The retail industry has significantly changed over the past few years. It appears to be like technology is one of the main culprits for it, due to the fact that because of it, more and more people are turning to online shopping.
How come? Well, It’s because it’s a lot more convenient in comparison to traditional stores. When you feel like a typical couch potato that isn’t in the mood to leave the house, yet still wants to purchase something, online shopping is the way to go.
But it doesn’t mean that brick-and-mortar shops aren’t relevant. It’s just they’ve been overshadowed by virtual ones. Therefore, if you’re the owner of a small retail store and want to become even more competitive (because that’s the only way to survive in this world), then these are the things you must implement.
Photo by Korie Cull.
Efficient Ways To Perfectly Manage Your Retail Store
Goals Are Everything!
If you want to be a successful leader in your line of work, then setting goals is one of the first things to be done. And luckily, that’s something that you can later on pass on to your workers. It doesn’t matter whether you manage or own a retail business, it’s always essential to achieve certain targets.
Of course, the first thing that will cross your mind is the one related to sales. Although there’s no denying that they are very important, it doesn’t hurt to focus on other ones as well! There are so many aspects that need to be taken into account in these instances, starting from customer satisfaction, decreasing staff turnover, etc.
At the end of the day, it doesn’t matter what goals you’ll be having. What matters is to strive for success because that’s the only way you’ll be able to take your company up a notch.
Don’t Overlook Landed Costs!
What do we know about them? Namely, they can be defined as the sum of costs linked with shipping a product. It usually refers to the expenses associated with international shipping, such as fees and taxes.
Why is it important for your retail store? Nowadays, calculating landed cost is essential because it offers you a complete picture and at the same time, helps you prevent various unexpected expenses, making your budgeting and reporting much more precise. So what are the main benefits of calculating them?
The truth is there are various benefits of handling landed costs the right way, and below we’ll mention a few:
- It makes sure sales prices are profitable
- Precisely calculates profit on every single item
- Assess where you can make save up some cash in the supply chain
- It accounts for landed expenses for precise financial reports
Adding More Useful Information Below
Customers Are Extremely Important
Every seasoned manager or business owner will tell you that consumers are one of the most important assets of every company, both big and small. Consequently, it’s crucial to attend to their needs and provide them with top-notch customer service.
Keep in mind that increasing customer satisfaction can only positively affect your retail business and help you retain old customers and attract new ones. So how do you accomplish that? One of the most effective ways to achieve this is to first talk to your employees.
Explain to them how essential it is to always be alert when it comes to communicating with consumers. Remind them that one of their duties is to make sure that every single customer’s issue is solved on time and efficiently.
So what does it mean? It means that if by any chance a particular problem arises, you and your staff must do everything that’s possible to address and resolve it. Of course, that doesn’t mean that you should allow anyone to take advantage of your kindness.
On the contrary. You should simply let your customers know that you (along with your co-workers) will always do whatever you can to deal with a problem, but that doesn’t mean that you’ll be walking over dead bodies.
Oh, And Don’t Forget Your Workers!
Every employee is different, hence your management style will depend on their temperament and traits. If you want to be sure you are “handling” them correctly, you first need to get to know them properly.
Although it’s important to show them that you are their leader, it also wouldn’t hurt to let them know that you can be their friend too! Why does that matter? Well, in order to make any significant progress, everyone who works at a specific firm must function as a team.
So what can you do in these types of situations? For starters, it would be advisable to have a one-on-one conversation with each worker and ask them numerous questions, such as whether they are satisfied with their current job position, if there’s anything they would alter, and many other similar questions.
Moreover, it would also be great if you tried to get to know them better as a person (referring to their aspirations, hobbies, what they generally like/dislike, etc.) Don’t forget that in these instances, you must focus on developing your listening skills to show them that you are truly soaking up everything they are trying to say.
Embrace a Data-Driven Mentality
It doesn’t matter whether you’re an owner or manager of a small retail business, bear in mind that a data-driven mentality usually spans different areas of a particular company, such as in-store sales, worker productivity, etc.
Therefore, it would be advisable if you tried to make a KPI checklist for your retail business and then establish several goals against which you can effectively gauge progress. The most important aspects of this whole process are time and money.
Remembers that your goals must first and foremost be S.M.A.R.T. meaning specific, measurable, attainable, relevant, and timely. Furthermore, you should document and divide your goals with people who can help your retail business accomplish them.
As both manager and owner of a retail business, you must wear different hats without compromising any of the roles you play. With the help of these tips above, you’ll be able to easily accomplish that.