Episode 12: How to Grow and Run a Profitable Retail Business
“How much mental brain space can you get back by having a financial team supporting you and managing that whole pillar of your business? Has it freed you up to do other, maybe more creative things in the business or focus more on some of the other functions that, as business owners, we have to deal with on a day-to-day basis?”
- Andrea Jenson
Welcome to a brand new episode of the Cash Flow CFO Podcast. Joining me today is Michelle McFarland from Berkeley, Michigan-based bridal retailer The Wedding Shop. Michelle also oversees a coaching program for other wedding shop owners and serves as the Better Bridal Group president. Michelle has been in the wedding industry for the past 23 years and has a ton of knowledge and advice to impart on developing and managing a successful retail business today. One of the things we’ll cover is how to deal with the pandemic’s impact on the retail industry and the various developments that will affect our business but over which we have little control. Since the government requested that everyone confine themselves and significantly curtailed in-person customer interaction in stores, the retail sector, in particular, has been negatively impacted.
In this episode, we’ll discuss Michelle’s career path in the bridal industry, her biggest obstacles throughout the epidemic, and much more!
Join us to know the whole story!
“During the shutdowns or even reopening. So yes, we were not essential. That is for sure. And being closed was very scary.
Being closed and not having income for two months in a retail store. That’s very hard. I know a lot of businesses were able to continue operating. We were not, I had to juggle my team and pay them and keep them busy during that time. And there were many other things to consider about reopening too.”
- Michelle McFarland
Decision-Making in your Business
A business’s success depends on its ability to make decisions, big and small. The urge to solve a problem or seek a future opportunity drives decision. Making informed judgments requires gathering the appropriate information and feedback from essential parties. In business, according to Andrea, we must decide what to do, stick with it, and see it through. It’s okay if it doesn’t work; we can always go back and make changes. But if you want to see the results, be committed and give it time. Every day we make decisions for ourselves. As soon as you open your eyes, decision-making begins. All day long, people make decisions of all sizes.
“Make a decision, stick with it, and see it through.
And then, as you said about the appointments, if it doesn’t work, that’s fine, you can always go back and change it. But commit, and let it run its course to see its results.”
- Andrea Jenson
Want to get in touch with Michelle McFarland?