If you are a retail space owner, what are your goals for the retail store that you run? So, we will not wait for your answer. Beyond the obvious answer of ‘greater success’, good goals ought to include...
- Better quality decisions.
- Faster decisions.
- Consistent and measurable growth.
- Strengthening of the core of the retail store so that it can more easily weather uncertain times.
These goals go to the heart of the retail operation and seek to provide for an operation, which has a long term future that is not just about the profit the business makes today.
Here are five tips which aim to help retailers achieve these along with other core goals of the shop and help deliver better retail management of just about any type of retail space in Noida or any part of the world:
1) Measure.
Measure everything. Sales, employees, theft, suppliers, customer traffic, customer conversion rates. Good data feeds good business decisions. So, proper measurement of business performance provides the foundation for better quality business decisions. There is various software available that assist you in these measurements. Measurement is best done using a Point of Sale computer system which is suitable to your particular product niche.
2) Move.
Keep everything moving. Move products on the shop floor, move people, move suppliers. Make movements based on results you see in your business performance data. If you see a product is underperforming, move it elsewhere in pursuit of sales. The same is true with employees. Your business data will help you make movement decisions. A retail store which is seen to be moving is more interesting than a shop which is not changing at all. This latter operation will have a feeling of a store which is slowly dying.
3) Processes.
Make sure that your business processes are efficient. How you receive new inventory into the business, where you store spare inventory, the paperwork you process for sales, how you manage supplier relationships, how you manage the sales counter. These are all places in the business where you need efficient processes. The leaner the business and its administrative operation the less fat which can get in the way of good business decisions.
4) Change.
Embrace change like it is your friend. Changing the look of your business in your shopfront, your external marketing and how the store looks can refresh the business in the eyes of your customers. By aggressively embracing change you can attract new customers and this in itself is a great way to uncover growth opportunities for the business. Change even for the sake of change can help you uncover opportunities which you may never have found in the business.
5) Respect cash.
Cash is king. Every business book about retail says this. Unfortunately, too many business owners and managers pay little heed to this and find that they run out of cash when they most need it. A good retail owner will manage cash by keeping costs low, keeping labour costs low, not buying too much stock and driving the best possible sales efficiency.
These tips have grown out of practical work with a variety of retailers. While they are quite basic, they are designed to help you see your business in a different light and to help you get closer to achieving your goals for the business. However, a rather important point is to have your retail space at a place that lies in the heart of the city. For instance - The project Anthurium is a big shot and reputed name in the real estate industry. It is being developed by a Sundream Group, which is a reputed brand that has and is unremittingly been offering a variety of technology and innovation savvy retail stores and other commercial properties in Noida. They have gained excellent repute through word of mouth. Asset hunters looking for retail space in Noida can seek reliable property choices from their list of existing and newly launched projects in NCR.
To learn more about the best commercial property, retail spaces, office spaces, co-working spaces, virtual offices and many more, never hesitate to contact the experts at https://www.anthurium.in/
1) Measure.
Measure everything. Sales, employees, theft, suppliers, customer traffic, customer conversion rates. Good data feeds good business decisions. So, proper measurement of business performance provides the foundation for better quality business decisions. There is various software available that assist you in these measurements. Measurement is best done using a Point of Sale computer system which is suitable to your particular product niche.
2) Move.
Keep everything moving. Move products on the shop floor, move people, move suppliers. Make movements based on results you see in your business performance data. If you see a product is underperforming, move it elsewhere in pursuit of sales. The same is true with employees. Your business data will help you make movement decisions. A retail store which is seen to be moving is more interesting than a shop which is not changing at all. This latter operation will have a feeling of a store which is slowly dying.
3) Processes.
Make sure that your business processes are efficient. How you receive new inventory into the business, where you store spare inventory, the paperwork you process for sales, how you manage supplier relationships, how you manage the sales counter. These are all places in the business where you need efficient processes. The leaner the business and its administrative operation the less fat which can get in the way of good business decisions.
4) Change.
Embrace change like it is your friend. Changing the look of your business in your shopfront, your external marketing and how the store looks can refresh the business in the eyes of your customers. By aggressively embracing change you can attract new customers and this in itself is a great way to uncover growth opportunities for the business. Change even for the sake of change can help you uncover opportunities which you may never have found in the business.
5) Respect cash.
Cash is king. Every business book about retail says this. Unfortunately, too many business owners and managers pay little heed to this and find that they run out of cash when they most need it. A good retail owner will manage cash by keeping costs low, keeping labour costs low, not buying too much stock and driving the best possible sales efficiency.
These tips have grown out of practical work with a variety of retailers. While they are quite basic, they are designed to help you see your business in a different light and to help you get closer to achieving your goals for the business. However, a rather important point is to have your retail space at a place that lies in the heart of the city. For instance - The project Anthurium is a big shot and reputed name in the real estate industry. It is being developed by a Sundream Group, which is a reputed brand that has and is unremittingly been offering a variety of technology and innovation savvy retail stores and other commercial properties in Noida. They have gained excellent repute through word of mouth. Asset hunters looking for retail space in Noida can seek reliable property choices from their list of existing and newly launched projects in NCR.
To learn more about the best commercial property, retail spaces, office spaces, co-working spaces, virtual offices and many more, never hesitate to contact the experts at https://www.anthurium.in/
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