12 Tips on How to Manage a Store Successfully
As a retail manager, it is important to keep your store running smoothly and efficiently. Here are 12 tips on how to manage a store successfully.
I remember when I first started managing my own store. I was so excited but also very nervous. I had no idea what I was doing! But luckily, I had some great mentors who taught me the ropes of how to manage a store successfully.
And now, after years of experience, I want to share those same tips with you.
What is Retail Management?
Retail managers don’t just need to know about selling products and dealing with customers. They also need a range of other skills that help them deal with a wide range of situations.
From sales and scheduling to inventory control and reporting, retail managers must be able to wear many hats. In addition, retail managers must be adept at conflict resolution, hiring, performance management, and staff training.
Benefits of Retail Management
Top-notch retail management has many benefits, including:
- Increased sales and revenue
- Efficient processes
- More engaged staff
- Lower staff turnover
- Business growth
- Increased customer satisfaction and loyalty
These are just some of the benefits of good retail management. Now let’s look at some helpful tips on how to manage a store successfully.
Keys to Run a Successful Retail Business
A retail company, such as a department or clothing store, buys and sells products to the general public. A retail store can be large or small, depending on the number of workers it requires.
No matter what the size of your retail business, here are 12 activities you can do to run it successfully.
12 Tips on How to Manage a Store Successfully
These tips will help you become a better retail store manager.
1. Set a Goal
Goals are an important part of any successful team. As a team leader, you should set goals for yourself and your employees. This will ensure everyone is working towards achieving the same objectives and that you will be able to track your progress.
There are many types of goals you can set for yourself other than sales goals.
By increasing employee satisfaction and reducing turnover rates, your company will benefit from improved teamwork.
2. Crunch Data
Having data to help you set your goals and track your progress is essential for any business owner, including retail store owners.
There are many tools out there that can help you track sales and trends. One tool, in particular, is Square for Retail, which helps you manage and process payments, as well as access valuable business information.
The data collected by tools such as Square for retail businesses, such as what products customers are purchasing, what days are busy, and if you have the right staff, is essential to running a retail store.
3. Embrace New Technology
As a business owner, it’s important to be willing to embrace new technology. Technology drives businesses forward, and retail is no exception. By keeping up with the latest trends and tools, you can ensure that your business is running as efficiently as possible.
The Square team management system allows you to easily manage your staff, track their hours and view important reports.
Track your hours, and change your work schedules as needed. Also, obtain useful data that will help you plan better in the future.
There are a lot of different pieces of technology out there, and it can be hard to keep track of all of them. But don’t worry! Learning about new tech can be a great way to stay on top of the competition.
A point of sale (POS) system, accounting, and digital tools for customer interaction, such as a website and social media pages, are all excellent tools for running your retail store. So, don’t be afraid to embrace new technologies!
4. Hire the Right People
There are many benefits to hiring the right employees for your retail business. It can be difficult to do, and you can’t always predict how well an employee will do.
When looking to hire the best candidates for a retail business, keep in mind that attitude is more important than experience. While having both is ideal, it is much easier to train an employee on tasks and responsibilities than it is to change their overall demeanor.
Figure out what strategies work best for you and your business, and stick to them!
5. Focus on Staff Onboarding
Once you’ve got your team together, you must provide them with clear training and resources. This should include teaching them how to use your point of sale system and showing them how to schedule shifts. You should also make sure that they have all the equipment they need, such as uniforms and name tags.
Everything you need for your employees to start working on day one should be ready, including uniforms and software permissions. This will allow you to focus on getting them started with training.
6. Recognize Hard Work
It’s important to recognize your employees’ hard work, but many businesses overlook this in the busy day-to-day. You don’t have to have elaborate awards or parties, but giving praise for a job well done is always appreciated.
If you notice a staff member going above and beyond, be sure to let them know that you noticed and appreciate it. This will go a long way in maintaining morale and keeping your team happy and productive.
7. Delegate Tasks
Leaders often worry that training someone to do a task will take too much time, but this leads to them burning out. It’s important to find a balance so that you don’t end up doing everything yourself.
Managers should identify ways to delegate some of their responsibilities to other members of their teams. If you have a routine task that could be handled better by someone else, train them to do it. This will not only free up your time, but it will also show your team that you value their input.
This not only gives your team member more responsibilities, but it also shows that you trust them.
8. Lead by Example
A workplace only works as well as its leader. The way you act and work is noticed by your employees and that’s how your culture is formed.
If you want your employees to excel, you need to set a good example. Behave professionally and work hard, and your workers will follow your lead. This will create a productive, healthy work environment.
9. Establish Rapport with your Employees
It may not seem like it, but knowing about employees’ families, pets, and hobbies can help you build a stronger relationship with them.
It’s important to remember that your employees have lives outside of work, and showing interest in their lives shows great leadership skills.
When you make an effort to understand employees on a more personal level, it fosters trust and creates a positive work environment. In addition, knowing about employee needs outside work hours makes it easier for you to schedule them.
10. Stay Calm During High-Pressure Situations
Retail managers have a stressful job, especially around holidays like Christmas. This is because there are often huge crowds to deal with, and this requires someone who can stay calm and collected.
There are plenty of times when you’ll really need to stay calm, such as when you’ve run out of inventory, are understaffed, or have to deal with a particularly angry customer.
Your staff will mirror your behavior, so if you’re always stressed out or frazzled, then so will they.
11. Get Your Staff Involved in Decision Making
Just because you have more experience than your employees, it doesn’t mean that they don’t have valuable input. In fact, they may even have more up-to-date knowledge of your operations than you do.
Your store’s employees are on the sales floor every day, and they know your customers well. They hear their frustrations and know what they love about your business.
They are a great source of information for when you need to make a big decision.
Schedule a meeting with your employees. Get their input on how they can improve daily operations.
What do you think is working well? What could be improved in the long term?
The most important part of this process is following up with your team after they’ve provided their suggestions. You don’t have to use all of their advice, but if you don’t, explain why. This is a great opportunity to teach your employees more about your decision-making process.
12. Identify Retail Trends
Staying on top of the latest technology trends in your retail sector can help you provide your customers with the best possible experience. Some of the latest technologies include allowing customers to order online or schedule pickups.
You never know when you might stumble upon the next big trend! Paying attention to the smaller details happening in your store daily can help you identify larger trends that you may have otherwise missed. Stay observant and be on the lookout for anything out of the ordinary – it could be the start of something big!
Have you noticed a shift in your customer base? Maybe you’re attracting a different crowd than you used to. This can be a good thing, but make sure you’re not alienating your loyal fans.
Customers that purchase certain items are showing interest in other related items that we haven’t even stocked yet. This is valuable information that you can use to better plan the layout of your stores and maximize sales and profits.
Some tips that could help you optimize your store layout for better sales and customer experiences include varying the store height, placing your cash register near the door, and incorporating bright colors.
Running a retail shop requires a range of skills that go beyond just selling products. The advice above provides a good foundation for running a successful retail business.
Skills You Need to Develop as a Retail Manager
In addition to using these tips, The Retail Doctor’s Bob Phibbs recommends developing these 7 specific retail management skills:
- Business development
- Effective communication
- Making a sale
The more value you can add to a business, the more indispensable you will become.
6 Activities to Improve Your Retail Store Management
The job of a store manager at any retail business is to increase both their sales and their profit.
Here are 6 tips to help you improve your retail management.
1. Track and Measure Everything
Data is king. It’s what helps businesses make smart decisions. Scorecard everything including sales, lines per transaction, employee productivity, attendance, theft, store foot traffic, and customer conversion rates.
2. Build Strong Processes
When you create and implement powerful processes for your team to follow, you make it easier for them to protect your business assets and inventory while also improving the customer experience.
It starts with creating an operations manual and then ensuring that your sales team follows it.
3. Train and Teach
As a retail store owner, it’s important to invest in your employee’s training. By providing your team with the necessary tools, you can ensure that they will be able to perform their daily tasks more efficiently.
4. Promote and Manage Activities
Always keep everyone busy. It’s no surprise that you get the best results when your employees are occupied.
Get creative with your merchandising. Change up your people, departments, and vendors.
5. Embrace Change
Whether it’s changing your marketing strategy, your display, your prices, or your product offerings, you can impact your ability to attract new buyers and keep existing customers.
6. Cash is King
Great retail managers teach this concept to their employees and you should too.
Keep your costs down by managing payroll, keeping stock levels low, and cutting any needless spending.
If you want to learn how to manage a store successfully, then be sure to follow the tips in this blog post. By doing so, you will be well on your way to becoming a great retail manager.