Make a meaningful to-do list

Recently I was asked what I would put at the top of my task list if I owned a gift store. Here’s what I have learned as a store owner, and what I’ve seen boost the success of the stores I’ve worked with in the past 24 years.

Start Crunching

You can’t buy inventory without a plan. This is something that gets store owners into trouble all day long. Inventory is your single largest expense, yet the decision to spend is most often made by the seat of your pants. Get a handle on your inventory to reduce debt and increase cash flow. Also, make sure to have an open-to-buy plan or an inventory management tool — it changes everything.

Pat Yourself on the Back

Next would be to give myself credit for what I’m doing right. It’s easy for store owners to feel deflated after putting in so much hard work. But there is often more to be proud of than they realize.

A client just told me she felt that she should have done better, even though her sales were up last year. But then she realized that her sales growth last year was the same as her total sales in her first year in business working with us. Now that is something to celebrate.

Pay Yourself

High up on my list would also be paying myself a consistent paycheck from now on. Many store owners say they will, but never actually get around to it. One of my clients had over $1 million in sales last year, but never paid herself because she was too scared to take any money out of her business.

Time off to rest and rejuvenate is so important to keeping the passion for your business alive, and it allows you to create a strategy to reach your goals without working 24/7.

If you’re working in your business full-time, you must pay yourself 10% of your sales. This is a standard benchmark based on 30 years of retail data. It is a RETAILMaven law. Reach out if you need help making this happen.

Resting Works

I would also add in to take (at least) one day a week off. A mistake I made with my store was believing that if I just worked hard enough and long enough, the results would follow. The truth is that time off to rest and rejuvenate is so important to keeping the passion for your business alive, and it allows you to create a strategy to reach your goals without working 24/7.

Realize Your Purpose

Seaside store owners are often so busy running their stores that they forget the impact they can have on their local communities.

I learned the true impact of my store once I decided to sell it to move into my role as a retail consultant. Customers would share stories and reminisce about the memories and good times they had in my store.
When you realize how you’ve made people feel — sometimes when they need it most — you understand how your store is making a difference every day.