January is usually the second-lowest month in terms of sales for golf shops, and only just sits off the bottom slot because of promotions running during the month.
Panic not. A quiet shop is the perfect opportunity to set yourself up for an awesome year of retail, so let’s look at how you can get 2019 off to a great start.
BE PROACTIVE ABOUT OLD STOCK
Did you know, every £100 of stock will have cost you £200 if you haven’t sold it after a year? Apart from taking up space in the stockroom or the shop, excess stock ties up capital that you could otherwise be re-investing.
Think about this. Ideally, you want to be turning over stock 3-4 times a year. If stock doesn’t sell, that’s money sitting on shelves that you could have used to invest 2 or 3 times over.
By January you should only have Autumn Winter items sitting out in the shop. Put on a flash sale, with a small discount, to get rid of any stock older than that.
MAKE THE RIGHT BUYING DECISIONS
In January, golf retailers tend to place their orders for next Autumn so now is the time to analyse the sales figures from last year so ensure you buy the right stock, and quantities.
You might think you’ve got a good handle on which items have sold well, but a sales report from your EPOS system might surprise you.
REAP THE BENEFITS OF CUSTOMER DATA
Make 2019 the year you build a profile of your customers. Start adding customer information to EVERY sale, and you'll soon reap the benefits. The more detailed the picture you can build of your customer, the more useful your reports will be ... and the better your buying decisions.
Once you start to capture customer names at the point of sale, you'll be armed with the knowledge of what your customer really wants.
Always ask for a customer name and try to capture additional information such as email address
Put the customer name against the sale - whether they're paying with cash or card.
Let the customer know what it will be used for. Most people will appreciate the reasons behind it.
BRING ON THE BUDGETS
Amazingly, around 80% of pro shops don’t create an annual sales budget, largely because many retail owner managers don’t appreciate its importance.
Says Advanced PGA Pro, David Fulcher, “If you’re serious about making money from your retail business, a plan for sales and stock is vital: you can’t do business without it. A good EPOS system will tell you what you need to know”.
It’s natural to focus on what you know, and the part of the business you’re most comfortable with, such as sales, or golf lessons.
Getting to grips with simple sales figures, such as what you’re selling every month, will get you thinking. The best thing to do is compare your current figures to the same time last year and use it as a benchmark to make better buying decisions.
We've put together a simple budget calculator for you. All you have to do is input your turnover and gross margin from last year, and it'll do the rest. You want to look to increase your turnover by at least 5% each year and our clever budget planner will show you how.
Make this the year you rock in retail. Join our sell-out retail skills CPD on 21st February. Developed and delivered by PGA Pro David Fulcher and Crossover's retail expert, Mark Hopkins, this one day workshop will give you all the tools you need to take your business to new heights.
Using a simple 3 step plan for success, hear how David Fulcher has doubled the profits in his pro shop every year for the last 3 years, and is now able to reduce the time he spends in the shop to focus on other areas of his business.
The first one-day CPD, held in December, was full within 2 days. So don't miss out and book your place today!! 01675 470333.
Wishing you all a successful 2019!!