How To Grow Your Retail Business In 2024

Welcome back to the first newsletter of the year.

Hopefully, you have planned out your 2024 and are ready to take your store to the next level of growth, thereby creating more time and freedom for yourself.

Hopefully.

And hopefully, your 2024 plan is more than just marketing. Don’t get me wrong, marketing is essential, and it is typically one of the only ways we are told on how to grow our stores….

But….

How well did that work out for you in 2023?

There is an example I use with my clients when it comes to growing their retail store….

It is the story about the ship…

Picture your business as a ship sailing through uncharted waters. Exciting, right? But here's the kicker – there are sneaky leaks sapping away your hard-earned profits.

Now, think about cranking up the marketing engine. Sure, the ship moves, but those leaks? They're still there, like trying to fill a bucket with holes – sincere efforts, but results slipping away.

Cash slipping away…..sinking into the abyss of the ocean floor.

The real deal? It's all about the basics. Not a lack of marketing prowess, but reinforcing the foundations. Pouring more into promotion won't fix those leaks – we need to address the root issue.

It's not just about bringing in customers; it's about keeping and maximizing what you've earned.

So, let's dive into the burning question: How do you grow when your business is leaking profits and cash?

There are 3 areas of your store you should always be working on, and for many retailers, I argue that you should be fixing this first before you start marketing with full intensity.

Firstly, you need to understand the Visibility of the numbers in your business….know what is happening below deck.. Then a deep understanding of what drives cash in our stores needs to be undertaken..

Cash…$$ in the bank.

Lastly, as retailers, understanding, and driving profitability is paramount.?

Not only does this fix a leaky ship, but the leverage you achieve from focusing on profit (revenue is still important, but focus on this first) can be hyperbolic.

This is what leads to more time and freedom.

If that is what you want.

What do you want in 2024??