1. Turning inventory into profit with Ciara Stockeland
Update: 2023-12-13
Description
In this episode, Peter Beckman, CEO and Co-founder of Treyd sat down with business coach, profit strategist and ‘Inventory Genius’ Ciara Stockeland. They discuss the challenges and complexities that inventory-based SMEs face, particularly in managing their finances.
- The importance of focusing on profitability rather than chasing sales
- Understanding your financials
- How to develop an inventory plan
- Managing growth and debt effectively
- Turn and burn: Why you need to let go of Dead stock
- The considerations for hiring in a growing business.
- 01:17 Ciara's Journey to Becoming an Inventory Genius
- 03:47 The connection between inventory and profit
- 05:08 Understanding financials and profitability
- 06:57 The impact of improving the gross margin
- 12:04 Understanding conversion rates in brick and mortar stores
- 17:17 The procurement budget and process and the relation to your sales goal
- 20:06 Understanding the role of debt in business
- 23:00 The Importance of focusing on profitable business segments
- 27:20 Ciara’s top tool recommendations
- 28:34 Dealing with dead stock in business
- 31:51 Ciara’s top learning: Chase profit, not sales
- 35:33 Ciara’s #1 Treyd Secret: The Role of Empathy in Business Success
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