Earlier this month I had the pleasure of speaking at Spring Fair. The UK’s number one trade show for gift and home products is the perfect platform for exhibitors to showcase their products, but it also provides retailers with the opportunity to take time out of the ‘daily routine’ to really think about their businesses, what’s happening in the market place and how they could improve their profitability.
At the beginning of 2017, retailers have a number of things to consider. It’s important to identify actions that need to be implemented immediately – and to explore ideas about how to approach the medium and long term too – in order to make the most of opportunities as they arise, and limit any risks.
Some of the changes are driven by government and others are based on reactions in the market, including:
- Changes in business rates – is yours going up or down, is the info it is based on correct info, can you challenge it, how will you pay it, or where will you invest the saving?
- Increase in the National Living Wage from £7.20-£7.50 ph for those over 25 – how does this impact your payroll?
- Apprenticeship Levy - do you have to pay it, how can you benefit from it?
- Price inflation from Dec 2016 when it was 1.6% to 1.9% - does this give you the opportunity to change your prices?
- Effect of the EU referendum vote on trading conditions for the next 12 months – as yet this is an unknown for many...
In my next blog, I’ll be discussing price inflation and exchange rates, and how these market factors actually create opportunity for businesses – so stay tuned!