Archive for August, 2017

Leaders Don’t Create Followers

How is your succession plan working for you?

Are you creating competent leaders?

Every organization needs a solid succession plan but not many need it as much as retailers do.

While every retail management position is important, the position that is often ignored is the Assistant Store Manager.

To enable the organization to draw on the talent of their Store Managers to fill higher level positions such as District and Region Managers, it is imperative that you have a pool of Assistant Store Managers ready to step up and step in, to the Store Management positions vacated by the promoted individual.

So…

What are you doing to develop your Assistant Store Managers?

Often, expectations of Assistant Store Managers are low; just somebody there to assist the Store Manager.

While this is a real luxury and may be of great benefit to the Store Manager in terms of giving him/her more time to spend on paperwork in the backroom, which in itself is undesirable, it certainly is not the best use of your human resources.

Your Assistant Store Managers represent the next layer of leaders for your organization.

The Assistant Store Manager is meant to be of assistance to the Store Manager, to be sure. But the larger goal is for the Assistant Store Manager to be developed as a leader who can operate on his own and contribute to the organization, not just to the Store Manager he is currently working for.

The first stage of development requires that Assistant Store Managers be developed to the point that they are fully competent to profitably operate one of your stores.

Yes, they are supposed to be ready, willing and able to replace your Store Managers.

You may have some, shall we say, ‘comfortable’ Store Managers who won’t like the idea of developing and then losing good Assistants but that is irrelevant.

The goals of the organization rule.

In any case, a Store Manager who doesn’t want a strong and competent Assistant Store Manager is doing himself and the company a disservice and it will show in the calibre of the Assistants he is turning out.

Anyway, if Assistants are not competent enough to replace a Store Manager after a reasonable length of time, then something is going wrong.

Actually, a few things could be going wrong, such as:

1) Someone made a bad hire or internal promotion and did not correct the situation

2) Your training program is not working as intended

3) Your Store Manager is not participating, fully, in the development of the Assistant Store Manager

“Winning companies win because they have good
leaders who nurture the development of other
leaders at all levels of the organization.”
~ Noel Tichy

If you are not able to visualize your people development strategy working well in your organization, get the help you need.

Join The Retail Management Workshop to learn how to make it happen…and how to operate in perfect balance.

Get a winning succession plan working for you – guaranteed.

Increase sales – guaranteed.

Reduce expenses and increase profits – guaranteed.

Register yourself and/or your teams for The Retail Management Workshop being held in two great locations:

The Retail Management Workshop
(Click the link ^ for details and/or registration.)

September 18-19-20
Crowne Plaza Kensington
London, UK

October 1-2-3
Sheraton Dubai Creek
Dubai, UAE

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Squeeze Expenses or Increase Sales

When the economy doesn’t seem to be humming along the way it used to, or if other factors are keeping you from seeing growth in your retail business, often the knee jerk reaction by retailers is to cut expenses.

Cut head count.

Buy fewer supplies.

Stop all training.

Cut, cut, cut!!

But, cutting usually doesn’t turn out all that well.

We’re asking a really important question today:

Can you increase profits by just cutting expenses while paying no attention to increasing sales?

The answer is ‘possibly, but not by much and, even then, only temporarily’.

If you squeeze expenses instead of increasing sales, you will eventually have nothing left to squeeze.

What you would be doing is shrinking the business and you know where that eventually ends up.

But, if you work to find ways to increase sales as well as spending time and effort reviewing the best ways to reduce expenses and control costs during tough times, without hurting the revenue producing areas of the business, things can start looking up for you.

Anyone can cut, cut, cut.

Finance Departments are full of people who can help with that.

If the person doing the cutting is not living in the midst of the chaos created by the cuts…there may be no end to the cuts until the business is no longer viable.

Short term you would see improvement of the bottom line. But, if you look month after month, you will see that everything is shrinking…sales, transactions, average sale, units per transaction, conversion, and so on.

Why?

Because cost cutting measures usually interfere with the job of selling.

If you put fewer people on the floor, give them less training, pay them less money, take away benefits, use fewer labor hours for receiving shipments and getting product onto the floor, cut maintenance time, stop buying good and clear signage, and the list goes on…you will undoubtedly reduce revenues.

Once revenues are reduced, costs have effectively increased, making profit go down instead of up.

Balance is key in everything.

No organization should spend wildly or be too frugal.

That is why you need good people who know what they are doing.

Join The Retail Management Workshop to learn how to operate in perfect balance.

Increase sales – guaranteed.

Reduce expenses and increase profits – guaranteed.

Register yourself and/or your teams for The Retail Management Workshop being held in two great locations:

The Retail Management Workshop
(Click the link ^ for details and/or registration.)

September 18-19-20
Crowne Plaza Kensington
London, UK

October 1-2-3
Sheraton Dubai Creek
Dubai, UAE


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