discover practical tips to organize, balance, and optimize each area of your retail business. Join us inside RETAILMavens Coaching to access the Sales Breakthrough System and take contro...
Store Owners: Feel Like You Never Do Enough?
zhlédnutí 101Před měsícem
Store Owners: Feel like you never do enough? If you're always struggling with delegating and feeling like you're doing it all, and yet like you never do enough - this video is for you! Keep watching as retail expert Cathy Donovan Wagner gives you 3 action steps to overcome overwhelm, and get moving forward towards the retail business and life you want. 💰 Free Training: How to increase your sale...
How to Get Rid of Old Inventory to Keep Customers Coming Back
zhlédnutí 257Před měsícem
Retail expert Cathy Donovan Wagner shares how to get rid of old inventory in this quick video made for store owners stuck with a little, or a lot of old inventory - and it's hindering sales and hurting cash flow! Watch for the best strategy to use when you have old inventory that's not moving, and you need to free up cash for new, fresh and better selling inventory! ⭐️ Join us inside our group ...
How to Keep Inventory Looking Fresh for More Sales
zhlédnutí 275Před 2 měsíci
Keeping your store’s inventory looking fresh is key to attracting and retaining customers and. In this video, retail expert Cathy Donovan Wagner share 10 effective strategies to keep your displays dynamic and engaging. Watch the video to learn more about how these tips can enhance your store’s appeal and drive more sales! 💰 Free Training: How to increase your sales so you can consistently pay y...
The Magic Inventory Formula
zhlédnutí 248Před 3 měsíci
Join retail expert Cathy Donovan Wagner as she delves into the myth of the magic inventory formula and discover why there's no one-size-fits-all solution. We'll break down the essential ingredients of effective inventory management, including accurate sales forecasting, balanced inventory levels, and the freshness factor. Plus, learn about YOUR inventory formula, a personalized approach designe...
How Clean Are Your Retail Books?
zhlédnutí 130Před 4 měsíci
So how clean are your retail books? No I'm not talking about the books on your bookshelf - I'm talking about your financials. Your balance sheet, profit & loss statement, your bookkeeping? Is your QuickBooks account a mess? In this video I'll share the emotional and financial consequences of tolerating messy books in your retail business. Want help cleaning up your books? Reach out! 👇 ✅ Apply f...
Should I Order Inventory In Advance vs In Season
zhlédnutí 323Před 4 měsíci
Should I order inventory in advance vs in season? I'm answering this great question in this quick video! For most retail stores it's necessary to order inventory in advance. Watch to learn what I'm recommending to all our clients this year when they're looking at what to order in advance vs in season this year. I also share my top retail 2024 tips when it comes to managing your inventory, and e...
How to Predict Inventory Needs
zhlédnutí 257Před 5 měsíci
In this quick video Cathy Donovan Wagner, retail expert and RETAILMavens founder, shares the best way to predict inventory needs and master inventory management in your retail business. Watch to learn what NOT to do when predicting your inventory needs and the one tool every retail store owner should use, no matter what phase you're in on your retail journey. If you're a retailer looking to ele...
What To Do First in My Retail Store
zhlédnutí 433Před 5 měsíci
What to do first in my retail store to make sure it runs smoothly? In this quick video Cathy Donovan Wagner of RETAILMavens shares what you should focus on first, in order to keep overwhelm and stress at bay. As a retail store owner, you have a lot of things on your plate. There's too much to do so sometimes it can feel overwhelming to figure out where to start - it's all important, right? Yes ...
How to Make Retail Profit?
zhlédnutí 357Před 6 měsíci
Every week, store owners in our community ask a different version of the same question: How do I make more retail profit? It's a question that often comes with an equal measure of aspiration... and frustration. In this quick video, RETAILMavens retail expert Cathy Donovan Wagner explains the biggest mindset shift you'll need to make more profit and how it will guide your actions. If you're a re...
Profiting in the Retail Off-Season
zhlédnutí 304Před 7 měsíci
Are you profiting in the retail off season in your retail business? Join Cathy Donovan Wagner, founder of RETAILMavens, as she unravels the two biggest challenges of the retail off-season: ➡️ Profitability ➡️ Cash Flow Let's look at the difference between fixed expenses and variable expenses and. Don't miss the invitation to Cathy's free training: Calm the Cash Flow Chaos: Create Predictable Pr...
Budget for Retail Profits
zhlédnutí 290Před 7 měsíci
Unlock the secrets to budgeting for retail profit! In this video retail expert Cathy Donovan Wagner, founder of RETAILMavens, shares a 3-step guide to maximize profits and strategically manage your retail business budget. From aligning expenses with sales to implementing the transformative Profit First system, these quick tips is your starting point to financial success. Ready to turn your budg...
Where Should the Money Go: Calm the Cash Flow Chaos
zhlédnutí 243Před 7 měsíci
Have you ever asked "Where should the money go?" If you're feeling the cash flow chaos in your retail store, watch this video to unlock the secret to consistent profits in your retail business! Join Cathy Donovan Wagner, founder of RETAILMavens, as she tackles the common struggle of allocating funds in retail and invites you to discover the transformative solution of Profit First powered by RET...
Strategic Inventory Management: The Freshness Factor
zhlédnutí 236Před 8 měsíci
Unlock the secrets to sales growth and profitability with our latest video on "Strategic Inventory Management: The Freshness Factor." 🍋 Discover the key formula to maintain a dynamic inventory, crucial for boosting sales in your retail business. Learn how to calculate the Freshness Factor, the 80% rule for success, and strategic measures to optimize your inventory. 🚀 Elevate your retail game wi...
How Do I Calculate Profit Margins to Succeed in Retail?
zhlédnutí 959Před 8 měsíci
How Do I Calculate Profit Margins to Succeed in Retail?
The #1 Gift for Valentine's Day - Part 1: Sexual Wellness in Retail
zhlédnutí 121Před 8 měsíci
The #1 Gift for Valentine's Day - Part 1: Sexual Wellness in Retail
Retail POS Info Session - A Deep Dive with Heartland Retail
zhlédnutí 993Před 11 měsíci
Retail POS Info Session - A Deep Dive with Heartland Retail
Need Content Ideas for Your Store?
zhlédnutí 546Před rokem
Need Content Ideas for Your Store?
How to Set a Sales Goal
zhlédnutí 3,1KPřed rokem
How to Set a Sales Goal
2 Important Types of Customers in Retail
zhlédnutí 2,2KPřed rokem
2 Important Types of Customers in Retail
The Birthday Event that Grew Sales 10x
zhlédnutí 1,5KPřed 2 lety
The Birthday Event that Grew Sales 10x
Small Town Retail - You CAN Thrive
zhlédnutí 2,1KPřed 2 lety
Small Town Retail - You CAN Thrive
How to Get VIP Treatment - From Vendors
zhlédnutí 1,1KPřed 2 lety
How to Get VIP Treatment - From Vendors
The Best 5th Saturday Promotions for Store Owners
zhlédnutí 853Před 2 lety
The Best 5th Saturday Promotions for Store Owners
How do I Deal with Donation Requests?
zhlédnutí 593Před 2 lety
How do I Deal with Donation Requests?
State of Retail in 2022 - The 5 Es of Retail Success
zhlédnutí 1,1KPřed 2 lety
State of Retail in 2022 - The 5 Es of Retail Success
Get Out of a Sales Slump
zhlédnutí 880Před 2 lety
Get Out of a Sales Slump
My #1 Sales Tip to Increase Sales
zhlédnutí 4,6KPřed 2 lety
My #1 Sales Tip to Increase Sales
How to Improve My Selling Skills
zhlédnutí 4,9KPřed 2 lety
How to Improve My Selling Skills

Komentáře

  • @williamjosh5202
    @williamjosh5202 Před 20 hodinami

    Hello, thank you very much, for this wisdom you just shared, it really have given me a big insight. Mission accepted we roll out🙏🙌💪.

  • @Vezhenkova.ekaterina

    Cathy, this was super helpful! thank you for your great energy and wisdom!

  • @rathstone
    @rathstone Před 10 dny

    But what if I AM being consistent about marketing and my sales are still down?

    • @retailmavens
      @retailmavens Před 7 dny

      @rathstone a couple of questions: 1) Is your consistent marketing generating traffic but no sales? 2) Is your consistent marketing NOT generating traffic, which means no sales? I ask this because to know how to fix the problem we have to identify what the problem actually is. If your marketing is generating traffic, but you're struggling converting that traffic into sales - you've probably got some leaks in your store's foundations. I have a free class for this problem that you can sign up for here: www.retailmavens.com/paycheck If your marketing isn't generating the traffic for you to convert into sales - then you'll need to fix your marketing. The first step to do that, is to figure out who your ideal customer is, to make sure you're marketing to the right person, in the right place. This is a great video to fix this: czcams.com/video/P-X2X1198Gk/video.html I have more great videos to help you grow sales on my channel as well, so browse the playlists for. more support!

  • @Ergalitious
    @Ergalitious Před 17 dny

    Yes

  • @andrea41970
    @andrea41970 Před 23 dny

    Why did you stop commenting on some of you’re videos is it because you’re not correct with your opinion

    • @retailmavens
      @retailmavens Před 16 dny

      We only turn off the commenting feature when a video is getting higher than usual spam - so far we've only had to do it on one video. I think my time is much better spent responding to questions than deleting spam! 😊

  • @glazyy_
    @glazyy_ Před měsícem

    God bless you🤍🥲🩷

  • @bonniebarber904
    @bonniebarber904 Před měsícem

    😊 thank You for the video ❤

  • @samentaaa6663
    @samentaaa6663 Před měsícem

    Hello! I would love to set up a one and one call with you, please let know me how to move forward. Thank you.

  • @evilmonkeywithissues
    @evilmonkeywithissues Před 2 měsíci

    So I come from a past of...lets just call them "less savory dealings", and I'm here to tell you that the first tip will only stop people that are very new to the concept of shoplifting and are easily spooked because of the affiliated nervousness that commiting a crime for the first time can bring. Once someone has a taste for the craft and has become comfortable doing what they do, they're much less likely to care if you stop them to talk, and will likely even smile to your face and chat you up as though they were your best of friends. This stands doubly true of a person that is gifted with charisma. They may be wearing stolen items and you would never know the difference because of their seemingly relaxed demeanor.

    • @freedom4063
      @freedom4063 Před 7 dny

      Hi can you answer my question ? I have a Friend and she goes in the selfcheckouts and for example three 40$ product but she scans a 5.99 product 3× for cheaper price. She been doing this a couple of times Does she eventually get in trouble? Do cameras detect this stuff ? Like if this is going on with her couple a month.s. or 1..year she didn't get caught. Will she be ok ? ? What is loss prevention ?? How do they detect you didn't scan the real product and just scanned multiple times a cheaper item.

    • @evilmonkeywithissues
      @evilmonkeywithissues Před 7 dny

      @@freedom4063 Your friend will eventually get caught. They use detection software on a live video feed to detect mis-scans or items that have not been properly scanned. Even if she were to bypass that software, loss prevention will eventually catch on and begin to build a case against her. Their purpose is twofold, they have plainclothes and uniformed loss prevention officers walking the floor at any given time watching for people exhibiting suspicious behavior. Most of the time you won't even know that they are watching you if they are doing their job right. They also keep tabs on repeat offenders and build evidence against them that the store can use to prosecute them when they inevitably get caught. This means that while you might get away with doing something like that any number of times, eventually the other shoe will fall and they'll track you more aggressively. Just fyi the crime she is committing is called 'Obtaining Property Under False Pretenses' and it's prosecuted just as harshly as Larceny.

  • @t-tribe1131
    @t-tribe1131 Před 2 měsíci

    Hello Ma. Thank you for all your Teachings. So I tried downloading the Printable pricing price chat. Can you please send a downloadable link

    • @retailmavens
      @retailmavens Před 2 měsíci

      Here you go: www.retailmavenscoaching.com/pricingforprofit/

  • @TrudySpears
    @TrudySpears Před 2 měsíci

    I tried to download the Profit Pricing Chart. I was taken to your site to buy your online coaching for retailers. I just would like a copy of the profit pricing chart.

    • @retailmavens
      @retailmavens Před 2 měsíci

      The link works on our end: www.retailmavenscoaching.com/pricingforprofit/

  • @t-tribe1131
    @t-tribe1131 Před 2 měsíci

    Hello Retail Mavens, Ur channel is so informative. Thank you. So in the case of grocery store and FMCG where prices are quite competitive how do I handle that. Elizabeth From Nigeria.

    • @retailmavens
      @retailmavens Před 2 měsíci

      Thanks for watching! Grocery stores requires a different inventory management than other type of retail stores because of the fast turn. You have to be very clear on the type of store/merchandise you'd like to be, and who your ideal customer is, and make sure you're ordering inventory and advertise accordingly. Try to find merchandise with higher markup to incorporate to bring up your margins. If you stick to lower margin goods you'll need to rely on volume and fast turn in order to be profitable.

  • @mtem2255
    @mtem2255 Před 2 měsíci

    22 is my daughters fav song from Red... just signed lease for greeting card/gift store!!! Super excited so binge watching your videos!!!

  • @marciarobinson8200
    @marciarobinson8200 Před 3 měsíci

    Thank you Jesus

  • @xanderpiatt8815
    @xanderpiatt8815 Před 3 měsíci

    How would start own a successful retail sporting goods store.

    • @retailmavens
      @retailmavens Před 2 měsíci

      There are some helpful tips in this video, and check out the other videos on our channel for tips in specific areas of running a successful store!

  • @yitzchokapter1830
    @yitzchokapter1830 Před 3 měsíci

    Amazing channel, your videos are very knowledgeable. Question: I'm looking for more info on the interior design process for retail.

    • @retailmavens
      @retailmavens Před 2 měsíci

      Thank you! For merchandising/design tips, check out Windows Matter. Amy Meadows is amazing - tell her RETAILMavens sent you!

  • @Puggzly1
    @Puggzly1 Před 3 měsíci

    Love your videos ..I'm learning a lot.thank you.

  • @user-gx3vm6ch1o
    @user-gx3vm6ch1o Před 3 měsíci

    Thanks! This is great. But now tell me HOW to track my markdowns. When the sale is made and I credit Sales and debit cash what account do I debit for the markdown?

    • @retailmavens
      @retailmavens Před 3 měsíci

      By taking your markdowns on the line item, it will automatically be tracked to the item. So when you run a sales report by class, your POS should total up the sales and markdowns for each class. This is how you'll be able to see which classes are more profitable and which ones are costing you money.

  • @wickyverseGaming
    @wickyverseGaming Před 3 měsíci

    Watch from 4:10 sec. Thanks

  • @diyadventurelife9387
    @diyadventurelife9387 Před 4 měsíci

    I know this is an old video, but I would like to start a bakery supplies wholesaling company but where/how do I find suppliers?

    • @retailmavens
      @retailmavens Před 4 měsíci

      This is definitely outside of my area of retail expertise, but you'll be looking for manufacturers/growers, so start locally by reaching out to suppliers, then connect with any industry associations (American Bakers Association (ABA), Retail Bakers of America (RBA), or International Baking Industry Exposition (IBIE)) might be a good place to start. Good luck!

  • @asmasglassart9468
    @asmasglassart9468 Před 4 měsíci

    Hi can you help me?

    • @retailmavens
      @retailmavens Před 4 měsíci

      Hi there! We'd sure like to try! Send us an email to clientcare@retailmavens.com and tell us a bit more about your store!

  • @majidarimawi4269
    @majidarimawi4269 Před 4 měsíci

    Thank you! Are you still in business?

    • @retailmavens
      @retailmavens Před 4 měsíci

      We sure are! Celebrating 25 years this year!

  • @ree8698
    @ree8698 Před 4 měsíci

    I never been soo much validated like this 😂😂 i thought its only happening to me, all these problems, all these worries. My god, im so glad i found this channel

    • @retailmavens
      @retailmavens Před 4 měsíci

      It's not just you, you are not alone! ❤

  • @wayanisenarath296
    @wayanisenarath296 Před 5 měsíci

    Hii all am from Sri Lanka. We do have GI certified Ceylon Cinnamon for sale. Is there anyone interested ?

  • @jenny.the.creator
    @jenny.the.creator Před 5 měsíci

    What a beautiful nail color!

  • @DayanaLimonte
    @DayanaLimonte Před 5 měsíci

    Hi! This video is awesome! Thank you so much. How could I get some help from you to plan my drapery store? Looking forward to hearing from you. Kind regards.

    • @retailmavens
      @retailmavens Před 5 měsíci

      Hi @DayanaLimonte I'm glad you found it helpful! The quickest way is to apply for the New Store version of our Profit Club program, just make sure you select "brand new or about to open" on the top obstacle question: www.retailmavens.com/explore If you'd like more information about the method we use inside Profit Club first (The Profit Roadmap), you can watch my free class on it here and then apply: retailmavens.com/maximizeprofit If you qualify you'll be able to book a call with our retail expert who can explain how the new store version of this program works! Looking forward to seeing your application! 😊👏

  • @idhamech6527
    @idhamech6527 Před 5 měsíci

    so lucky to seeing your video Mrs! Adding our knowledge as a relationship builder✨ Keep sharing mrs❤

  • @maxisananes602
    @maxisananes602 Před 5 měsíci

    I took over my mums business 3 years ago which she had let go because of the crisis we had. I live in the Canary Islands, Lanzarote. I have been doing the business online and have a warehouse set up as a shop with appointments only as I cant open it to the public as a shop.. I also work full time in the evening in a bar to pay my personal expenses (rent, food, petrol etc). I want to be able to open a physical shop later in this year but the thought of trying to figure out what money I should put towards it and inventory, what I need to know before opening the shop etc scares me quite a bit. As leaving my job to open the shop, worries me if it fails and if I should just stick to what im doing now. But I would love to leave my job and do this full time. Is there any advice you could give me? Also thank you for all your videos, they are amazing and have so much information. Much appreciated! Xx

    • @retailmavens
      @retailmavens Před 5 měsíci

      Congratulations on adapting and making it work! I'd suggest you watch my free training on the four areas you need to understand in order to run a successful retail store: www.retailmavens.com/paycheck

    • @maxisananes602
      @maxisananes602 Před 5 měsíci

      @@retailmavens thank you! I will join one day this week 🤞🏻😘

  • @meriamhanson3246
    @meriamhanson3246 Před 5 měsíci

    Thank you!

  • @shahmustafa899
    @shahmustafa899 Před 6 měsíci

    Mission accepted

  • @leonfoo2349
    @leonfoo2349 Před 6 měsíci

    thank you for your clear presentation. you are lovely

  • @muktathedera
    @muktathedera Před 6 měsíci

    Hi, can you explain wssi

  • @RaquelNavas
    @RaquelNavas Před 6 měsíci

    A customer was bothering me at work and I got in trouble yesterday at work for reporting it 1:39

  • @elstongunn4277
    @elstongunn4277 Před 6 měsíci

    Solid advice on planning for and implementing donations.

  • @NguyenVinhHang
    @NguyenVinhHang Před 6 měsíci

    Put Profit first, debit the amount to an account you don’t see everyday 😮 Thank you 👍😊

  • @PromoCodeLady
    @PromoCodeLady Před 6 měsíci

    She is right.

  • @annamelanie5151
    @annamelanie5151 Před 6 měsíci

    At an Old Navy store a few years ago, a clerk went overboard with that forced small talk nonsense. He wouldn’t accept “just looking “ for an answer and proceeded to follow me around the store. I had a few sweaters in my hands but it got so creepy I had to drop them and walk out. Never going back.

  • @bookmouse2719
    @bookmouse2719 Před 6 měsíci

    Sales people are there to mainstream your needs, purchases to show you possibilities for what you said you wanted. We are really not interested in your personal life, but just being polite. Never say "can I help you?" as they may just say no, so that's why the sales person comes over and just talks pleasantries. Also, we come over to make sure you don't steal anything. I would give customers discounts if they hemmed & hawed and offer gift wrapping for free.

  • @sueshow401
    @sueshow401 Před 6 měsíci

    Scripted people do not LISTEN when the customer asks the retail sales assistant a question...respond accordingly

  • @krisp4889
    @krisp4889 Před 6 měsíci

    Absolutely hate store greeters, as I come in the door I am mentally going through my shopping list__ then comes the mental wrecking ball! Your not my friend, I don't want you digging into my weekend past or future, If I want help I appreciate you answering my questions, but wait till I ask.

  • @sourcekings
    @sourcekings Před 6 měsíci

    I sell cars for a living, some of these tips translate.

  • @peterney2402
    @peterney2402 Před 6 měsíci

    I hate hearing make sure you subscribe..etc. at the beginning of a video. Very rude and the answer is NO.

  • @briangunn21
    @briangunn21 Před 6 měsíci

    Her example of an open ended question was not an open ended question

  • @Kristinapedia
    @Kristinapedia Před 6 měsíci

    I've been in retail for 30+ years. I had a customer tell me he was offended because I told him how much his screens would be to get repaired then he asked if I was telling him because I thought he couldn't afford it. I was so shocked he said that, that I forgot to laugh LOL. He went on a rant that I don't even remember then I thanked him very nicely for his "lesson".. BTW.. He paid over $600 for the screens to get resereened and getting them made new would have been cheaper but he didn't want to save money I guess.

  • @judithbell3347
    @judithbell3347 Před 6 měsíci

    Not good for me either....

  • @snowwhite2709
    @snowwhite2709 Před 6 měsíci

    I do not want a conversation in the store or domeone lingering around me straightening stuff. All i want is, "let me know if you need some help". If i get badgered i will leave the store.

  • @user-vb8se6gg2y
    @user-vb8se6gg2y Před 6 měsíci

    I hate walking into a store and hearing an unseen, uncaring voice sing out the generic phrase "Welcome in!"

  • @SmooveBee1
    @SmooveBee1 Před 6 měsíci

    There are retail businesses who don't need the sale and you cannot give them the money and you cannot leave soon enough for them; I could name a few.

  • @davidwall7747
    @davidwall7747 Před 6 měsíci

    Open ended questions - You're creepy as fuck - just stay away & I'll contact you IF I need assistance.

  • @lissakaye610
    @lissakaye610 Před 6 měsíci

    I have to say, I am huge on customer service, I’ve worked all kinds of fields of it, the CSRs that follow and straighten shelves ALWAYS make me feel like they are watching for loss prevention and makes me want to immediately leave.