Episode•November 17, 2022•16 min

Retail Business Ownership with Alvin Narsey | Ep. 167

Alvin Narsey joins Tiffany on the podcast this week to talk about retail businesses. Alvin dives into how he helps retail businesses with their cash flow and profitability. About Our Guest Alvin Narsey has had an exciting journey buying and selling multiple Pharmacy Businesses in Australia over the past 16 years. He is known for his ability to simplify the fundamentals in growing retail businesses. Alvin has a framework that boils down to implementing the basics, focussing on CASHFLOW and PROFIT and from day one setting everything up so your retail business runs without YOU Trained as a Pharmacist in Melbourne, Australia, he bought his first business as a partnership a few years after he graduated from University. As a Pharmacist, you are trained as a clinician, not how to run a business. With the help of Coaches and Mentors, and a feverish appetite for FREEDOM & ADVENTURE, Alvin quickly learnt how to utilise systems and leverage to ensure these businesses were fulfilling his lifestyle goals. Now that Alvin has sold all his businesses, he is now embarking on his next adventure of travelling the world and helping other Retail Business Owners create the Lifestyle they Want! Alvin is currently in Germany! Alvin's uniqueness is sharing the skills that Retail business owners need to increase their income, provide value to their clients and customers, and live a life of massive personal freedom. Connect with Alvin Narsey Instagram: @alvinnarseybusinesscoach Twitter: https://twitter.com/AlvinNarsey Facebook: https://www.facebook.com/AlvinNarsey Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

Focus on the fundamentals: visibility of numbers, cash optimization, and profitability from day one.

Cash is the lifeblood of retail businesses—running out means trouble.

Profitability, not just revenue, determines what you can take home, reinvest, and the valuation of your business.

Plan with the end in mind: optimize for a potential future sale even if you aren't planning to sell.

Run regular reports to understand gross and net profit margins.

Gross profit: profit after buying and selling goods for a trading period.

Net profit: what's left after all expenses are deducted.

Review reports weekly if possible; use bookkeepers or accountants for quarterly or yearly insights if needed.

Manage inventory strategically to avoid tying up cash in dead stock.

Categorize inventory (e.g., men's/women's, seasonal) for easier analysis.

Generally, stock unsold after three months is considered dead stock—clear it out.

Reinvest freed-up cash into new stock or keep it earning interest.

Raise prices intelligently and incrementally to improve profitability.

Identify your target market and customer avatar first.

Test small increases (5-10%) and measure market response.

Many businesses are underpriced; confidence comes from serving a specific audience well.

Intro

Tiffany discusses retail business ownership, cash flow, and profitability with Alvin Narsey, who has bought, sold, and coached multiple pharmacy businesses in Australia.

Alvin Narsey spent 16 years owning pharmacies, learning systems and leverage to create lifestyle freedom. Now a coach helping retail owners focus on cash flow and profitability, he is currently traveling the world from Germany.

Retail Business Ownership with Alvin Narsey | Ep. 167

Key Takeaways

Intro

– Why Retail Businesses Struggle and the Core Framework

– How to Check If Your Business Is Profitable

– Inventory Management and the Three-Month Rule

– Raising Prices Intelligently

Topics