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INDUSTRY INSIGHT TAKE STOCK OF BUSINESS While rest and relaxation are undoubtedly critical for the mental and physical health of business owners around the country, there’s another kind of R ‘n’ R to consider at this time of year: to ‘review and refresh’ your business. By Australian Lottery and Newsagents Association CEO Ben Kearney. After the trials and tribulations of 2020, I’m glad to hear that many business owners were able to get a few days of much needed down time during the festive season and where possible to see family. So, hopefully refreshed, this is a great time to take advantage of the quiet period, take stock of what went right in your business, what went wrong and where you can improve as we head into a new, and hopefully more positive, year. Prepare safely for the return of in-store With vaccines already rolling out across the globe, 2021 is set to be a transformative year for all. Small businesses in the convenience sector should prepare as best they can by ensuring that their stores remain thoroughly Covid-safe compliant and in line with best practice as we slowly transition into the ‘year of the vaccine’. Shoppers are attuned to this now and won’t reward any bad management or potential danger with their future custom. We’re not out of the woods yet and there may be new hurdles to jump before we reach our destination, but we’re closer than we’ve ever been. Taking stock Summer is always a busy season of trade for stores, even with the added safety restrictions imposed in 2020. When you have a moment to breathe again, review your 2020 trade and performance and make sure you quit any festive stock quickly to avoid holding it for another year. Quitting stock is rarely profitable, but it provides a cash injection that supports cashflow and allows you to buy more profitable stock for the next seasonal shopping event, such as back-to-school and Valentine's Day lines. It’s also a great time to review your products and services to assess which have been the highest performing and best aligned to your brand and ideal customer. Automate to save I’m certain almost every retailer could do with more time and money as we head into 2021. Thankfully, automation is a great way to gain both, freeing up more time to allow you to focus on the business: working with your staff to better train them and better 18 CONVENIENCE WORLD JAN/FEB, 2021