To manage your time effectively, you have to understand why Retail Managers need a unique approach…
Educate store personnel regarding Head Office functions….and vice versa!
At DMSRetail Inc. we’re strong believers in educating others by sharing information for the benefit of everyone in the organization. Where there is ignorance, there is speculation. And speculation is not necessarily a good thing.
People tend to draw incorrect conclusions when they don’t have enough information, knowledge and facts. This can lead to demotivation, demoralization and lack of productivity. Who wants that? Below is an example to illustrate…
A Store Manager was continually fielding questions, from Sales Associates, about their merchandise assortment and the flow of goods into the store. Because the Store Manager knew only a little bit about the company’s overall merchandise strategy, brand positioning, assortment planning and allocation, etc., he was unable to provide full, complete and accurate answers to their questions. As a result, Sales Associates felt that much of the merchandise they received in the store was the result of sloppy buying practices; or worse, incompetence at their Head Office. They questioned pricing and quantity allocated, among other things. Their enthusiasm for sales was dampened.
Many things simply didn’t make sense to them. Here’s a simple, but common, example: an item comes in and the customer’s love it. The store sells out within days. They do not receive replenishment. They ask why on earth this item would not be replenished when other items, which sit for ages, keep on flowing into the store. It’s a fair question…not unreasonable at all.
In reality, perhaps a trend was not exploited properly. Perhaps a mistake was made.
Perhaps there simply was no more of that fast mover available on the planet. Perhaps the slow mover was purchased in great quantity in order to bulk up for a future promotional plan.
Without understanding what the possibilities are, what conclusion will the store staff draw? And, what else could you really expect?
You can do your part, at whatever level you are at, by simply ensuring that others know something about the function you perform for the organization….remember…”no man is an island”.
And no retail employee truly works independently of the others, regardless of their physical location. A good, solid, profitable retail operation has a strong, cohesive team working on it, and in it, every hour of every day.
So, take a moment to think about what you do…and if all, or most, of what you do is clear to your colleagues – peers and subordinates. You will garner a lot more cooperation and understanding once your function is understood.
And always try to imagine how others, in the organization, view your contribution…and if they even know what your contribution is.
Don’t be the person who does things that no one understands; the person who is seemingly creating chaos for the sake of it. Educate by sharing information every chance you get.
Here’s a practical checklist – what a Store Manager really needs to know for success.
6 Pillars of Retail – how the pillars came to be, and the brand new and very important pillar.
Definition and explanation of terminology used in Retail Math – all of the terms and what they mean.
Key Performance Indicators- what to measure to stay on top of the performance in your store, how to make the calculations and how to interpret the results so you can take action; what actions you can take based on the results. Be informed and speak intelligently about the business.
Commonly Used Formulas – formulas that are used in retail math and in business in general.
Open-to-Buy & Sell-Thru Scenarios – a basic understanding of OTB/Sell-Thru.
Store Operating Statement (P&L Statement)- what this statement is all about; how to read it and make sense of it so you can begin to take actions to improve it.
Balanced Scorecards and Their Implementation in Retail Management – the importance of this very powerful and easy to use management tool; how to create Balanced Scorecards for any position. Summarize the most important KPI’s on one page – right at your fingertips – while considering all angles of your retail operation: Financial, Customer, Processes and Growth & Development
The Store Manager’s Keys to Success
Hiring Right – Interviewing Sales Associates
Effective Retail Sales Management
Productive Staff Meetings
Performance Management and Coaching for Results
Building and leading a High Performance Team of Sales Associates
Top 5 Factors that Determine the Success of Retail Operations
Customer Focus at the Front Lines
Attributes of the “Customer Centric” Front Line Employee
Lifetime Value of a Customer
The Service – Profit Chain at Store Level
Do’s and Don’ts of Customer Service for Maximum Loyalty and Profit
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