#022: Tariff-Proof Your Store with Dana Connell

Tariffs are shifting, costs are rising, and retailers are feeling the squeeze—so how do you protect your profits? 

In this episode, Cathy sits down with retail expert and coach Dana to break down exactly how independent store owners can stay ahead of economic uncertainty. From managing supply chain disruptions to adjusting pricing without scaring off customers, you’ll walk away with smart, actionable strategies to keep your business strong and profitable—no matter what the economy throws your way.

What You’ll Learn:

• How tariffs affect pricing and supply chains.
• The importance of reviewing invoices and tracking costs.
• Key pricing strategies to protect profit margins without scaring off customers.
• Innovative promotional tactics to boost sales and customer engagement.

Key Takeaways:

• [05:36] Navigating Price Changes and Customer Reactions
• [10:38] Promotional Strategies and Customer Engagement
• [20:54] Vendor Relationships and Inventory Management

Resources Mentioned:

• Tune into Episode 7 about The #1 Step to Take to Increase Your Profits and to ensure your initial markup (IMU) supports long-term profitability!
• Learn how to scale your retail business with our free training:Beyond Busy: 3 shifts to reclaim your time and boost store income.
• Already know you’d like to partner with RETAILMavens? Apply for a game plan call here.

Your Millie Moment:

• Spot hidden cost increases – Pull up your latest invoices and compare them to what you expected to pay. Any surprises?
• Find your margin killers – Run a quick report in your POS to see if your profit margins have quietly shrunk. Where do you need to adjust?
• Strengthen your vendor game – Reach out to at least one vendor this week and ask: What specials, exclusives, or better terms can you offer me? If they aren’t helping your bottom line, it’s time to rethink that relationship.
• Fine-tune your pricing strategy – Are your prices keeping up with costs? Take a hard look at 3-5 of your top sellers and make sure you’re not underpricing yourself.

Action Steps:

1. Subscribe to The Richer Retailer on your favorite podcast platform so you never miss an episode packed with fabulous insights.
2. Love this episode? Leave a review, it helps more retailers find the strategies they need to thrive!
3. Join the conversation! Connect with like-minded store owners in the Richer Retailer Facebook Group.

Remember, economic shifts are inevitable, but by staying informed and proactive, you can keep your business strong, profitable, and growing. Happy Retailing!