271. Back-of-the-Napkin Math: Simplifying Profit Planning for Retailers
With host retail coach Wendy Batten
https://wendybatten.com/podcast-intro/
In This Episode:
Let’s simplify the numbers you need to know and why in your retail business. Don’t be that retailer that is overwhelmed by numbers in retail—or worse, avoiding them altogether.
In this episode of the Creative Shop Talk Podcast, I’m sharing the surprisingly simple method I use to help retailers finally understand their sales goals, profit margins, and growth potential. Say goodbye to spreadsheet stress and hello to clarity with my Profit Planning Masterclass and “back-of-the-napkin” profits calculator.
It’s the calculator you have been waiting for and my clients LOVE.
Whether you're just getting started or years into running your retail business, this is the financial pep talk and practical tool you didn’t know you needed.
What You’ll Learn about Profit Planning:
- Why profit is essential (and not a dirty word!)
- What your “keep the lights on” number is and why you need to know it
- How to calculate your real sales goal using 3 simple numbers: foot traffic, conversion rate, and average order value
- The link between confident planning and business peace-of-mind
Your Next Steps:
- Grab the Profit Planning Masterclass! Visit wendybatten.com/profit to access the $47 on-demand workshop and get the simple sales calculator that helps you set clear profit goals.
- Calculate Your “Keep the Lights On” Number Identify your essential operating expenses—like rent, payroll, inventory—and plug them into the calculator to find out your real sales goal.
- Gather 3 key data points from your POS system: Average Order Value (AOV), Foot Traffic, and Conversion Rate.
- Set a Weekly or Monthly Sales Goal Use the calculator to determine exactly how much revenue you need—and how many customers you need to serve to reach it.
- Talk to Your Team Share your new goals and engage your team in improving sales through better customer service and upselling techniques.
- Join the Retailer’s Inner CircleGet ongoing support, coaching, and access to my full library of trainings and tools.
Related podcasts we think you’ll like:
Episode 31: 7 Strategies to Attract Foot Traffic to Your Brick and Mortar
Episode 103: Increase Sales With Your Silent Salesperson: Signage
Episodes 163-166: Simple Sales Strategy Series
About your host, Wendy Batten
In case we haven’t met yet, I’m Wendy, a small business coach and founder of the Retailer’s Inner Circle, where I help other independent shop owners learn how to gain the right business skillsets to see more profits, paychecks, and joy as they navigate running their retail business.
Through online classes, business coaching programs, speaking, and a top-ranked podcast, I’ve helped hundreds of retailers around the globe reclaim their dream and see the success they want from their beautiful shops. My signature private coaching community, The Retailer’s Inner Circle, has helped retailers around the world build their retail business skill sets and confidence.
I am proud to have been featured in several major publications, including my own business column in What Women Create magazine. I have been privileged to be a guest on top-ranked podcasts and sought-after as a guest speaker and teacher for several brands, associations, and communities that are passionate about the success of independent retailers.
When I’m not coaching, you will find me either DIYing and renovating my very imperfect old crooked cottage by the sea in the UNESCO World Heritage town of Lunenburg, NS, or blogging about our travel and RVing adventures and the weird fun things we get up to in our coastal village. I’d love to invite you to check out one of my free resources for real retailers at https://wendybatten.com/free-resources/
For more support from Wendy
Join Wendy’s CEO Planning Session for Retailers
Retailer’s Inner Circle - Join Wendy inside the best retailer’s community
Free resources for shop owners
Hang out and connect with Wendy on IG
All of Wendy’s programs and services for shop owners can be found HERE.
Are you subscribed to my podcast? If you’re not, I’d love you to consider it. Subscribing means you won’t miss an episode! Click here to subscribe to iTunes!
If you want to be more of a rockstar, I’d love it if you could leave a review over on iTunes as well. Those reviews help other retailers find my podcast and they’re also fun for me to go in and read. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. So grateful for you! Thank you!