5 Crucial Figures That You Need To Know To Boost Your Small Business In 2023
In today’s episode of The Resilient Retail Game Plan, I want to give you my expert support in order for you to understand better the figures that can ultimately make or break your small business. We’re already barrelling towards March and 2023 is looking no less uncertain for independent retail – that’s why we need to embrace and closely monitor our numbers to help us stay in control and lay out a clear and confident strategy for the future of our brands.
This subject is actually the basis of a talk I did at the beginning of February at this year’s Spring Fair at Birmingham MEC, but I’m very excited to say that this episode will be discussed through the lens and give you a real sense of my brand-new, soon to be released book, “Tame Your Tiger: How to Stop Your Product Business Eating You Alive”.
We’ll start by covering the Tiger’s bite. We’ll study the most important number in your small business – the ‘in-margin’, as defined by your product costs, and we’ll discuss how to grow your ‘out-margin’ by reviewing your sale-relative expenditure. We’ll also look at how much you’re feeding your tiger and how using break-even analysis can help model future costs. I’ll explain how the 80/20 rule can help you better identify the desires of your customers, and we’ll finish at the Tiger’s tail, where we’ll discuss the dangers of unproductive stock to the longevity of your small business.
Don’t forget – use the code: 10podcast to get £10 off your first month when joining The Resilient Retail Club.
To get your copy first, remember to pre-order Tame Your Tiger here.
