Webinars

Retailers are always looking for ways to increase their margins and get more sales, but how can you maintain profitability in a difficult economy? Our experts will discuss strategies to help you survive and thrive in these uncertain times. You’ll learn how to minimize fixed and variable costs and maximize every opportunity to make a sale and come out on top.

KEY TAKEAWAYS:

• Retailers struggle to show all their inventory to move it out of the showroom. So, any items in stock should be scheduled for delivery at the time of sale.
• If you are in a position to buy, the game plan should be to hone in on some fresh looks to compliment the inventory you’ve had for a while.
• Mark-ups vary and shouldn’t be a blanket approach if you want high margins.
• If things trend down, don’t lower prices. It would be best if you charged more because you are selling less while trying to remain profitable.
• Now is the perfect time to increase delivery fees to cover related costs by at least 3.5% or as much as 10%. But be sure your delivery team is providing a high-quality customer experience.
• Cancel any open P.O. that is over two months old.
• If you need to trim costs, start with things that might be considered excessive spending or items that are not moving the sales needle.
• Watch your cash flow. Customer deposits represent written sales, but you must balance that with inventory spending to help maintain profitability.
• Now is a good time to increase customer deposits to at least 50% or ask for payment in full.
• Keep your partner supplier relations and communications strong even if you don’t need new inventory yet.

OUR PANEL OF EXPERTS

David McMahon – Founder, PerformNOW
David McMahon specializes in growing the sales, profits, ROI, and cash flow of operations for home furnishings retailers. He is a certified management accountant, certified organizational improvement specialist, and the founder of PerformNOW.  PerformNOW helps businesses and people level up with Mastermind Performance Groups, Customer eXperience Management (CXM) software and solutions, and complete business consulting for the furniture industry.

Laura Crowley – Owner, Crowley’s Furniture & Mattress
Laura Crowley and her parents and sister run the third-Generation family business with 4 locations in the Kansas City area. Laura participates in a monthly performance group in which profitability is key in the conversation.

Beckey Waldrop – Owner, Miller Waldrop Furniture
Beckey Waldrop is the owner of Miller Waldrop Furniture, a third-generation family business with three stores serving eastern New Mexico and Lubbock, Texas.