July is independent retailer month, a campaign that runs each year in July to ” highlight the important role smaller, local, independent retailers play in the communities they serve, the local economy they contribute to, and in the retail sector as a whole” Independent Retailer Month.co.uk.
Independent retailer month aims to impact the retail sector by connecting and engaging with consumers and communities. It aims to boost the local economy and community and have a lasting impact beyond the month of July. You can read more about the campaign and sign up here.
In today’s market independent retailers face a number of challenges:
- Consumers opting for multi channel buying
- Attracting and retaining new customers
- Capital is tied up in stock, leaving little for investment
- Competing with larger retailers
Although, some independent retailers might think that they can’t afford a CFO, an outsourced CFO could be the answer. When it comes to retail, the correct financial support is essential. An outsourced, part-time CFO can help independent retailers by:
- Managing their cashflow projections
- Analysing financial performance by shop, by product or range of products
- Identifying high and low margin items
- Inventory control, and identifying when the best time to buy is
- Budgeting, forecasting and business planning
- Systems – ensuring your till sales system is speaking to your accounting system correctly
WrightCFO works with some vibrant and growing retailers to provide part-time CFO support. This month we’d like to introduce one of our clients, Busby and Fox. You can read more about them below, and visit their website here.
Client Focus: Busby and Fox
Busby & Fox is a clothing and lifestyle brand with six characterful stores in Devon, Cornwall and South Oxfordshire. It first opened in 2011, offering a unique mix of independent fashion brands, homewares, jewellery and flowers. Today, you can discover its carefully curated collection behind the doors of six beautiful lifestyle stores in the south of England.
Thanks to its uniquely customer-focused proposition and distinct product offering, Busby & Fox continues to drive success in one of the strongest retail sectors.
Wright CFO was appointed by the company’s leadership team in January 2018 to play a key role in supporting plans to design financial strategy, secure funding, and build infrastructure and reporting systems. Sophie Wright has brought her broad range of expertise and experience to make an important contribution to a very successful 24 months of growth which has seen four new stores open and a complete digital relaunch underway for the AW19 season.
If you’re an independent retailer and would like to discuss hiring an outsourced CFO please get in touch today.