When was the last time you assessed sales by time and particularly sales revenue at the start and end of the day? It could be that you are opening or closing too early or too late.

What does your data show?

Use your retail software to assess sales at the fringe of the day for, say, the last six months. Look overall and then for each day of the week. Good retail software should allow you to do this level of reporting. Work out the slew revenue per hour, apply your overall gross profit percentage and then deduct the hourly cost of being open.

If, for example, your average revenue is £30 for an hour at the start of the day and you have staff working at this time and you have the industry average gross profit of 32%, your GP is £9.60. Once you pay wages for the hour, you are losing money. If the customers are not regulars it could be that you are better off closing.

If, on the other hand, your sales are £100 or more in the first hour, it could be that opening earlier could win you even more business.

Only you can make the assessment of what is right for your business.

My tip today is to look at your data and make sure you are open at the right hours for the best possible financial outcome for your business. I’d suggest doing this assessment annually.