Retail Operational Strategy Review Workshop
August 9-10-11, 2022 – Westin Harbour Castle, Toronto, ON, CA
This workshop is designed for retail owners and top management to review their strategy and business plan to ensure growth in profits, market share, sales and customer retention.
Participants will leave this session with a full customized review and action plan applicable to their business environment. For this reason, number of attendees is strictly limited.
Agenda:
1. Analysis and examples of Effective Organizational Structures in retail business.
Operating structure needs to be tied to a retailer’s unique strategy.
A company aiming to differentiate on shipping speed and reliability will have different requirements than one aiming to excel on in-store experiences.
2. Forecasting Methods being used.
More we know about the general principles of forecasting, what it can and cannot do for us currently, and which techniques are suited to our needs of the moment.
3. Sales Projections.
How to do total company sales projections.
4. Inventory Projections.
Sales projections based on inventory trends and historical performance.
5. Expense Projections.
The easiest method of forecasting operating expenses is to use historical data from your accounting records as the base figure, and adjust this for any anticipated changes in your business plan.
6. Construction of Operating Statement (P/L).
This is the control central of your retail business. It provides vital clues to what’s right and wrong about your business.
7. Operations Review.
This session is about making sure all the important operational areas are incorporated into the overall plan like staffing levels, compensation plans and career planning for each and every staff member.
8. Staff Requirement Analysis.
After inventory, second highest investment is usually payroll. We will analyze your business to make sure we have optimized staff levels at each position.
9. Sales Targets Broken into Districts, Stores and Individuals.
Having solid agreeable and ambitious goals and objectives attached to a lucrative compensation plan is central to driving achievement and accomplishment of positive business results.
We will look at proven ways of handling this very important activity.
10. Discovery and definition of target customer.
Clear and detailed definition of target customer is crucial to effective marketing, higher ROI in many things retail business has to do to acquire more customers and retail them for years to come.
11. Merchandising Review.
Effective use of a good Inventory Plan is the first step to prosperity, growth and the path to recognize and exploit opportunities.
In the final analysis, the keys to effective planning consist of finding the right category structure; nailing the right sales forecast in each category; identifying the proper stock to sales level in each category each month; generating the right reports; identifying the correct analysis of the information to arrive at and implement the best action plan.
All must be based on current and future market trends at the store level and not Last Year.
12. Inventory Turns and GMROII Targets.
Inventory turns is one of the shortest route to more profitability and we will analyze the past performance and establish the right targets.
Same for the GMROII for important categories and suppliers.
13. Stock to Sales Ratio.
Stock to Sales ratio report is another tool to make sure you have the right inventory balance and it can show you where there are glaring stock deficiencies and glaring overstocks.
The knowledge gained from this report is of paramount importance if you want to have your inventory in the right place for maximum impact on sales.
14. Top-Level Open-to-Buy Plan.
We will do an OTB plan to achieve the following objectives: Estimate in advance capital required for inventory – Ensure right inventory levels for planned sales – Control merchandise commitments – Establish objectives so that actuals can be compared with – Provide opportunity for more profit
15. Category Planning Review.
An important part of Retail Success is about making the right buying decisions in the present to satisfy the demand in the future.
We have found that predicting the future accurately can most effectively be done at the category level.
While fashions change and lines come and go, the category structure provides consistency from one season to the next.
With that consistency comes the ability to identify current trends and forecast their demand into the future. That is important for making the right decisions to grow the business.
16. Evaluation of existing technology infrastructure and identification of required systems and tools.
Who Should Attend:
Top management personnel who are responsible for strategy, planning as well as execution.
Retail Operational Strategy Review Workshop
| Dates & Locations | Individual – $2,495 | Group* – $2,295 |
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August 9-10-11, 2022 Westin Harbour Castle Toronto, ON, CA |
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