5 tips to get your retail store firing for the festive season and beyond

Thu, 10 Nov 11

Whilst many industries are preparing for a downturn in sales due to the Christmas break, the retail industry is getting ready for another boom.  It is easy for retailers to get comfortable in the knowledge that this time of the year ensures an increase in sales however without the proper preparation, this time will fly by, landing you in the same position as you were in months before – waiting in hope for the next Christmas season.

Anoop Anchal, Director of retail chain Shirt Studio and NCB Business Mastery Coach shared with us in our webinar How to Get Your Retail Store Firing for the Festive Season that as a retail store owner, you can leverage the success of this time of the year by putting plans in place and getting the team into good habits early. He warned retail businesses of the danger in getting comfortable with the holiday season’s increased turnover; “turnover is vanity, profit is sanity and cash is reality.”

Here are some of Anoop’s tips to ensure smooth sailing throughout the busiest time of the retail business’ year. With these tips in mind you’ll also be in a position of control when the festive season is over so you’re ready to take on 2012:

1. Set up a daily morning huddle where you chat to your team and address successes and road blocks from the previous day, keeping everyone on the team in the know. You may find that some challenges would never have reached your ears if you didn’t ask to hear about them directly
2. Deal not discount:  Yes the festive season is competitive, however discounting your products will get you nowhere. Deals such as offering cheaper prices for buying multiple items gives you an opportunity to add extra value for your customer whilst increasing your dollar sale
3. Track and measure your stores and your online shop (if applicable) so you know your numbers, have evidence of success and can see the opportunities you have for improvement
4. Create budgets, not just targets so you know exactly where your money is going and what will be left in pocket. Think about what you need to make to cover the costs and then set your targets above this. Also look for ways to decrease your COGS (Cost of Goods Sold) so that you aren’t so dependent on the sales made. Stick to your budget, it was created for a reason!
5. Plan for the worst and prepare for growth. It is the fear of the unknown that affects a business most when times get tough. If you think about the worst case scenario and put a plan in place now to deal with it, this will eliminate fear and give you a starting point for planning what to do to grow from there.

To access Anoop’s full 12 tips for a successful festive season and beyond, check out the NCB Webinar slides and recording. You’ll also learn where the future of retail is headed and what you can learn from the big players in retail including Myer and David Jones. If you can’t access the webinar email succeed@collegeofbusiness.com.au and we’ll send it to you.

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