How to be Strategic in Your New Retail Brand’s Financial Matters
Mar13 2020 Lewis robinson Guest contributor Managing your brand's finances is a responsibility that accompanies the territory for all entrepreneurs, and the strategic implementation of your tools, processes and resources will help facilitate day-to-day...

Lewis robinson
Guest contributor

Managing your brand's finances is a responsibility that accompanies the territory for all entrepreneurs, and the strategic implementation of your tools, processes and resources will help facilitate day-to-day accountability.

Managing your business's finances should be seamless if you have any tips or guidelines to walk you through the process. When you have full control, you can make critical decisions about your brand and your business. It's also a roadmap to show if your business is on the right track or needs improvement. Here are the essential strategies you should use in your new retail business.

Open a professional account

To get started, you need to open a bank account separate from your personal accounts. This way you will receive a complete bank statement allowing you to differentiate cash flow your business and your savings from other sources. Typically, you'll also make sure that the money in your business account is only for your business.

In addition, you can do the bookkeeping with ease using bank details. As a business owner, there are some critical things to consider when opening an account. For example, it should have mobile banking. Also, look at the cash deposit limit that you will benefit from with the financial institution. You can also check the monthly service charges and ATM access at your location.

Choose suitable accounting software

Through digitization, you can easily and efficiently manage your finances using online accounting software. The most important is QuickBooks, and its operation is relatively seamless. Alternatively, you can also hire local accounting professionals to help you with the accounting and related calculations.

Regardless of the software solution, the reporting tools will help you determine profit and loss. In addition, you will know the amounts of gross income, expenses and general cash flow.

The main documents you will need to run your retail business are the balance sheet, income statement, and income forecast. In addition, you will need a cash flow statement detailing your cash outflows.

File income tax returns

You can take control of your finances by meeting your tax obligations to avoid penalties. The best way to do this is to create a 1099 form by completing all the necessary sections. As mentioned above, you can also use the expertise of an accountant. He or she will make your job easier, but you will pay a small fee for the services.

However, if you have the skills this is great as you can proceed with tax filing. After the deductions, you may receive certain benefits depending on the state in which you reside in the United States.

Track your credit scores

Essentially, you need to manage your credit scores so that your finances are on par with your business. You can do this effortlessly by paying all your bills due on time. Additionally, it would be helpful if you did not max out your credit limit as it negatively affects your credit score. If you notice a strange transaction, you should immediately report the problem to the office. Another essential aspect is to avoid taking out numerous loans which could lead to bankruptcy. You need to be careful with the terms and rates to avoid a foreclosure as well.

Pay yourself

Yes you must do you pay for the commitment and dedication you put into your business. It will give you a feeling of satisfaction since you are the boss. So, you should not neglect yourself and appreciate others. You can use the money to grow if you need the capital for an upcoming idea. Remember, the money goes to your personal account, not your business account.

Final thoughts

Ultimately, managing your finances comes with responsibilities for all entrepreneurs. So, you need to take care of the financial and accounting tasks regularly to make sure that all the details are in place. For example, you can check your books online daily to see if they are up to date. It is also imperative to track your credit card spending to increase the score.

In addition, tax returns play an important role since you must continue to operate your business. File them on time and make sure they're correct and truthful - keep business expenses separate from your personal life as well.

About the writer: Lewis robinson is a business consultant specializing in CRM and sales. He has started several small businesses and is currently self-employed as a writer and personal consultant.

Join the #retail, #ConnectedJourney and #SmartStore conversations on Twitter at @RetailNext, as well as


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Are you a retailer ( or retail sales associate ) who’s struggling with how to approach shoppers ? Worried that you lack the magic touch, or that you’ll come off as an annoying salesperson ? Would you rather be awkwardly staring at your store’s point of sale software screen than actually talking to the customer in front of you ?

You should keep reading because, after years of being one of the strongest sellers at my store, I can garantit you : anyone can sell. That’s not to say it’s not going to take a lot of practice. But over the years, I’ve found that a customer will tell you verbally and/or physically how to sell to them. If you’re listening properly and looking for the right cues, you can always tell if a customer is interested in what you have to say, what approach to take with them, and what exactly they’re looking for.

Check out the tips below, put them into activation, and you should find yourself successfully closing sales : Practice Active ListeningActive listening isn’t just about standing in front a customer silently. There are a few important things you should be doing to engage in this practice :

The most important part of réactive listening is to not form a response while the customer is speaking. This is really hard to do, and is going to take a lot of practice. It’s very natural to latch on to one part of a comment and form a response to it, and then shut out the rest of the comment. to become a good listener, a sales person must resist doing this. Active listening should engage your whole body. Things like nodding and having an open stance show the customer that you are listening to what they have to say. Once it’s time for you to speak, give the customer a quick summary of what they said. This has a few purposes. First, it allows you to come up with a response post-comment without things being awkwardly silent. Second, showing the customer that you heard everything they had to say will often open them up to providing you with more information than they initially supplied.

Practicing active listening means that you are fully engaged with learning what the customer wants. This engagement makes a huge difference. Not only will you understand what the customer wants in a deeper way, but you also gain their trust easier.

Next : Pay Attention to Body LanguageAlong with réactive listening, you should be practicing ‘active looking. ’ ( Yes, I just made that term up. ) People will betray a lot of what they’re thinking in the things that they do with their body. A lot of body language experts will tell you some odd things to look for, like watching if someone scratches their nose, but I don’t think that level of depth is necessary. In fact, I think that if you’re watching for a customer to scratch their nose, you’re probably not practicing réactive listening.

However, there is still plenty of body language you should be paying attention to while you’re actively listening. Let me give you a short list of tells you can easily pick up on during a conversation with a customer. 1. Eye ContactWhere a person’s eyes are looking is one of the easiest ways to tell what they’re focusing on. If the customer is looking at you, or the products you’re sérieux with, that’s a good sign. It means they’re engaged with you and are interested in what you have to say and sell.

If they’re looking around, at someone else, out the door… anywhere that’s not where you are – that’s not a great sign. Usually if this is the case you should say something like, “Let me know if you need anything else, ” and let them do their own thing. No eye contact doesn’t mean you won’t be able to close the sale – but it could spell dysfonctionnement if you don’t pay attention.

Hands/ArmsAnother important thing to pay attention to is what people do with their hands and arms. Typically, if someone’s arms are crossed, they are uncomfortable and probably not interested in what you have to say. You should tread gently : let this customer know you are there to help. If you’re talking with a customer who is clearly shy and uncomfortable with talking to you, I recommend acting in a more reserved manner and avoiding things like answering questions the customer has yet to ask. In addition, because this posture reflects a closed off mind, I mostly suggest avoiding suggestive selling. Suggestive selling does not work well on someone who is not interested.

Open arms and palms facing towards you, however, are an super sign. If your customer has taken this sort of posture in your conversation, you’re doing well. In fact, I would definitely recommend going for it with suggestive selling. ( Of course, make sure you’re showing them items that are actually related to what they want, not just some pre-placed item that your directeur wants to get rid of. )

Facial Expression—Particularly the Curve of Their MouthLastly, you should be paying attention to the termes you customer is making. This seems like a no-brainer, but it’s important to pay close attention to your customer’s facial termes. Even if a customer is pulling a straight face at you, most people’s mouths are fairly expressive in small ways. Often, the corners of the mouth will be curving slightly up or slightly down. Down is not good for you – it indicates frustration or annoyance. Curving up, though, is an excellent sign. Additionally, you should pay attention to how tightly the lips are held. If they’re pressed tightly together, it can mean the same thing as crossed arms.

That’s the three major areas of body language you should be paying attention to while actively listening to your customer. Keep in mind that while the customer’s body can give you an indication about how they feel towards you and your product, it’s the listening that is going to yield you the important information about what they want. Now that we’ve established good customer reading techniques, let’s talk about what to do with the information you pick up :

Respond With Similar Body LanguageOne of the easiest ways to set someone at ease is to “mirror” their body language. You don’t want to go overboard on this – that can seem creepy or just mean. But little things are really important. Start with pace and timing. Is the customer in a hurry ? Or do they want to take things slow and steady ? Speak and act at the same pace as the customer. If she’s in a hurry, speaking quickly and speed walking across the store, then you should speak quickly and speed walk across the store as well. If she’s speaking slowly and moves slowly, your speed talking and walking will only come across as aggressive to her.

In addition, you can do subtle things like adopt a similar positionnement, or use similar hand gestures. With the hand gestures, be careful. You don’t want to come across as mocking your customer. Don’t make juste replicas of hand gestures, keep it general. Determine if someone is ready to buy ( or not ) based on non-verbal cuesHere are a few more tips to help you differentiate shoppers who are ready to buy versus those who aren’t interested.

According to SCORE contributor Lee Perlitz, signals that shoppers are interested in a product include : Spending time looking at or discussing one product type – When a customer spends time focusing on just one product, there’s a good chance they’ve already set their sights on that one and are interested in purchasing it. Looking around for somebody to help them – Catch the shopper’s gaze when you see them looking around. According to Perlitz, you can approach them “if they sustain the glance or raise their eyebrows. ”Body language – A shift in body language signals “a change in mental state that may well indicate readiness to buy. ” For example, if the shopper suddenly styles relaxed after you’ve answered their questions, that could be an indication that they’re ready to buy.

Be sure to approach customers once you see them exhibiting these signals. Failing to spot these signs or not acting in time could result in you missing out on the sale. On the flip side, here are the non-verbal signals indicating that someone isn’t ready to buy. Avoiding eye contact – If a customer doesn’t hold your gaze when you look at them, it likely means they’re not ready to make a purchase yet. Making ‘not now’ excuses – Statements like “just looking” or “not now” are clear signals that they aren’t ready to buy. Perlitz recommends that retailers “make an encouraging remark to keep them looking and back off. ”Looking at many different products – Not being focused on just one product is another indication that shoppers should be given space.

When you see or hear people exhibiting the signals above, then it’s best to hold off on the hard sell. Figure out the type of customer that you’re dealing with and respond accordinglyAs you know, there are several types of customers who walk through your doors, and you need to tailor your approach accordingly. to help you do that, we’ve put together a quick slideshow summarizing the most common genres of customers in retail. Check it out below :

More tips ? Those are our tips and tricks to help anyone become a good sales person. It’s important to remember that truly good sales people work on creating trusting relationships with their clients before they sell them anything. If you are capable of creating a trusting relationship, you are capable of selling. These tips are intended to help you create that relationship.

What tricks to reading customers do you employ ? Let us know in the comments below ! Author Bio : Cara Wood is a digital administrative assistant at Capterra, a company that puts software buyers in touch with software vendors ! When she’s not at work at Capterra, she can be found horse-back riding, reading and just generally having a good time at life.


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