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Will your sales less your expense goals add up to a profit?
Or are there surprises ahead?
Do you have a way to know throughout the year?
This retailer-friendly calculator lets you project whether your expectations for sales, margins, and expenses will deliver the profit you need.
Ahh yes, yet another flexibility test. The first quarter of 2023 was full of some major events, nationally and internationally, that disrupted many business plans. As you contemplate where you are now with your retail operation, compared to where you intended to be, don't despair! Even more important, just like you do with the GPS system in your car, disregard "returning to the prescribed route." This is retail, after all. Change is the name of the game!
Your results are likely to be consistent with these patterns.
Spring is in the air. More places are lifting Covid restrictions. Daylight savings time starts this coming Sunday, extending the evening hours. And, for the first time in years, we can expect to celebrate Easter, Mother's Day, Father's Day, graduations, weddings with few restrictions. All promise a renewed air of celebration! There is widespread anticipation that consumer spending will be very strong. But...spending on what? Before you place all those merchandise orders, consider this.
You've gotten through the Holiday season, likely enjoyed some vacation time, and perhaps even have your own financial statements in hand. For many retailers, 2021 proved to be a very profitable year. Congratulations! In fact, go here to check out the pre-tax profit trends for the past two years for the median performers in 50+ retail segments. To borrow a phrase, everybody (almost) is above average!
Maybe you are aware of this. We sure are! Way too many retailers are just fumbling along, paying everybody else but not themselves. Worse yet, way too many retailers are failing, going bankrupt, even in these "good" times for the economy.
And when a retail business fails, it affects a host of people and entities. Not only do employees lose their jobs, and landlords lose a tenant, and suppliers lose a customer, and a community loses a retailer...the owner(s) oftentimes lose their house, car, savings, everything.
Failure is sickening.
If 2020 was the year of pandemic disruption and scramble-to-survive mode for retailers, 2021 may be the year of relentless Retail Is Detail reminders. Many of you may well have benefitted from one or more rounds of PPP loans and their potential "forgiveness." Now comes the reminders that you must seek forgiveness. In writing. From the bank that loaned you the funds. And there are some time deadlines involved. Yikes. Oh, and total forgiveness may not be forthcoming. It depends. (See below for these guides* and disclaimers from the SBA.) Then there are the so-called "bookkeeping details" surrounding all this.
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