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 As we reflect on this year and the multiple and still-ongoing effects of the pandemic, we are inspired once again by the resilience and perseverance of independent retailers.
Then we saw a comment – true, from an expected source – about dealing with adversity that seems particularly relevant to retailers.  This Holiday season is bringing three big waves for retailers, in rapid succession. And each one requires a strikingly different management response.
Wave #1 - the High Margin Wave - has begun in earnest, and will continue through Christmas Eve. Faced with the shipping delays (and surcharges), customers have turned to brick-and-mortar stores. The savvy retailers are ready for them.  Here we are, in the first week of December, in this tumultuous pandemic year of 2020.
Maybe more than ever, you need to have a grip on your cash flow! What will you cash flow look like during December, January and February? Since you must be able to make informed decisions about your business, every day, an up-to-date cash flow calculation is essential. Remember, profits are interesting, but it's cash flow that's significant! Cash flow doesn't have to be fancy. In fact, what most owners need is just to have the basics on the back of an envelope. The savvy ones always have that with them. |