Sunday retail management advice: Lay-by now for Christmas

Offering Lay-by services is essential if you want to grow sales of collectibles and higher priced items. It provides shoppers an opportunity to purchase today what they are unable to fully pay for today.

Essential to your success with Lay-bys is having a streamlined and consistent process for processing Lay-bys, storying lay-by product, collecting payment and tracking customers.

Once mistake with managing Lay-bys can be expensive.

Use software to track Lay-bys. Do not do it manually.

Use the software to capture the sale, record customer details, document your terms and conditions, record the deposit, track payments, chase late payments and finalise the sale. Again, to not attempt to do this manually.

Be complete in what you record. Only Lay-by stock for which you have records in your software, always enter full customer details such a full name, complete address and an ID number such as a driver’s licence number.

If you are not complete in your records keeping at some point this will cost you money.

In your software set your deposit requirements, payment requirements and other Lay-by terms. This provides a foundation of consistency for you and your employees.

Before you begin with Lay-bys check the website of your state Consumer Affairs office to familiarise yourself with local requirements. Information there will help you determine your own terms and conditions.

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