And as prices continue to rise, we can expect consumers to change their purchasing behavior. In fact, industry data indicates that consumers’ budgets will prioritize essential purchases, such as gas and groceries. If you’re a specialty retailer (e.g., electronics, sporting goods, and home goods), you may find yourself at a disadvantage in 2023.
To help you through this difficult time, we have compiled a list of 10 poland number for whatsapp measures to deal with inflation in retail. Read on and see what you can put into practice in your business.
Know your numbers
Consider raising your prices
Identify areas of waste in your business to reduce expenses
Support various payment types
Promote your products to your existing customers
Make smarter purchasing decisions
Implement discounts the smart way
Renegotiate your agreements with suppliers
Find other sources and opportunities for income
Take advantage of other financing options
1. Know your numbers
You know what they say: “You can’t improve what you don’t measure.”
If you want to improve your financial position in 2023, start by knowing the key data and figures in your business. Pay attention to your key performance indicators, so you know how your business is doing, from a financial point of view.
Basically, the data to follow closely are as follows:
Income: Always know how much money you are making (per day, week, month, etc.). Having a clear idea of how much money is coming into your bank account will put you in a better position to make business decisions. For example, if you notice a downward trend in your income, you can turn it around by coming up with ideas to generate more sales.
Gross Profit vs. Net Profit: Of course, it's not just how much money you make that matters, but how much of it you end up keeping. So you need to pay attention to how much profit you make after taxes and other expenses.
Monthly Expenses: It’s often necessary to cut costs during times of economic uncertainty. And the best way to figure out what to cut and by how much is to look at your expenses and identify areas where you can spend less.
From there, you can start to segment your data even further. For example, you can look at your revenue and profit for each product, to determine which items are profitable for you.
You can make tracking your financial data much easier by using a POS and retail management system with robust reporting capabilities. This way, you won’t have to manually write down data or compile numbers. When you use a modern solution, you have the information you need at your fingertips, allowing you to make better decisions.
For best results, integrate your POS system with your accounting software. Sales and order data will flow freely between systems, reducing manual entries and discrepancies.