I have a trainee merchandise planner interview on Friday... 😌 I'm so nervous 😞. I hope i pass it it will change my life and Improve my family. I'm happy I came across this video.
I’ve just become a beauty counter manager, and there seems a lot of work to do ( last time department manager job in retail I had was in 2007 so pretty long time ago). I’m so glad I found your channel, I’ll be watching them all.
I love your video's! I've been thinking on starting something, but just don't know where to start. I have so many idea's, but the main thing holding me back is money. But because of your videos at least I can improve my gameplan! Thank you! ❤ Also fellow Swiftie here, super awesome that you managed to get a cardigan!
I'm glad it was helpful! KPI is short for Key Performance Indicators - this is data that tells us how a particular part of the business is performing, and allows us to make changes to improve. In retail sales for example, we look at KPIs such as sales, average sale, items per sale (IPS) and average item price (AIP) to track our sales performance and learn which areas have room for growth.
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
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
Hello, I just came across your video. It is very informative to understand retail budgeting. Quick question, I am in Gas Station with Convenince Store industry. How do I consider my inventory value? Is it retail value or cost value?
Hi there! It depends on what it is you're calculating. In this video and the planning worksheet, we are looking at your planned sales at retail value, and the planned inventory at cost (the formula does that calculation for you in the worksheet). For other calculations we're using the retail value of inventory on hand.
When you are new and don't have last year's data, you'll have to base your plans on your desired sales. What would your sales need to be in order to cover cost of goods, and your expenses such as rent, payroll, loan payments AND account for some profit? Then use that as your projected sales number. It's always best to be conservative until you have some real data to use!
@@MiguelPais that's a great place to start! Also make sure you watch this video to learn how to price your products to build sufficient margin: czcams.com/video/qjmdyEwdrrA/video.html
Cathy, this was super helpful! thank you for your great energy and wisdom!
I have a trainee merchandise planner interview on Friday... 😌 I'm so nervous 😞. I hope i pass it it will change my life and Improve my family. I'm happy I came across this video.
Wishing you best of luck! 🤞
I’ve just become a beauty counter manager, and there seems a lot of work to do ( last time department manager job in retail I had was in 2007 so pretty long time ago). I’m so glad I found your channel, I’ll be watching them all.
I'm glad you're finding them helpful! Good luck in your new position! 😊
I feel so supported watching this
Glad you found it helpful!
You're such a light!❤
I love your video's! I've been thinking on starting something, but just don't know where to start. I have so many idea's, but the main thing holding me back is money. But because of your videos at least I can improve my gameplan! Thank you! ❤
Also fellow Swiftie here, super awesome that you managed to get a cardigan!
Thanks for share!!! Regarda from Madrid
Thanks for being here!
Wow amazing
Use our Open to Buy Plan Template & I have too much inventory Checklist ⇒ bit.ly/merchandiseplantemplate
Taytay is life i love her new style
Sooo happy I found this video. I'm starting a Demand Planning role next month and needed something like this. Can you explain KPI please?
I'm glad it was helpful! KPI is short for Key Performance Indicators - this is data that tells us how a particular part of the business is performing, and allows us to make changes to improve. In retail sales for example, we look at KPIs such as sales, average sale, items per sale (IPS) and average item price (AIP) to track our sales performance and learn which areas have room for growth.
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
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
@@retailmavens thank you! I will join one day this week 🤞🏻😘
Thank you so much! ❤
Thank You
Thank you! This is helpful!
Hello, I just came across your video. It is very informative to understand retail budgeting. Quick question, I am in Gas Station with Convenince Store industry. How do I consider my inventory value? Is it retail value or cost value?
Hi there! It depends on what it is you're calculating. In this video and the planning worksheet, we are looking at your planned sales at retail value, and the planned inventory at cost (the formula does that calculation for you in the worksheet). For other calculations we're using the retail value of inventory on hand.
I am swifties tooooo
Swiftie!!♥
But what about planning something new, with no last year data?
When you are new and don't have last year's data, you'll have to base your plans on your desired sales. What would your sales need to be in order to cover cost of goods, and your expenses such as rent, payroll, loan payments AND account for some profit? Then use that as your projected sales number. It's always best to be conservative until you have some real data to use!
@@retailmavens thank you. I'll try to estimate all running costs first then.
@@MiguelPais that's a great place to start! Also make sure you watch this video to learn how to price your products to build sufficient margin:
czcams.com/video/qjmdyEwdrrA/video.html
I'm trying to do next years receipt plan for 6 mill how do I distribute this across 3 commodities? is there a formula I can use?
Hi, can you explain wssi
Thank you! Are you still in business?
We sure are! Celebrating 25 years this year!
How do I get a consult?
Reach out to us on our website John!
www.retailmavens.com/contact
Taylor Swift forever xxxxxxx
👏
You should not start out by saying your a Taylor Swift fan - not exactly the greatest role model. First time I tuned in … and tuned out.
I'm not going to hide who I am. I work with many store owners who don't share my musical taste and we get along just fine! 😉
Personally, I loved it! Maybe this just isn't the channel for you. No need to make a personal dig.