The 101 on Retail Management
Contrary to popular belief, retail management is not a simple job that allows customers to be right all the time. Instead, retail management can determine whether or not a retail business closes its door; whether or not it retains its staff; and whether or not the business is able to keep up with its competitors. However, when hiring for retail management positions, business leaders can often overlook the essential management basics that determines successes or failures. In an effort to ensure that the doors to your organisation remain open, we share the 101 on retail management:
1. Hire Right
A large portion of effective retail management comes down to hiring the right people for the job. Often, in retail, staff are hired because management is desperate to fill a gap but the employees don’t bring any value to the organisation. The most basic principle of retail management is to ensure that you hire the right kind of people that match your organisation’s values; that can add value, and drive revenue growth. Instead of hiring staff to fill gaps, carefully consider the kind of role you need to fill and the people you select to fill it. One way in which to hire correctly is to evaluate the way in which you see your industry – is retail a collection of menial jobs, or are you filling positions that matter to your organisation?
2. Prioritise Training
While hiring correctly is imperative, it is also important to focus on training your staff to ensure that they are able to meet expectations and manage a crises or challenge head-on. Whether you’re looking to upskill or simply refresh your staffs knowledge or expertise on a certain topic, it is important to prioritise training on a regular basis. Not only will this ensure that you retain staff and the intellectual value that they have, but it will also ensure that you are investing in growing and improving human capital.
3. Know Your Competition
It is of utmost importance for retail outlets to know their competitors. When hiring management staff, it is important to ensure that they have an innate understanding of your competition, what they are selling, how they are marketing, and where your retail outlet falls short in comparison. Not only will this give your team an advantage, but it will also ensure that your management team remains accountable for business growth.
4. Stock Management is Critical
One of the most important management basics is accurate stock management and control. Without a manager who is able to properly control stock, there is little chance of retail success.
When selecting or reviewing your management team, ensure that they are well-versed in the most basic management practices to ensure the most advanced business growth.