As a business owner, one of your main responsibilities is to analyze your weekly, monthly, and quarterly sales, to identify sales trends. After you have achieved a full 12 months in business, you can begin to look for your “slow” and “busy” times of year.
While identifying your internal sales trends is essential, it is also important to look at the overall retail trends within your industry. In a recent post on the PayAnywhere blog, retail trends for Q2 2014, where compared with Q2 2013.
While some industries saw a boost, overall sales have fallen flat. However, Q1 spending was up from last year—but many believe this is due to consumer spending related to the harsh winter weather.
Aside from overall retail spending falling flat, the overall average wage has only increased 2%–which does not keep up with inflation. As a business owner, it is essential to look at both your individual sales trends—as well as your industry trends.