With host retail coach Wendy Batten
https://wendybatten.com/podcast-intro/
In This Episode:
Want to increase profitability in your retail shop this holiday season? Let's talk about how! I'm chatting all about how to make that bottom line number BIGGER in this episode. It's not about revenue - it's about what stays in your pocket after all the bills are paid. I'll walk you through some simple, practical changes that will help you make more profit this season without overwhelming yourself.
Key Takeaways:
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Profit vs. Revenue: We've got to stop chasing that top-line revenue number like it's the only thing that matters. What we really want is profit—what's left after you pay for everything that makes your business run.
"Revenue is vanity. Profit is sanity." -unknown
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Easy Pricing Tweaks: One quick win for you—try raising your prices by 3-5%. Don't panic! Small increases can make a huge difference in your margins without customers feeling like prices went up.
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Trim Your Operating Expenses: Take a good look at where your money is going. Is there something you can negotiate, cut, or adjust? Things like shipping costs, credit card fees, and even your phone plan can often be negotiated down with a little effort. (But be sure not to cut expenses that are making you money or that you are gaining value from!)
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Think Percentages, Not Dollars: When you focus on making small percentage changes, like reducing expenses by just 1%, you'll start seeing big results over time. It's all about those small wins adding up!
Your Next Steps:
Here's what I want you to do this week: Take a walk around your shop and really look at your pricing. Is there an opportunity to nudge things up just a bit? Next, review your expenses line by line and see where you can make a tiny cut that won't affect your business but will boost your bottom line.
If you're ready to dive deeper into increasing your profits, I've got a Best Year Ever workshop and a three-part Holiday Profits Challenge waiting for you at wendybatten.com. Let's get you making those simple changes that will bring in more profits without the stress. And of course, you're always welcome to join us in the Retailer's Inner Circle where we dig into this stuff even more!
Related podcasts we think you'll like:
Episode 89: Money Talk & Mindset with Profits First Coach April Stroink
Episode 184: Holiday Sales Tips from Seasoned Shop Owners
Episode 191: Retail Growth Through Small Steps
Episode 205: Workshops & Classes: Added Income for Your Retail Shop
About your host, Wendy Batten
In case we haven't met yet, I'm Wendy, a small business coach and founder of the Retailer's Inner Circle, where I help other independent shop owners learn how to gain the right business skillsets to see more profits, paychecks, and joy as they navigate running their retail business.
Through online classes, business coaching programs, speaking, and a top-ranked podcast, I've helped hundreds of retailers around the globe reclaim their dreams and see the success they want from their beautiful shops. My signature private coaching community, The Retailer's Inner Circle, has helped retailers around the world build their retail business skill sets and confidence.
I am proud to have been featured in several major publications, including my own business column in What Women Create magazine. I have been privileged to be a guest on top-ranked podcasts and sought-after as a guest speaker and teacher for several brands, associations, and communities that are passionate about the success of independent retailers.
When I'm not coaching, you will find me either DIYing and renovating my very imperfect old crooked cottage by the sea in the UNESCO World Heritage town of Lunenburg, NS, or blogging about our travel and RVing adventures and the weird fun things we get up to in our coastal village. I'd love to invite you to check out one of my free resources for real retailers at https://wendybatten.com/free-resources/
For more support from Wendy
Retailer's Inner Circle - Join Wendy inside the best retailer's community
Free resources for shop owners
Hang out and connect with Wendy on IG
