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 salesUnderstanding your financialsHow to develop an inventory planManaging growth and debt effectivelyTurn and burn: Why you need to let go of Dead stockThe considerations for hiring in a growing business. 01:17 Ciara's Journey to Becoming an Inventory Genius03:47 The connection between inventory and profit05:08 Understanding financials and profitability06:57 The impact of improving the gross margin12:04 Understanding conversion rates in brick and mortar stores17:17 The procurement budget and process and the relation to your sales goal20:06 Understanding the role of debt in business23:00 The Importance of focusing on profitable business segments27:20 Ciara’s top tool recommendations28:34 Dealing with dead stock in business31:51 Ciara’s top learning: Chase profit, not sales 35:33 Ciara’s #1 Treyd Secret: The Role of Empathy in Business Success Got questions? Please contact [email protected] or visit www.treyd.io

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