The Retail Business Owners Guide To Success In 2021
As the year comes to an end, retail businesses are entering their busiest time of year! Christmas shopping, boxing day sales, new year celebration sales and back to school sales, there really is a lot to come in the next few weeks.
As a retail business owner, you would be aware of the stresses this time of year can bring, not only to you staff, but to your customers too. Keeping everyone happy and your business functioning smoothly is always the end-goal, so here are the top things you need to think about for a successful EOY and 2021.
Get Quotes On The Top 5 Items Every Retail Business Needs
Upgrade your Eftpos machine and watch your business thrive. With a new eftpos machine up your sleeve you can take payments faster and connect it to your modern POS system too.
Your POS system can make or break your business. If you are unable to keep up with daily tasks, staff are struggling with an old system or it’s too complex, now is the time to upgrade.
Taking bookings, confirming numbers or ordering supplies for the next day shouldn’t be made more difficult with an old phone system that doesn’t work. If you are ready to save money on your phone bills it’s time to upgrade.
CCTV Security System
Ensuring your retail store is protected from theft, break-ins and shoplifting is key. Monitor your business and reduce the risk of security threats.
Time & Attendance System
Keeping track of your employee’s working hours is the best way to ensure you are paying them correctly. A time and attendance system does it all for you with simple clock-on and off systems.
Your 2021 Checklist
Tick off the items as you go and see what you need to do in the new year:
Have the right equipment
Think about your staff and if you need to expand or shuffle positions around in the new year
Understand your daily tasks and needs
Revamp your store with visual merchandising and digital signage
Stay secure and reduce shoplifting with security cameras
Have the right equipment
When was the last time you took an inventory of your business’s equipment? If it’s been more than a year, now is the time to get to it! Not only will you find pieces of old, broken equipment, but you might also find things that could be being put to work, pushed onto the back shelves.
Stop wasting money on equipment that you don’t use and spend that money on upgrading essential pieces instead.
Here are some key pieces of retail-store related equipment that you should take a look at in your business and think about upgrading for a better 2021.
- POS system – your POS system should work for you, rather than against you. If your staff spend too long trying to find different items or check who made what sales, it might be time to upgrade and make life simpler and easier for everyone. Not only will you improve your EOD count, but a modern system can allow you to integrate apps and more.
- EFTPOS machine – Ensuring you can keep up with the fast-paced transactions and lower your merchant fees is key. No matter if you are a mobile store or in a big retail venue, have the right payment system is the only way to do business better. If your EFTPOS machine is costing you too much, get quotes for a new one today.
If your business needs an extra boost, having the latest equipment, fresh, clean, and ready to go is the best way forward. Not only will your staff be able to pump out those orders in a more efficient manner, but your floor staff will be able to turn over the tables faster too – bringing in more money!
Think About Your Staffing
Are you offering your staff the best opportunities to grow and succeed in your business? Supporting your staff not only reduces turnover but drives respect and a healthy working environment where efficiency and productivity thrive.
Take some time to write down each staff member’s key strengths and passions, what do they enjoy doing, what do they struggle with? Develop and hone-in on these areas and work with your staff to help them be the best they can be.
Whilst you are thinking about each person in your team, now is a good time to consider whether you will need to start looking for more staff, if you have been getting busier, or see that you are understaffed. If you think that someone is not fitting in well with your team or performing as you would expect, it might be time to let them go and make room for a new superstar to enter your business and shine.
In the retail industry, it is important to ensure your staff are aware of daily, weekly and monthly KPI’s and any bonuses they can earn as a result. Motivation is the key to success.
Understand your daily tasks and needs:
Knowing what is entailed in your daily tasks is the best way to keep everything running smoothly. Are there certain tasks like restocking, cleaning or folding of garments that need to be completed before the end of the day? If the answer is yes, write them all down on a sheet, laminate it and allow staff to tick things off as they go. This will help manage their tasks and expectations of what is needed throughout the day.
Even if your style of business cannot run with a daily task list, there are a range of other ways to track what happens each day. Spread sheets, digital boards and simply communicating with your staff are key.
Invest in digital signage
It’s time for traditional paper signs, billboards and posters to be dumped. Make room for a new age of signage that will not only save you money, in the long-term, but time too [and the environment].
Digital signage allows you to show off new stock, deals, make changes and design it exactly how you want it, when you want to.
Here are three ways your business can use digital signage to your advantage:
- Digital deals– with digitally presented and programmed signage, you will be able to update with ease and add deals whenever you like!
- Marketing – Do you often have daily or weekly deals on certain items? Instead of printing a new poster every time, just update the sign digitally.
- Brand awareness – catch people’s eye with colourful and thought-provoking digital signage that expresses who you are and what you do.
Want to find out more about digital signage options? Click below
Ramp up security measures
Your products are your business and if people are stealing them without your knowledge, that is cold-hard cash taken right from your pocket. Instead of being on high-alert, get some security cameras installed around your place of work. Not only are they a great shop-lifting deterrent if you put up clear signs, but they also reduce staff from stealing too and help you find the culprits.