As owners of retail businesses, especially small retail businesses, local retail businesses, know … everyone is an expert, everyone has advice on what to do, what to stock, how to grow the business.
Our retail management advice has been fine-tuned over decades of service of local small business retailers in a range of specialty retail channels. It has come, too, from our own ownership and operating of a range of retail businesses across four different specialty retail channels. We own three online shops and several online businesses today.
The retail management advice we share here is a taste of the support we offer small business retailers beyond the POS software we make, sell and support.
Today, in this post, our focus is on what we consider to be the most important advice for small business retailers. We call it bankable advice, advice you can rely on to add measurable value to your business.
- Use your data. Yes, that sounds boring. The thing is, the data curated by your POS software can help you buy better, sell faster, make more from each shopper visit, reduce theft, get more value from employees, make fewer mistakes, cut labour costs … and more. Yes, good data, leveraged consistently, will achieve all this and more.
- Connect. At every opportunity, connects your systems and processes from suppliers to your goods inwards to your POS to product returns to your business accounting software. The less you rely on manual processes the better your business decisions and the lower your costs.
- Look under the hood. Good POS software gives you eyes in the back of your head, it can show you what you don’t know and may not want to know. Ask what you can find out that may surprise you as it is in these surprises where you may find more value.
- Set goals for the business and measure performance. Revenue. Unit sales for key products. Sales by team member. Revenue by supplier. ROI. ROFS. Measure, report, discuss, improve.
- Reorder what sells.
- Place products next to products they are usually purchased with.
- Ensure your staff know how to use the tools you have. Take POS software, too often we see poor use hurting the performance of the business.
Success in small business retail is there for the taking, through management action. Success comes from consistent pursuit of success. Systems helps you consistently pursue success.
Good POS software companies can help you with this, they can help you drive a more successful and valuable retail business. That’s certainly our goal at Tower Systems.