The First Time Retail Manager

The great retail management is more about good processes and the consistent application of these processes than it is about expert education.

Here is a easy tips for the first time retail manager, especially the manager of their own retail store.

The needs of the business are the needs of the business and not the people working for the business. This means making business decisions rather than decisions based on feelings.

Too often new retailers employ friends, buy from suppliers they know and or make decisions based on personal factors and not business factors.

Successful retail managers made business decisions based on business facts.

Respect accurate business data.
Put in place systems and processes which ensure timely access to good data about the performance of the business. A common cause for poor business decisions is poor business data.

Connect with the community.
Embrace opportunities to connect with the community which supports the business. This can be done through community groups, local charities, service clubs, the local council, schools… just about any local group with a constituency which could be of value to the business.

Know that cash is king.
Treat cash with absolute respect from the cash drawers in the business through to the business bank account. Make sure that you have processes which protect the business against fraud and the cost of mistakes. Watch your expenses too. No matter how well the business is doing, be frugal so that the business has cash reserves for a lean time.

Embrace change.
Even if your retail business is new, change should start almost immediately and involve daily moves which propel the business forward to the outcomes you have in your business plan. A retail business standing still is a retail business fading in terms of its value as assessed by others.

In most retail businesses, money is made on the shop floor or at the sales counter. If this is the case with your retail store then this is where you need your best people. That probably means you. Do not be afraid to spend time on the shop floor driving the business.

If you face a difficult situation the temptation will be to put off dealing with it. This is a mistake. Make a decision, deal with the issue and move on.  The more you hold off making decisions the more then can cost in terms of time, emotion and even money.

Good retail management comes down to common sense. Do the right research, have access to the right data and approach every challenge with the right attitude and you will find that you are more likely to make the right decisions.