Our last retail appointments have highlighted a serious issue when dealing with Business Owners.
They do not have a dashboard to look at and therefore they fail to understand what is happening in their business.
On occasion, they have a dashboard but it is the wrong one (make sure that there is enough critical thinking in the business and therefore the question is "who is coaching or mentoring the top management?" - Call us for advice).
The purpose of this blog post is not to be THE dashboard you need to implement but it can certainly be a minimum you want to look at.
By sitting down together, we will understand your business, your goals and set up the dashboard in NO MORE THAN 4 HOURS.
Let's not waste time or money.
Let's not delay taking action as we are never far away from some key months and retail has high fixed expenses from rent, stock and salary.
What should you review every 2 weeks or every month:
- Total sales per store ( or ecommerce business )
- Total sales per product category
- Total traffic in the store / per week
- Conversion rate ( transactions/ traffic )
- Average sales per transaction
- Average unit per transaction
- Total discounts per product category
- Sales per staff
- Staff meetings: Validate product knowledge and sales techniques
- IMU, MMU, GMROI ...
NB - Product category= dresses, skirts, knitwear, pumps, sandals, necklaces, bracelets ...
The categories you select and the number of categories you look into are a critical step in your retail success. This can be organised in the 4 hours audit and recommendation we have indicated above - if minimum data is supplied to us.
You must have also implemented the following monthly data
- Planned Sales per product category per store
- Sales goals for the Team. These sales goals must be made by product category (ie not just total sales for the store)
- Planned stock to sales ratio per product category ie
- Stock level in £/$/€ for each product class
If you have any question, give us a call. Open when you are.
Take action today and you can increase sales and profits this year.
Happy Retailing, onwards and upwards.
Check our discount and buying business articles - HERE -
SPECIAL RETAIL OFFER to review and implement the above changes.