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Managing your store is more than
just making sure employees are there on time and that the product is put on the
shelf when it comes in. It's doing the things no one else thinks of and rarely
getting noticed for it. Better managing your store is the key to reaching the
customer! When your store is well managed it shows. You notice, your
employees notice and more importantly your customers notice!
Here are some
suggestions for better managing your store that will draw in more business.
These suggestions are in no particular order.
Utilize Above The Treeline
and/or Cross:scan
–
Inventory evaluation software can be extremely valuable in cutting costs and
raising sales levels just by telling you what is working and what is not.
Compare your stock and sales with other stores or look into what categories are
doing best for your store. These may seem costly at first, but if you
effectively use them, it’s well worth it.
Track Customer
Purchases and Analyze This Info – In combination with your frequent buyer
program, most POS systems will track customer sales. This is useful for returns
purposes or creating mailings just for people who buy certain types of products.
This is an easy way to pull out fans of particular authors or artists to send
them information when a new release comes out. You may find this data useful for
other promotional purposes as well.
Join a Buying Group
(Covenant/Parable/Munce)
– These groups are very valuable for catalogs, promotions, premium products, and
idea sharing. A must for any store wanting to gain new customers or expand their
business through advertising. Some groups have sales levels or requirements to
meet in order to join.
Partner With or dj
On a Local Radio Station – Sponsor “songs of the week” in which you would
get a mention each time that song gets played. Or better yet, volunteer to dj an
hour or two a week. This would be an opportunity to promote your store, but this
would also give you a whole new perspective on how the radio side of the
industry works. General advertising is also an easy way to get new customers.
Advertise On Mainstream Radio
– This is an area that a lot of stores are hesitant about because they don’t
want to appear that they are endorsing the content of the station. If it can be
done in a way that doesn’t imply that, this can be a great way to get new
customers because not all Christians listen to Christian radio. Also, you can
try to have an hour set aside on Sunday mornings that would be designated for
the Christian music style of your choice. Some stations will work with you on
this if you sponsor the whole hour.
Develop a System of Frequent Cycle
Counts – Doing a physical inventory, either by category or vendor, is a
good idea for many reasons. Making sure that the on hand amounts are right in
your POS is obviously good just so you know what you have. Also, if you think
you have something that you don’t, it won’t come up on any sort of auto-restock
or suggested order list. In the same way, if you think you are out, you will
reorder something you don’t really need. Also, some vendors want to know what
you have and if its not accurate, your projected numbers from them will be
skewed.
Make Sure You Have Timely Returns
– Dead stock is tied up money sitting on the shelf. Anything that is more than 3
months old should be looked at. You can’t make sweeping returns that make your
store look empty, but getting rid of product that doesn’t sell will free up
space and money for things that do. Look at this type of report frequently
because different items come up as eligible for return almost everyday.
Renegotiate Insurance & Credit Card
Processing Rates – Rates change all of the time. Whether it’s new
companies, price wars, or better service for the same price, this is always
worth reviewing to see if money can be saved. Even a percentage here and there
can add up in the long run. Put companies up against each other to compete or
just do your own comparisons.
Look Into Refinancing Loans –
Personal loans, business loans, lines of credit, mortgages, and even your rent
payment may all be negotiable. Refinancing or renegotiating your lease could
save you a lot of money per month. With interest rates constantly changing, lock
in a low rate and keep it for years to come. Keep checking with the bank to see
if and when it is worth renegotiating.
Continually Train Employees – Have monthly employee meetings but also train them on new
products and/or procedures as often as possible. A well-trained employee is
extremely valuable and as your service levels rise, so will your returning
customers. An employee that is not trained well can be a big burden and may
actually be turning your best customers off.
Collect Email Addresses and Use
Email Blasts – Anybody care for free advertising? Other than paying
someone to design the piece to be sent out, this is a free and quick way to
reach any or all of your customers. This has to be an opt-in list, but if people
can understand the value and reason for collecting their information, most are
happy to give you their address. Use this for exclusive deals or just to make
announcements or new release notifications.
Partner With and
Cross Promote Other Local Businesses – Either be a part of or make your
own local Christian business group. Advertise with them, bag stuff for each
other, or make a Christian business directory for your customers. Your customers
will appreciate knowing whom in town they can trust and which businesses should
be priority for them to support.
Have Frequent Staff
Meetings - Bringing your staff together for meetings is essential if for
no other reason than everyone hearing the same thing at the same time. Covering
new policies, discussing new products, or even just fellowshipping together
gives your employees a sense of community and a team atmosphere. When employees
are kept up to date and motivated, they will be more productive when on the
sales floor. The more you continue to train and refresh their memories, the
better all around employees you will have.
Reward Employees - For an
employee that has greatly improved in an area, or for someone who has been with
the store a long time, or even just for a special act that an employee did, make
sure that they know they are appreciated. It doesn't take much to make an
employee feel wanted. Giving a gift certificate for a Christmas bonus, or just a
small treat of some kind keeps an employee going strong and they know how much
they mean to the store. For some high level of achievement, personally take them
to dinner or buy a very nice item to show you really care.
Have Frontline Sales Contests With
Incentives/Prizes - Sometimes these types of programs are vendor
supported, but sometimes you may have to make up your own. Come up with a way of
tracking sales by dollar amount or specific items and give a special prize to
the employee who has the highest level of sales. This may have to be adjusted or
curved to the amount of hours a person works in relation to another employee who
may not work as much, so a unit per hour average may work too. Restaurant
certificates work well.
Keep Track Of And Analyze
Year-To-Year Sales Comparisons - Know how you are doing compared to last
year. Detailed category or department comparisons give great information as to
what product is improving and what is declining. An overall comparison gives you
an idea of the state of your store as a whole. Use these numbers to see if more
needs to be done just to keep the store going or if you are having a really
great increase.
Analyze Turns Reports For Vendors
And Categories - Knowing your turns is important to knowing what works
and what doesn't. You can use this to decide which companies or lines of product
to cut or which ones to give more space and dollars to. Many people want four
turns in virtually every area of their store. Some try to keep their turns at
different levels for different departments. Depending on your sales philosophy,
four turns may not be enough for your store.
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