Numbers are NOT the Business! Numbers are the PICTURE of the Business! – Harold Geneen (CEO, ITT)
5 Reasons why you need Retail Math training:
You’ve probably heard of the saying: “If you can’t measure, you can’t manage”. That is an important and true statement.
Our Retail Math Training will give you the clarity and ability to choose the right metrics and KPI’s for your business.
After going through the resources we provide, you will be able to comfortably answer the following questions and much much more…
What are the important metrics?
How to measure those metrics?
What are the top KPI’s (Key Performance Indicators)?
Balanced Score Cards for Retail Management
Who should be trained on Retail Math?
All levels of retail management
Suppliers to retailers
Some critical decisions, affecting retail operations at any level, are misunderstood by some personnel. In many cases, even when havoc is created, had the decision been understood it would have alleviated much frustration; allowing managers to pass the information on to their staff in an intelligent fashion.
When understanding is lacking people have no alternative but to put their own ideas and perceptions into play; into the forefront. Unfortunately, this is not usually productive and often the point of the exercise or the result desired doesn’t have a chance of success.
To many retail managers a ‘bad’ decision made, an ‘unproductive’ process put into place or an ‘unbelievable’ policy implemented simply confirms, to them, that Head Office personnel need to spend more time in the stores so they can see what’s really going on. Of course, this may sometimes be true – many Head Office employees would benefit tremendously by spending more time in the stores and retail companies should insist that their Head Office employees spend a specified amount of time in stores every month. However, the truth is that most Head Office employees do know what they’re doing. Decisions affecting staff and customers, good or bad, usually have some analysis behind them. And, usually, that analysis involves retail math.
Understand some retail math and you shall have new insight into what is going on around you.
We are not suggesting that all retail store employees must be made aware of the details behind every decision. That would be unreasonable and unnecessary. What we are suggesting is that people should be given the information that makes sense to them; information that will help them to understand how their working world turns. The goal should be to avoid confusing people, avoid the problems associated with unsubstantiated rumors and help people to draw correct conclusions.
So here you are. You have decided to learn something about retail math in order to become more adept at understanding how your retail business operates and, more importantly how to interpret what is going on so you can communicate positively to your staff.
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