BE PREPARED

Maria Musgrove-Wethey of Get Savvy Coaching has never missed a Harrogate show in all her years in the bridal industry. Advice from her about maximising on opportunities is invaluable

Question: What do these events have in common – Princess Diana’s death in 1997, the Petrol Crisis in 2000 and 9/11 in 2001?

Answer: they all happened during the Harrogate show!

Both exhibitors and buyers panicked at the petrol problem and went into denial at the shocking news of Diana and the Twin Towers. The mood was far from uplifting.

Contrast this sharply with the upbeat vibe of Harrogate 2021 when we partied hard after lockdown and the catastrophe of Covid.

Now it’s almost showtime again with Harrogate just weeks away, and I wonder how upbeat we will all be a year on?

We’ve had 18 months of ‘normal’ trading; 2022 was predicted to be a bumper bonanza for bridal, but so far the year isn’t what many of us had hoped and prayed for. Boutique owners are reporting that it’s been their busiest season ever, sadly not for new brides and new sales, though. A third of my fittings were for postponed Covid brides (with their change of heart, size and status – many are now mothers). And many of our Get Savvy members are reporting the same.

And now here we go with another round of buying when many of us are struggling to pay back government loans, our landlords and our suppliers. Let alone ourselves.

What are you feeling in the run up to Harrogate – fearful or full of fun, stressed or super excited? I’ll confess to still having mixed feelings about trade shows (even after 28 years – yes, I was there for all of the catastrophes) and that’s without the commercial killer of Covid and a possible recession to look forward to in 2023. So why angst rather than eager anticipation at viewing all those brand new collections?

As there’s such a lot at stake - reputation, relationships and return on investment it’s hardly surprising that some of us may view a trade show like a trip to the doctor for a smear test! Necessary but not necessarily enjoyable.

Some of the reasons for this could be because we’re: • dreading being dumped because we’re in debt • deliberating ‘the minimums’ • dithering about dropping a label or investing in a new one • in denial about a label’s performance • doubting whether we should stay in bridal at all!

Our show strategy could be that we: • play ‘Dodge the Supplier’ by working out an elaborate plan of how to navigate the aisles so as to avoid said supplier • place an order, have buyer’s remorse kick in then cancel or change it • play the game and buy said minimums and when the order arrives this war cry may sound all too familiar: “We’ve got another ten of these already!”

Be Prepared

If some of this resonates then maybe it’s time to re-assess how you plan for the show to get the perfect mix of gowns in your boutique. You need to go armed with a well-planned buying strategy. And for this you need to prepare.

If your definition of preparation is all about hair, eyebrows, nails, outfits, travel, hotel and dinner reservations, then it’s time to re-think your approach and stop analysing your supper locations and start analysing your suppliers. And I don’t mean just doing a quick “back of a fag packet” number crunch on the drive up or at breakfast on the first morning of the show!

If you’re sitting smugly in the knowledge that at a press of a button you can run a report showing sales by supplier, shape, size, colour, price point etc then you already know that pre show preparation and retail metrics are your best friends! If the word ‘spreadsheet’ sends shivers down your spine what should you be analysing and how and when should you be doing this?

Pre show

Pre show you need to be analysing what is and isn’t working for you. Return on Investment is critical to managing your business. ROI is a business performance measure that is used to evaluate the efficiency of any investment.

If you’re not a Spreadsheet Supremo, here’s a simple formula to calculate your ROI.

Take the return from your investment minus the cost of that investment and divide it by the cost of the investment and this is then expressed as a ratio. Keeping up? Here’s an easy example: • Dress sales (retail) on Label A are £40,000 (new orders and samples) • Dress Samples (wholesale) are £10,000 (gowns older than a year old at 50%) ten gowns @£500 is £5,000 and 20 gowns (were £500)

@£250 each is £5,000 • Sales from Label A are £40,000 minus investment of stock for Label

A which is £10,000 makes £30,000 divided by cost of investment for

Label A (£10,000) .

Your ROI is x3, or I in 3, or 33%. This is the minimum return to consider re-investing.

Making sense of the formula

If the words formula, ratio and percentage make your head spin here is a way to take a very crude visual snapshot of which labels deserve your rail space:

Be brave and pull out ALL the dresses you’ve never taken an order on and group them by designer. Pull the gowns you’ve repeated on once and a third group of gowns with two or more repeats.

No calculator needed to see which labels are earning and which are costing you money. There might be one gown which has repeated into double figures so it justifies keeping designer x. However, once that gown ‘dies’ or is discontinued, it might be a different story.

The numbers do not lie! They give you the power to make informed decisions and help you identify where you should re-invest.

Imagine you’re just opening your shop and ask yourself “Who is my target bride?” and decide what of your remaining stock would appeal to her.

Only after this cull (possibly a massive 50% has now gone) should you analyse your gaps.

You should now know which designers to keep, what are your gaps and which of your existing suppliers can provide this. Only then should you start scouting for a new label! And what to do with the “Who bought this then” stock? Be brutal. You need to move the gowns on as soon as you can to make money and room on your rails for new stock. “If your definition of preparation You could have a ‘Buy me now” price on each dress, a super is all about hair, eyebrows, nails, sample sale, create an outlet/ outfits, travel, hotel and dinner goodbye collection page on Instagram and on your website or, reservations, then it’s time to for a quick injection of cash, sell a re-think your approach and stop job lot to an outlet. Number crunching done and analysing your supper locations you’re ready for the show are you? Not quite yet. Being armed with and start analysing your spreadsheets is great ,but your suppliers.” you still need to plan your time at the show. One of our most popular workbooks in our Get Savvy membership group was our Harrogate Planning Guide with daily schedules, checklists galore for packing, and social media and goal setting sheets. To quote Tony Robbins : “Where focus goes, energy flows”.

Planning for the show

Ask yourself if this is a buying trip or a boozing trip? Even stopping off for a quick gossip whilst walking around the aisles loses valuable time and can often mean little time to reflect. Buying is stressful enough without lack of sleep and the hangover from hell. You need to stick to the schedule. Plan your time at the show like a military operation and finalise orders either at the end of the show or when you’re back in the shop. Make sure that you have visuals of what’s already on order and take photos of all the gowns you are considering buying as often we’re into another buying round before our last stock order has been delivered let alone paid for. Before signing off new orders compare all these images otherwise that savage cull may need to start all over again.

If you’re flirting with taking on a new supplier, it’s critical to get the con-tract correct at the start of a relationship. Go armed with a list of questions about exclusivity, minimums, lead times, discontinuation policies, etc. It’s very easy to get caught up in the excitement of a new label and realise that you haven’t covered some of the basics.

One of the most popular training sessions we did in Get Savvy was Negotiating with Suppliers, and empowered by their numbers and key questions many members agreed more preferable terms with suppliers at the show. And that’s what it’s all about isn’t it? Getting the best deal for your business, growing and maintaining strong relationships so you’re no longer fearful about attending a trade show and can focus on meeting your

suppliers rather than avoiding them! By following these ideas there’s also less chance of making costly mistakes. What seemed a fab “You need to stick to the schedule. idea with fizz flowing at a fashion

Plan your time at the show like show often falls flat five months later on a foggy Friday in Fife, a military operation and finalise Filey. Fintona or Fishguard when your first order lands and there’s orders either at the end of the a resounding chorus of “Who show or when you’re back ordered this then?” Finally, if all else fails, employ in the shop.” a savvy soothsayer, preferably with extensive bridal experience complete with crystal ball who can predict next sea-son’s trends and pick out the best sellers. Anyone know where to find one?!

If you’d like a free downloadable copy of Get Savvy’s Harrogate Planning Guide then drop an email to getsavvy@boutiquepulse.com. Want more information on the membership group, coaching and sales training then visit getsavvycoaching.com. Or better still make time in your busy Harrogate schedule (now that you have one!) to book in to see Maria or Christine at the Business Advice Clinics Sunday 2–4pm and Monday 12am–2pm (bookable on the day) or on stand C15 bookable in advance via our web-site.

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