Financial management plays an important role for chain stores is one of the important factors to help businesses increase brand awareness and sales in the market. You can refer to the issues in the following articles of Viindoo to get effective tips and directions to meet the needs of consumers.
1. Forecasting and planning to import goods and manage inventory
One Retail chain management experience It's important The company needs to increase the accuracy of the consumer demand forecast to come up with a suitable import plan. It is the forecast of sales and popular goods in the future. Forecast accuracy contributes to helping businesses make the right choice in product supply and inventory management. At the same time, this factor also reduces out-of-stock situation and helps to maintain a stable positive cash flow.
Forecasts are divided into two main categories as follows:
- Quantitative: Hard data from the company's store such as sales, marketing analytics, and economic metrics will be used for this type of forecast.
- Qualitative: Forecasting will use analysis from experts, research data from the market and consumer demand.
Enterprises make effective import plans thanks to accurate forecasts>>>> Read More About: Store management software
2. Connect every department in the chain of stores on the same system
If you want to grow your business, you need ton connect every department in the chain of stores on the same system. A standard supply chain system oversees all manufacturing processes, from the raw product to the manufacturing process and delivering to the customer. The integration of your retail store system is the key to the success of the supply chain.
Therefore, the company needs to connect with the following objects:
- Planners
- Producer
- Distributors
- Seller
- Consumers
- Carrier
When all of these departments work together, the company reduces unexpected uncertainties and saves costs. At the same time, the company can avoid shortage of goods in stock due to overselling and does not need to spend a lot of time on reconciling inventory.
Connected parts form a standard supply chain system
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3. Organize the performance evaluation of each retail store
When applying Retail chain management experience, businesses should regularly monitor the store system to understand the ability of lower-level store management and employees Instead of going directly to each store to evaluate, businesses can use technology or management software to save costs and time. In addition, customer feedback on social networks and e-commerce channels helps businesses improve the quality of their consumables and the customer care skills of their employees.
Customer feedback helps businesses develop chain stores>>>> See More: Personalization in retail
4. Quality personnel at retail stores is a prerequisite
Highly qualified and skilled personnel is a factor that has a great influence on the success or failure of an enterprise. Therefore, businesses need to improve the professional sales skills of their employees and manage them seriously and methodically. The How to manage sales staff ? The following will help businesses continue to develop their retail store chains.
Standards and criteria for personnel
The quality of the input personnel of the chain stores to meet the requirements must have a set of criteria. After that, the orientation of employees in the operation stage must ensure consistency in the whole retail system. Finally, it is the responsibility of enterprises to establish a set of standards in accordance with reality and in accordance with the market situation. This is to help stores take advantage of competitive factors
Organizing training and improving professional qualifications
Because Quality personnel at retail stores is a prerequisiteEnterprises should start from improving the skills of workers and organize human resource training methodically. Through internal training courses, and programs in conjunction with colleges and universities to find potential students, the enterprise's human resources will increasingly expand.
Good salary and benefits regime
Enterprises with good remuneration, salary increase and bonus will be the ones with effective human resource management. Since then, building a sociable working environment, standard culture, employees will stick with the job for a long time to help the store system no longer lose labor.
Using application software in human resource management
Enterprises are facing many difficulties not only in human resource management but also in the management of raw materials, inventory, customer data management, obstacles in information exchange, and personnel coordination. security and guarantee. Therefore, in the context of the current wave of technology in Vietnam, businesses need to apply a comprehensive human resource management solution to solve their difficulties.
Thanks to the technology that developers have come up with, businesses will be more efficient in managing their human resources. Specifically:
- Manage and system all personnel records in the company
- Digitize recruitment, training and human resource connections
- Automate timekeeping, payroll,...
- Automatic KPI scoring
- …
Personnel are trained in professional working skills>>>> Read More: Retail store management
5. Real-time data synchronization across the chain
One Retail chain management experience that every business needs to have is to be aware of the importance of data storage. Because customer information data can be leaked at any time if stored separately at store branches. In addition, searching for customer information and sending reports manually at a point of sale in the system to the administrator will take a long time.
This can be solved by applying data management software. When data is digitized, it will be easier to manage and find information. This software also helps the company minimize data duplication, errors or misplaced customer information.
Customer data is stored for easy searching6. Strictly manage the finances of chain stores
JobStrict financial management of chain stores help businesses optimize profits and manage capital as well as stable sales.
Financial indicators are divided into the following three main categories:
- Cash flow index
- Profit and loss index
- Investment property
However, businesses need to understand the following methods for proper financial management:
- Understand the financial situation of the chain stores by making reports, monitoring regularly
- The revenue and expenditure mechanism must be adjusted and input costs must be reduced reasonably
- Constantly looking for opportunities in the financial market to access investment capital
- During operation, it is necessary to save and minimize loss costs
Financial management plays an important role for chain stores7. Increase connection between stores in the same chain
When the stores in the system have a close relationship, the business will achieve success. So the work increase connection between stores in the same chain helping managers at chain stores exchange experiences and learn from each other to find the most practical solutions.
These Retail chain management experience Okay Viindoo The above sharing can help businesses stand firm and overcome challenges in the competitive market. It is the chain managers who need to pay more attention to the development of the store system to meet the needs of customers.
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