7 minutes with...Catherine Erdly
With over 20 years’ experience of working with retailers, and brands of all sizes, Catherine Erdly knows what makes a successful product-based business and what it takes to sustain it.
Now, through her recently launched membership platform The Resilient Retail Club she is dedicated to breaking down the concepts and tools that she has learned through her career, and show you how you can use them in your business.
Here we chat to Catherine about how she is continuing to help product-based brands through The Resilient Retail Club, what is key for business longevity, the importance of following your gut instinct and a brand that has nailed their customer experience.
Hello! Tell us a little bit about yourself and your background.
I have 20 years' experience in retail. I started in 2000 at Laura Ashley and since then I have worked for some of the biggest names on the high street. In 2017, despite working in what I thought was my dream job running the stationary team at Paperchase, I decided that it was time for me to start my own business and have some more flexibility in my life after spending a decade as a full time working mother. I started Future Retail Consulting in 2018 and since then I have worked exclusively with independent brands and retailers helping them to grow their sales, manage their stock, and ultimately build businesses that last.
How did the Resilient Retail Club come about and how do you help product-based brands and businesses?
I had the idea of starting a membership at the very beginning of my journey back in 2018, but it didn't seem like the right time as I didn't feel as though I had a big enough audience. I then got caught up working with one-to-one clients, which I absolutely love and I continue to do to this day, supporting various product businesses as a mentor. However, I knew that I wanted to do more including working with more businesses, having a wider impact, and helping even more small product retailers to grow their sales and in particular manage their stock, which is a very difficult thing to do.
The USP of the Resilient Retail Club is that it is dedicated to one thing which is sharing the knowledge that I have built up over 20 years in the industry on how to manage your stock, get control of your cash flow, and grow your sales. I achieve this by breaking it down into an easily accessible way for small businesses to apply to their own business. I like to think that my area of genius is to make complicated concepts seem much simpler and easier for all small business owners to grasp, after all, if you don't have a background in retail in particularly in sales forecasting and stock management then why would you have the tools that you need to grow your business?
Generally speaking, what makes a successful product business tick? And what is key for brands to be able to thrive in an ever-changing retail and consumer landscape?
In order to run a successful product business first and foremost, you need to have great products. This may sound obvious but it's easy to get caught up in the tactics of marketing or promoting your brand and forgetting that ultimately a really fantastic product can almost sell it self through word of mouth.
“Successful product businesses work because they have creativity at the heart of what they do and they are constantly pushing themselves to create products that perfectly meet the needs of their ideal customer.”
— CLAIRE C.
Successful product businesses work because they have creativity at the heart of what they do and they are constantly pushing themselves to create products that perfectly meet the needs of their ideal customer. However, that is not the only thing that is required for success.
Long term success for a product business relies on their ability to generate enough cash to manage their expenses, especially their stock, and to generate enough profit every time they make a sale so that they can continue to invest in the things that they need to drive their business forward.
In order to be able to thrive in the ever-changing retail and consumer landscape, product-based businesses have to be flexible alongside remaining nimble which means keeping enough money in their business. They have to avoid getting caught up with too much stock which in turn ties up the cash in the business and ultimately stops them from having the manoeuvrability they need to try new things and new directions.
What do you enjoy the most about running your own business? Is there anything you know now that wish you'd known when you started?
100% the thing I love the most about running my own business is that I get to set the direction and I get to make the decisions about what I want to do. If I don't like something or if something isn't working out for me then I have the ability to take a look at it and either stop doing it or get some extra help to make it easier.
I absolutely love the feeling of being able to set my own agenda, my own schedule and not having to answer to anybody. In terms of what I know now which I wish I knew when I started, was to follow my gut instinct and to really listen to what brings me energy and excitement in my business but to also to understand that my ideal customer is not just anybody who might buy from me but the people that I want to work with. I spent a lot of time thinking about my ideal customer and I'm happy to say that now I work with people who I really enjoy being around and I admire.
What are you currently reading or listening to?
I've got a bad habit of listening and reading several things at the same time so I've got quite a few books on the go but I'm really enjoying 'Good To Great', by Jim Collins which is a little bit dated but a really interesting look at why some businesses flourish. I'm also currently listening on audiobook to 'Stop Checking Your Likes' by Susie Moore.
A brand or business you admire and why?
One of the best parts about my job is that I get to work with so many incredible product businesses that I really admire and it's especially been a privilege to see how many of my clients have been flourishing during this time.
In terms of a non-retail business though, I have a Peleton bike in my house and I love that because I think that Peleton has really nailed their customer experience as well as building a very strong community around their brand.
Best piece of advice you've been given?
I think when it comes to building my business, one of the best pieces of advice I've been given along the way is to put my blinkers on and to stay focused on what I can achieve. It's so easy to get distracted by other people doing things in your industry and to compare yourself to other people's success but ultimately the only thing that makes sense for you and your business is to stay focused and concentrate on what you can affect.
What does an ideal weekend look like for you?
It was my birthday yesterday and I had pretty much what I thought was the perfect day. I got up late, had breakfast cooked for me, sat in the garden enjoying the sunshine, had lunch, and just relaxed with the family.
I've actually in a way been enjoying a slower life at the moment as typically our weekends are usually a lot of rushing around with the kids doing various different activities so it's been nice to take it down a notch and actually relax and enjoy the beautiful weather.
Want to know how to start, grow and scale a profitable product business? The Resilient Retail Club will give you the essential training, advice and supportive community that you need.
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