The Resilient Retail Game Plan

Catherine Erdly

Welcome to the Resilient Retail Game Plan - a small business podcast with me, independent UK-based small business and retail expert Catherine Erdly, founder of The Resilient Retail Club. A podcast for anyone wanting to start, grow, or scale a profitable small business. Aimed at independent retailers, e-commerce brands, indie sellers, online shops, independent boutiques, shopkeepers, brands and makers. The Resilient Retail Game Plan is a small business podcast dedicated to one thing - breaking down the concepts and tools I’ve gathered from twenty years in the retail industry in the UK and USA and showing you how you can use them in your small business. read less
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Episodes

195 | The Third Golden Rule of Stock Management
3d ago
195 | The Third Golden Rule of Stock Management
How often are you reviewing your stock?   Stock management is not a one-and-done type scenario.     I certainly would be able to sit down with you and audit your stock. We would be able to go through it, look at how much you've got, understand what's working, and what's not working, and I could make recommendations on how you could trim that stock back and what you should focus on going forward.   And while this can be incredibly helpful it won’t prevent issues on an ongoing basis.    Moving into a monthly review is a simple, but powerful way to get a vision of what the impact of the month that's just gone by is going to have on your future stock. And then you can use that information to actually take action.    And I'm a big believer in information for action. You want to be able to look at your last month's sales and understand immediately what that means for you going forward.     So today we are talking about my third golden rule of stock management - making stock management a monthly review process and what steps you need to take to accomplish it.    If this all sounds very interesting, but you know, for a fact, you will just not have the time to do it, then I do encourage you to join the waiting list for my new service, which will be launching later this year. I am going to be able to work with you to manage your stock better. Join the waiting list here: https://futureretail.lpages.co/feel-good-business/   Let’s Dive In:   [00:00] My third Golden Rule of Stock Management: Make stock management an ongoing process in your store [03:21] Why stock management is not a one-and-done activity for your store [04:08] What activities are included in a monthly stock management review [07:08] Examples of what can happen when you are actively managing your stock plan [08:15] Questions to ask yourself on an ongoing basis about your stock plan [14:40] The Three Golden Rules of Stock Management  [16:43] Final thoughts and my new service
194 | The Second Golden Rule of Stock Management
Apr 18 2024
194 | The Second Golden Rule of Stock Management
How well are you managing the most valuable asset in your business?    In other words, your stock. The chances are, if you are a product business owner, whether that is an e-commerce brand or an independent retailer, then the majority of the financial value of your business is tied up in your stock.   And my question to you is how well are you managing that asset?    In the last episode asked you, do you have a cashflow problem or a stock management problem. And I suggested that you have a stock plan to determine the answer. Once you have your stock plan, the its time to dive a little deeper.   Today I want to talk about my second golden rule of stock management. And that is be really clear about what's selling and being productive in your business versus what isn't selling and is sucking up all of your cash.   If this all sounds very interesting, but you know, for a fact, you will just not have the time to do it, then I do encourage you to join the waiting list for my new service, which will be launching later this year. I am going to be able to work with you to manage your stock better. Join the waiting list here: https://futureretail.lpages.co/feel-good-business/   Let’s Dive In:   [0:00] The Golden Rules of Stock Management Recap [02:46] The Second Golden Rule of Stock Management - You need to know which stock is selling and which is not [03:14] A stock plan is a good place to start, but it won't tell you the full story...it has a major flaw [04:55] We fix that flaw by looking at the tail. [07:25] Knowing what product is selling and what is not has other benefits to your business that will put you ahead of most retailers [10:29] Making a stock plan by product type helps you understand even more [12:14] If creating a stock plan by product type is overwhelming - then try a stock-to-sales ratio [14:35] This is what you should be doing to start getting control of your stock [16:22] Do you need this but find it overwhelming? Then learn more about my newest service
193 | The First Golden Rule for Effective Stock Management with Catherine Erdly
Apr 11 2024
193 | The First Golden Rule for Effective Stock Management with Catherine Erdly
Is your cash flow problem really a stock management problem?   The reason I asked this question is because recently when I ran the Retail ROAR summit, I asked everyone who signed up what their biggest issues were. And the biggest issue that came up, particularly in people with a six-figure (or more) businesses,  was their cash flow and people were talking about issues that they were having managing it.   This happens to be an area that I love to geek out about so I wanted to share my experience from the retail industry to explore how improper stock management can lead to significant cash flow challenges. And to that end I have three golden rules for stock management that I want to share with you over the next three episodes.   Today is Golden Rule Number One - have a stock management plan. We dive deeper into why this is so important to start with and I will give you some tips on how to accomplish this.    And if you are looking to get some help with managing your stock register to get more information about my latest service at https://futureretail.lpages.co/feel-good-business/   Let’s Dive In:   [00:00] Introducing The Golden Rules of Stock Management [02:0]3 Do you have a cash flow problem or do you have a stock management problem? [07:56] Why I understand so much about stock management.  [10:18] How Tame Your Tiger will help your stock management [12:43] Golden Rule of Stock Management #1 - Have a Stock Plan [18:05] Coming Up Next - What is driving your sales?
192 | A Retail Owners Guide to Effective Branding and Website Design with Tamsin Rennie
Apr 4 2024
192 | A Retail Owners Guide to Effective Branding and Website Design with Tamsin Rennie
In this episode of the Resilient Retail Game Plan, I’m talking with Tamsin Rennie, founder of Monroe Creative, about the critical balance between aesthetic appeal and functional performance of websites for product-based businesses.    We discuss common mistakes businesses make when DIYing their websites, the significance of professional branding and web design, and how to strategically appeal to your specific customers. We also cover practical tips for improving website functionality, the importance of SEO, and making sites user-friendly and accessible.    Tamsin emphasizes the value of cohesive and strategic branding in conjunction with a well-designed, functional website to enhance business success.   [01:47] Welcome Tamsin! Tell us a bit more about your business [02:22] Tamsin shares about her experience with her own product businesses [07:25] How important is it for a website to really have the right look for the brand? [09:02] Can you talk me through what the process might look like to create a specific appeal for a very specific customer? [11:09] What kinds of mistakes does Tamsin see shops make when they DIY their website? [17:16] The relationship between branding and web design [22:27] How to learn more about Tamsin   Get the full show notes on our website at https://www.resilientretailclub.com/podcast-episode/a-retail-owners-guide-to-effective-branding-and-website-design-with-tamsin-rennie/
190 | Four Golden Rules to Creating a Business You Love
Mar 21 2024
190 | Four Golden Rules to Creating a Business You Love
Being in the retail business today has been described to me as standing on one side of the Grand Canyon and being able to see the other side, but having no idea how to get across.    You are an ambitious, focused business owner who has big plans, and big dreams for their businesses, but you just can’t see how to bridge the gap between where you are today and where you want to be.    So today  I'm going to be sharing with you some of the behaviors and actions that I've seen small business owners take that keep them stuck in the business they have today.   Then I'm going to be sharing with you four golden rules that will help you build a business that not only looks good, but feels good too!   And if you're somebody who is thinking “Yes, okay, Catherine, I've got it I want to get to the heart of my business!” Then I am going to be launching something this year that will help you if you want to get the foundations right in your business but you don't have the time. If you want to learn more you can sign up to register your interest and then you'll be the first to know about my new service. [0:00] Welcome! [04:03] Creating a business that not only looks good but feels good too. [08:41] Four habits that are keeping you from the business you desire [09:53] Habit #1: You're Always Talking About the Weather (you blame external factors for what was happening internally) [13:15] Habit #2: Believing success is linear and that there is a finish line. [17:28] Habit #3: You are being distracted by somebody else's idea of success. [20:36] Habit #4: You are eating too many donuts (spending lots of time and money on things that don't make a difference while neglecting those that do.). [23:56] Four Golden Rules that will Help you Build a Business You Love [24:04] Golden Rule #1: Radical Responsibility: taking full responsibility and full ownership for everything that happens in your business. [25:58] Golden Rule #2: Celebrating that there is only one you.  [27:46] Golden Rule #3: Always Eat Your Vegetables: Focus on the things that are not super sexy or exciting from an external perspective but will 100% help you grow your business. [29:56] Golden Rule #4: Resilience on Repeat
189 | Uncovering What Your Customers Really Want with Katie Tucker
Mar 14 2024
189 | Uncovering What Your Customers Really Want with Katie Tucker
Maybe you've been wondering, will my customers buy this? Will they like this new product line I'm developing or purchasing? Or what, quite simply, do my customers want to see from me?   We often get told that we need to talk to our customers to understand them. It's advice I've certainly given out a lot in my lifetime, for sure.  But what do we actually say to them? How do we even figure that out? And how do we get people to share information with us that is genuine?    How many times have you maybe asked people, do you like this? And they've all said yes. And then nobody bought it.    If that sounds familiar or if you've ever wondered how best to get information out of customers and satisfy that curiosity, then you want to listen to today's episode.    I'm joined by Katie Tucker. She is an author and a market research expert  and her book, "Do penguins eat peaches?" Is an absolutely phenomenal practical guide for small business owners when it comes to answering that all-important question, which is what do my customers want?   And another important question, are they prepared to buy it from me?   Let’s find out!   [02:36] Welcome Katie Tucker, business consultant and author of Do Penguins Eat Peaches? [04:24] How did Katie get involved in customer research? [05:50] One of the biggest problems that businesses have is knowing how to structure productive conversations with their customers. Here are some tips to make it better. [08:55] What are some of the best ways to learn what our customers want? Here’s a hint, don’t ask them what they want, discover their behaviors instead. [11:14] Why you should avoid focus groups and what to do instead. [15:22]How can you truly validate a new product idea? [22:29] What do you do when your vision as a business owner doesn't match the needs of the customer? [28:45] How to connect with Katie Connect with Katie Tucker: Sign up for her newsletter - www.productjungle.co.uk
188 | Breaking through Sales Myths with Sara Dalrymple
Mar 7 2024
188 | Breaking through Sales Myths with Sara Dalrymple
Sales - without it, we don’t have a business, just an expensive hobby.  And yet, for many of us, when it comes to thinking about selling our products or services, or promoting our businesses to the world, it suddenly feels very difficult.     One of the people I come back to time and time again when it comes to getting clear about selling on social media is Sara Dalrymple.  I can’t actually remember how I first came across Sara, but we’ve been chatting on Instagram for years, and I’ve invited her into my membership on more than one occasion to share her pearls of wisdom about selling on social media.   If you want a masterclass on how to promote your business regularly and joyfully, go check out @saleswithsara on Instagram and see how Sara shows up day after day to share her message.   So when Sara announced she was publishing a book on sales, ‘More Sales, Please’ (with the same publisher as my book Tame Your Tiger), I knew I had to get her onto the podcast to tell us all about it.    Today’s episode provides practical advice on making the sales process simpler and more approachable for small business owners, aiming to boost sales and customer satisfaction.   Sara shares valuable insights on approaching sales with clarity, confidence, and ease, emphasizing the importance of selling in a way that feels natural and aligned with one's personality.    We talk about overcoming common sales myths, the effectiveness of listening to customers, and the crucial role of energy and enthusiasm in connecting with potential buyers.   [00:17] Welcome Sara Dalrymple, Author of More Sales, Please! [03:20] Sara's message behind her book - We live in a time where anyone can open a business, but we aren't taught about sales and marketing. Most small business owners feel its complicated, Sara wants to prove that its not. [05:31] Is there a way of approaching sales if you are more of an introvert? [07:00] Sara's process to make sales feel more natural  [11:08] What is the difference between selling a product and selling a service? [12:54] Sales aren't about forcing the buyer's choice. It's about creating a space where they are happy to buy. [19:26] Sales can start off as an emotional journey, so we need to set the stage for our buyers with the messages we want them to receive. [24:23] What is the relationship between your passion for your product and [sales? [33:39] How to connect with Sara Dalrymple
187 | A Resilient Retail Pep Talk - The UK Recession
Feb 29 2024
187 | A Resilient Retail Pep Talk - The UK Recession
Today's podcast is a pep talk. And the theme of the pep talk today is that the UK is officially in recession.  So you might think this is an odd theme for a pep talk, but I know that it can feel overwhelming and demotivating when you hear headlines like “ UK officially in a recession after Christmas sales collapse.” It can feel like a very worrying time for a business owner. And we've also had other high-profile bad news recently in the press, for example, the body shop going into administration, which a lot of people are also feeling demotivated about. And so what I wanted to do with this episode is dig in a little bit into the data and the stats behind the headlines, tell you why I think you should be optimistic, and five things to do instead of letting it overwhelm you.  [00:00] It’s time for a Pep Talk [03:00] Let's Define What Recession Means [05:21] Reasons I believe you can be optimistic despite the headlines [07:36] What actually happened to the Body Shop [08:53] Five Things to Do to Beat Feeling Overwhelmed [08:58] Focus on your circle of control. Make your business as good as it can be as opposed to spending that time getting distracted or, demotivated by external factors. [09:49] Keep Your Business Nimble. Now, more than ever, it's important to keep your stock under control, to not have too much of your money tied up in your stock so that you have got some flexibility. [10:36] Understand Your Customers. No matter what the economic environment, no matter what's going on in the world, knowing your customers, talking to them, really understanding them is only going to help you as a business owner. [11:03] Take Action! Make sure that you are thinking about your circle of control, what you can do, to move things on and focusing on that instead of the things that you can't control. [12:05] Get Support. You want to have that environment where you can talk to other people going through the same thing as you so you can share your worries and concerns and get ideas from what other people are doing too. [12:42] Don't Forget to Join Retail ROAR
186 | Making the Most of Retail ROAR
Feb 22 2024
186 | Making the Most of Retail ROAR
Today I want to share three tips on how you can get the most out of the Retail ROAR conference. The conference features a lineup of 10 founders of retail businesses or brands and 9 subject matter experts. To help you prepare to get the most from the conference I share a summary of the diverse range of speakers and their respective topics, which cover various aspects of retail business, including social media, website development, public relations, wholesale success, email strategy, and maintaining work-life balance. The event also features networking opportunities through a pop-up Facebook group. The focus of the conference is to help attendees create a business that not only looks good, but feels good too, helping them feel inspired and ready to succeed in 2024.   Retail ROAR is a FREE online conference taking place from the 29th of February to the 1st of March. Sign up today!  www.retailroar.co.uk   [00:00] Making the most of Retail ROAR [02:44] Tip #1: Check out the lineup of retail founders. Find the stories and experiences that interest you. Mark the date/time in your diary to attend that session. [10:12] Don't miss my opening remarks on how to create a business that not only looks good but feels good too. [10:42] Tip #2: Go back to your goals for the year and identify the experts who can help you move towards that goal. Mark their sessions in your diary. [14:08] Tip #3: Remember to network with other attendees in the Facebook group!   Episode Links: Get Your Free Seat to Retail Roar - The UK's most inspiring FREE retail online summit at www.retailroar.co.uk
185 | Creating a Productive Team with Hayley Watts
Feb 15 2024
185 | Creating a Productive Team with Hayley Watts
In this episode of the Resilient Retail Game Plan, I am talking with coach and facilitator Hayley Watts about effective team management, productivity, and your well-being as a founder.    We talk about effectively giving responsibility to your team through an analogy with a 'fried egg', the importance of clarity and setting boundaries in team roles, as well as how best to approach difficult conversations with your staff. We also touched on the importance of looking after your health and well-being during stressful times.    Haley Watts helps business owners focus on the work that matters. She helps people grow their businesses while looking after themselves. She gives business owners the confidence that what they are working on is the right thing to help achieve their goals   0:00 Welcome Hayley Watts 02:54 As the team grows, how do founders stay productive? 05:53 What tips does Halyley give to build a team that works together?  09:16 How can founders value the different external viewpoints of new team members? 11:02 As a founder, what can you do to help the team perform at their best levels? 14:05 What should you do when team members are not meeting expectations? 19:31 How to bring your company's values into the recruitment process 21:44 How can founders reduce their overall stress and improve their well-being? 25:44 Get in touch with Hayley   Connect with Hayley Watts: Linkedin: https://www.linkedin.com/in/hayley-watts/ Website: www.inspireful.co.uk   Episode Links: Get Your Free Seat to Retail Roar - The UK's most inspiring FREE retail online summit at www.retailroar.co.uk
183 | Creating Memories: Ruth Sturdy and the Colour Chronicles Story
Feb 1 2024
183 | Creating Memories: Ruth Sturdy and the Colour Chronicles Story
In this episode, I got to sit down with Resilient Retail Club member Ruth Sturdy, the founder of Color Chronicles.    Ruth shared her journey after looking for a book that would not only allow her to record memories of her daughter but would bring her daughter into the process as well. When one couldn’t be found, Ruth decided to create it which led to her founding her own business and developing their bestselling product, 'The Book of You'.    As her business grew, she found the freedom to start working on the business (instead of in the business) when she partnered with a fulfillment center. She also realized that it was important to outsource tasks that were not her strengths. Interestingly enough she has been able to demonstrate that you can grow your business and not need a large team!    We talk about the constant need for resilience in managing a small business, handling various challenges and finding solutions. And we talk about how important it is to be able to lean on other business owners in a setting like the Resilient Retail Club.    [01:35] Welcome Ruth Sturdy, Founder of Colour Chronicles!  [07:34] In the digital age. how important does Ruth believe it is to have something physically written down? [08:52] What was Ruth's background before she started the business? [10:19] How has Ruth's business evolved? [11:36] What was the moment that Ruth realized she needed to stop doing everything herself? [12:35] How many fulfillment centers did Ruth look at before finding "the one"? [13:12] Was fulfillment the key to allowing Ruth to grow the business without having a big team? [15:26] How did Ruth know it was time to invest in outside help? [17:16] Why Ruth believes it's important to connect with people in the Club and Mastermind to grow your business [18:1]6 What is the best gift that you could give someone who is just starting their business? [21:35] What's next for Colour Chronicles? [22:16] How to connect with Colour Chronicles Connect with Colour Chronicles Website: https://www.colourchronicles.com/ Instagram: https://www.instagram.com/colour.chronicles/
182 | Creating an Effective Retail Sales Plan for 2024
Jan 25 2024
182 | Creating an Effective Retail Sales Plan for 2024
Do you have a sales plan for 2024? If not, do you know what is holding you back from having a sales goal?  For some, they don't really grasp the importance of having one. They're not familiar with the importance and transformational nature of having a sales goal. And so they don't make the time for it. But if you want your business to be more profitable, if you want to have better cash flow, if you want to pay yourself more from your business and if you want to be able to manage your stock effectively so that it's not just eating up all of the spare cash in your business and leaving none for you, then you need a sales goal. That is crucial and that is very hard to do any of those things without your sales goal. So you need to take the time to set it.  What I wanted to talk to you about today is planning your sales and specifically, we will talk about what is the sales plan, why you need one, and what some of the common reasons you might be holding back from creating one. If you want help setting your sales plan for 2024 I invite you to join my five-day challenge within the Resilient Retail Club. We start the first week in February. If you'd like to join us and you're not a member, head over to resilientretailclub.com and you can get your first month for half price, which means that you get to join the challenge for just 19 pounds.    Let’s dive in: [0:00] How to effectively plan your 2024 Retail Sales Plan [01:50] What is a sales plan? How detailed does it need to be? [04:25] Why do you need to have a sales goal?  [06:50] What might hold you back from having a sales goal?   Join my 5-day Sales Plan Challenge inside of my Membership group (join us today for half off your first month) https://www.resilientretailclub.com/membership/
181 | How to create a business that feels good (not just looks good)
Jan 18 2024
181 | How to create a business that feels good (not just looks good)
Do you ever find yourself looking at another business and thinking “I wish that my business was like that!” or “I want my business to be like XYZ.” or even “I just wish I could get to this point with my business and then everything will be fine.” You've probably seen on social media retail businesses that've got piles of mailing bags, or maybe they've been established for a long time, or they've had some fabulous collaborations. They are the business owners that are looked up to and envied.  We can have a business that looks fabulous. You've got all these orders coming in. Your team is expanding. You're moving to a larger premises. And from an external perspective, if you're a business looking up at them, it may feel like, wow, they've really got this all sorted out. But what you may find is that these businesses that look like they're feeling fantastic, really don't feel fantastic at all to the business owner. And that is what this episode is all about, exploring this concept of what it takes to make a business feel good. Let’s dive in:   [00:00] What it means to create a business that feels good (not just looks good) [05:35] Focus on your bottom line [11:49] Having a strategy and plan to get you away from being reactive and be more proactive [16:50] You control your business not the other way around [19:39] How do you know if you're chasing something that looks good versus something that feels good? [21:18] Focus on the fundamentals of your business before you get distracted by shiny objects [25:01] My recipe for a business that doesn't just look good, but also feels good.   Get all of the details on our website at: https://www.resilientretailclub.com/podcast-episode/181-how-to-create-a-business-that-feels-good-not-just-looks-good/
179 | 7 Lessons I Learned from My Mastermind Members
Jan 4 2024
179 | 7 Lessons I Learned from My Mastermind Members
Last summer I launched a mastermind for product-based business owners and it has hands down been the most exciting that I’ve done in my business.     The people in the mastermind have businesses of various sizes. Some are very large, and very well established. Some are earlier on in their journey or at different stages. But the thing that unites every single one of those product business owners is their ambition and their commitment to their business.   And they have taught me a huge amount about what it means to be a successful driven product business owner in 2024. And on today’s episode, I want to share with you the 7 lessons that they have taught me!   [00:00] 7 Lessons I Learned from My Mastermind Members [03:52] Lesson 1: Decision fatigue is real. Get support making decisions in your business! [06:02] Lesson 2: Leverage Big Bussiness Tools to be More Successful [09:00] Lesson 3: Working with a Mindset Coach is so Impactful to Your Business [11:54] Lesson 4: It helps to talk with other people who understand what you are going through [14:50] Lesson 5: Pre-planning your year is the best way to beat overwhelm in your busy season [17:08] Lesson 6: Spreadsheets can be habit-forming and are the key to your happiness as a retail business owner [19:52] Lesson 7: There is no magic formula. But if you make quick decisions, take action, see the results, and try new things you will see change. [24:34] The mastermind is open! Learn more! The next Cohort of the Mastermind Starts January 22nd   Learn more and book your exploratory call here: https://www.resilientretailclub.com/retail-business-mentoring/   Book a call: https://calendly.com/resilientretail/product-business-mastermind-discovery-call?month=2024-01
176 | The Power of Influencer Marketing in Retail with Lindsay Schneider
Dec 14 2023
176 | The Power of Influencer Marketing in Retail with Lindsay Schneider
In episode 176 of the Resilient Retail Game Plan, host Catherine Erdly, founder of the Resilient Retail Club, engages in an insightful discussion with Lindsay Schneider, founder of the self-tanning brand, Get Into the Limelight.    We discuss the trials and triumphs of building a brand, focusing on Lindsay's experience in product sourcing, the process of creating a quality self-tanner, and the marketing strategies that worked best for her. Lindsay emphasizes the importance of influencer marketing, discussing strategies for selecting influencers that have a genuine love for the product and authenticity in their promotion. She also talks about the importance of taking calculated risks in business growth, detailing how outsourcing helped her business operations grow.    Lindsay's story provides key insights into running a successful product business and using influencer marketing effectively.   [00:00] Welcome Linday Schneider [01:58] Lindsay Schneider Business Backstory [04:49] When Linsday picked the wrong product she discovered she needed to make a shift in her business [06:54] Lindsay talks about the process of developing a skin care product. [09:22] Did Lindsay need to shift how she marketed her product after shifting her business? [10:21] Navigating the changes in influencer marketing [11:38] What has been the biggest change that propelled her business forward? [13:41] How do you know when you’re ready to hand off control in your business? [17:13] What advice does Linsay have for choosing influencer partnerships? [25:27] What's coming for Lindsay in 2024? [26:34] Learn More about Lindsay   Get all of the resources here: https://www.resilientretailclub.com/podcast-episode/power-of-influencer-marketing-in-retail-with-lindsay-schneider/