Archive for the 'Tools' Category

Performance and Retail Gurus

Just because someone claims they are a Retail Guru or Consultant, doesn’t mean they really are or that they know what they’re talking about.

Take this statement, for example…

If you can’t measure, you can’t manage. True.

That phrase is still very relevant and probably always will be.

Without measuring, how would you ever know what to be busy about, as Mr. Thoreau says?

Or, where to focus your efforts?

There are people running around – calling themselves business gurus, consultants, etc. as mentioned above – who are claiming that the above statement is incorrect.

They say that measuring is causing staff to cut corners; to hurry customers through the line or off the phone just to meet some numerical goal.

They say that it shows that employees are not trusted.

Blah, blah, blah.

That’s ridiculous.

We think they’re just trying to get attention.

As we said, the statement ‘If you can’t measure, you can’t manage’ is still true, regardless of how good or bad you are at running your company and setting your goals and targets; regardless of whether you treat your employees respectfully and show that you trust them or not and regardless if you want to build and maintain a loyal customer base, or not.

Bad management is simply bad management whether you measure or not.

Bad managers are neither helped nor hindered by measuring because bad practices and poor management will always find a way to race to the bottom, no matter what.

But good management is enhanced, and business is improved, by using key performance indicators to help guide decision making and much more.

For the record, yes…you should be measuring anything that you consider to be important in order to manage your business well.

Obviously, expecting staff to rush customers through a line or off the phone is not something that would happen in a well managed company.

Neither should you want them to chat with Mrs. Jones for a half an hour about the surgery her pet has just undergone.

Having high standards and performance expectations is not the same as harassing and beating up your people to make them go faster or being so lax that nothing gets done.

With the proper training and understanding, employees will learn how to conduct themselves without rushing or lagging behind. They will perform as expected.

We must not be influenced by people who use those simplistic examples; people who ignore the bigger picture and hone in on details presented out of context.

It is always better to measure performance.

No question.

But, do it properly…for the true benefit of the business.

Now, if you’re like most business people, you are currently planning something – maybe a brand new week, month, year or 5 Years.

And, you’re planning because you know that success does not come by accident and hope is not a strategy.

We know where you can get the help you need with the serious planning, if you want to be successful.

Our Performance Paks and Webinars are built to deliver.
Check Performance Paks out here.

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A Success Story

Want to find out how this retail business owner took his floundering stores from scary, under performing money pits to glorious cash cows and moved into the top position in their category for Biggest Sales Increase overall and for Average Sale Per Customer, in 93% of their locations, in just one year?

And, even more importantly, want to know what else he did to finally start bringing a whole lot more money to the bank every day?

Have we got a story for you…

When I first heard his story, I was wondering what kind of guy this was…then I felt bad for him…then I was happy for him.

What a ride!

Turns out he was amazing, after all.

This was pretty serious stuff. 

To get to how this all happened, let’s draw back the velvet curtain and try to understand what was going down in this guy’s stores when he first realized he was losing the battle…losing his clarity of thinking, his previously unshakeable motivation, tons of customers and, most definitely, his money.

I mean, at the rate he was going, he’d be laboring in his stores for most of his waking hours for the rest of his natural born days just to end up living on average income.

And that would have been the best case scenario.

Fair enough if that’s what he wanted… but he didn’t. Far from it!

He started his chain of stores so he could make more than an average living and, once they were turning a profit, he thought he might even have extra money, and time, to enjoy some luxuries with his family and friends and, maybe, put a nest egg away for a rainy day.

He thought he might like a little of the prestige that naturally comes with being the owner of a fine, reputable and successful chain of retail stores.
Oh, and he absolutely lusted after a summer house on a nearby lake – he spoke about it passionately every chance he got.

That was reason enough to want to get a tidy profit out of his business.

And, the sooner, the better.

Although his wife didn’t know a thing about it, he had already had blueprints drawn up.

He had a realtor keeping an eye out for just the right property.

He had even spoken with landscapers and interior designers.

This summer house – on beachfront property – was going to be a thing of beauty.

It was going to be his reward and a gift to his family for all of the hours that he’d worked; missing special occasions, etc.

He just knew that this was going to be the crowning glory … his reason for his life’s work.

He imagined the family gatherings; the long, warm weekends of fun in the sun.

He thought about the boat that would occupy the boathouse…the one that they would all go for relaxing tours in.

He even amused himself by dreaming up names for the boat!

He could picture every tree and flowering shrub that they would painstakingly plant and nurture…and every ripple on the water.

He could sniff the aroma of the steaming coffee and freshly baked pastries sitting on the oak table that graced the porch with the beautiful lacy gingerbread woodwork at every corner.

He could hear the waves crashing against the shore when a storm blew in.

Ah, yes! He knew what he wanted.

For him, all of this sounded not only fabulous, but reasonable as well.

Power to the entrepreneur!

After all, when you are the business owner and your money is on the line, you should reap the rewards…you are the one jumping from the fat in the frying pan into the fire and back again!!

You are the one who is taking all the risks and enduring the hardships.

So, don’t ever lower your expectations just because your stores are not performing the way you imagined they would.

No way. You go for it with gusto, Retail King!

You make those cash registers and POS machines sing …

C-A C-H-I-N-G! C-A C-H-I-N-G! C-A C-H-I-N-G!

Heck, yes!

If it’s not happening for you yet, the questions you should be asking are…

What do I need to do?

and

How do I do it?

OK, let’s roll it back to where this guy’s success story really got started. The very moment, in fact. (cont’d below)
Mark the calendar & Save!

Tuesday, June13 –Retail Category Management

Wednesday, June 14- Retail Math 

Thursday, June 15 – Online Marketing for Retailers

Friday, June 16 – 33% Increase Formula

Reminder – Get your Webinar Pass for upcoming webinars. Four Webinar Pass is the best value. Buy it here.

OK, back to the story…

It was a moment when he was dog tired, with aching feet and a list of ‘to do’s’ that he hadn’t even started yet

He had just put his hat on his head…the hat that he used to cover the crazed Einstein-like hair style that he was sporting simply because he couldn’t find time to visit his barber.

In other words, he was going home for the night, thoroughly exhausted….again.
A staff member all but accosted him at the door as he was leaving and started blabbering on about something or other.

Hands were flying and papers were being thrust toward our guy, although not in a disrespectful way.

Our guy was trying hard to understand.

He had to actually try to understand because it was so trivial, so unimportant, that instead of really listening he noticeably tilted his head to one side and tried to figure out why this staff member was moving his lips and making noise over something so ridiculous.

He recalled, later, that he had truly been in a trance-like state; unable to comprehend what was going on for at least a few seconds.

He wondered, out loud, what would happen if this person just shut his mouth and took care of whatever it was he was yapping about.

This really was unlike our guy and the employee thought something terrible was about to happen – that the owner was going to faint or have a fit or something along those lines.

Our retail business owner finally spoke again.

He said that he suddenly felt like he had a lot of monkeys on his shoulders.

What? Monkeys? What the heck………..?

Not surprisingly, those nearby thought perhaps he’d finally lost his mind. But, they kept quiet.

You’ve probably heard the expressions about putting the monkey on someone else’ shoulder.

It happens all the time…people easily unload their issues onto someone else – someone who is willing to take them – and until that someone says stop, they just keep taking on more and more.

Some monkeys were heavier than others but there they all were…happily sitting atop his shoulders, weighing him down.

His staff, of course being free of any weight of any monkeys (problems or issues) whatsoever, just went about their business accomplishing very little or nothing at all.

“How on earth did I let this happen? How did I get here?” he exclaimed.

And the answer slammed him.

He felt like he’d been whacked with a blunt instrument.

There’s a game called Whack – a – Mole…and, in this case, it’s Whack – an – Owner.

Not funny, right?

Anyway, at that precise moment, he got it… that he had unwittingly invited every problem, every issue, however important or insignificant, to be his and his alone.

He realized he was completely and totally responsible for their lack of sales and profits.

He did it by accident but he had done it all on his own accord; by his own free will.

He was a great guy and knew a lot about retail and about business in general.

But…

He, seemingly, expected nothing of anyone.

And, they all lived up to his expectations!

That was a terrifyingly accurate admission and moment of truth and reflection.

The brutal acknowledgement and the stunning clarity of that moment steered him onto a new path where even fear of the unknown couldn’t stop him from altering the course of his life for the better.

By the way, our guy is not unusual.

This same problem is plaguing lots of business owners out there today.
No performance expectations – no prosperity.

Or, perhaps, it would be more accurate to say no accountability – no prosperity.

It seems so much easier to handle things yourself than to delegate, train, set performance expectations, hold people accountable, manage performance, etc.

But, in fact, it is the worst possible course of action an entrepreneur can take.

It’s the worst possible remedy for any malady of the entrepreneur.

The saying “Git ‘er done.”  doesn’t mean you should get it all done by yourself.

Certainly, not if you don’t have to.

How long can that go on?

At what point is it no longer feasible?

The small to medium retail business cannot get bigger and better with only one person thinking and problem solving – even a very important, very smart and very dedicated person – while everyone else just wanders around doing tasks and other little jobs but never contributing in a major way.

You can’t smash targets to smithereens when you don’t really expect to, or plan to.

And, you can’t smoke the numbers when you haven’t even set them and haven’t developed a compensation plan to reward that accomplishment.

You can’t pull, drag and stretch the very best out of all of your people when you have your little head – albeit a very important head – buried in some inconsequential task or the other.

Wouldn’t you agree?

Anyway, back to our guy’s story.

Here’s what happened next.

He first carved out some time to figure out what his new understanding meant in terms of his business, his people, etc.

You remember the monkeys, right?  Well, clearly, they had to go and he made short work of that!

He realized that things would have to change – and change big time – for him to get where he wanted to be.

However, because he was not a stupid man he realized, very quickly that he was going to need some help.

So he set out to find some help.

He sought wisdom.

He talked to a lot of people, read books, solicited advice from other business owners.

He spent time reading and re-reading his most valuable and important resources.

He listened to DVD’s on Sales and Performance Management, Hiring and Training, Leadership, Time Management and Communication, and myriad other subjects that were to prove instrumental in his business, and life, turn around.

In the final analysis, as the result of his studies, he determined there was one thing he could hang his hat on – individual performance.

The performance of his staff members would be the key to the success of his business and it was really the only thing that mattered.

You may wonder what actions he actually took with regard to his store staff…

Well, he explained everything to his teams.

He communicated well and often and kept them in the loop as much as he possibly could.

He set targets for each individual in his stores.

They were tough targets – not out of reach, of course because we already told you he was not a stupid man – but tough enough to make people strive for the glory of achievement, the thunder of applause and the halo of recognition.

He followed resource materials that had been written by successful retailers with much experience.

He had sought wisdom and he was not disappointed.

Most of his people accepted the targets readily because, at the same time, a new compensation plan was unveiled.

It was a compensation plan designed to work hand in hand with the new targets.

Of course, some staff members liked the old way of just doing tasks and not actively selling to anyone and, eventually, they had to move on and find new employment more suited to them.

Bye-bye…we really liked you but seeing as you are

L-A-Z-Y

and have to leave, we hope you don’t let

the door hit you in the butt on the way out!

But the majority of his associates – particularly the go-getters and the ones who saw that the rewards were not only fair but really rather good – stayed and prospered.

This was now a place for winners, for performers.
They liked that.

There is a saying that goes ‘to whom much is given, much is expected’ (author unknown).

And, it applies to the relationship between employer and employee.

If I, as the employee, am given great rewards for my performance then my performance, the fruits of which accrue to my employer as well, should also be great.

This is only fair.

Our guy had to continue to learn and grow to fully understand how this new way of doing things was going to work out.

He had to make sure he was hiring performance oriented people who had customer service top of mind also.

He had to train them, manage them, communicate with them and just generally be good at driving the business, setting the direction and helping everyone by removing obstacles.

He needed enthusiastic, engaged employees with the business top of mind at all times.

He became an extraordinary leader who developed people to become even better than he was (yes, that is a great thing to do and you should do it too) and his business yielded enough profit for him to realize his dreams.

Now he has considerably more time to spend with his family and friends.

In fact, on most holidays you’ll find him quietly celebrating his good fortune looking out over the picturesque lake that his summer house is situated on.

Every time I think of his success story, I feel uplifted and grateful that I know him and was able to have a part in it.

Really, this guy was on the verge of disaster, though he didn’t know how close he was.

His stores were going to close and he was going to get some ridiculously low number of pennies on the dollar for his inventory, his fixtures, and any other assets.

His real estate was going to go on the block and be sold for a song. All of his staff would be unemployed. Things would go from bad to worse.

It didn’t seem fair because he was a really good guy who meant well and worked his fingers to the bone.

But, he didn’t know how to manage the business he was in. He didn’t know what he didn’t know.

Oh sure, he knew real estate and he could ferret out decent locations and establish nice looking stores.

He was a skilled buyer, knowing what merchandise to pick out when he was on his unavoidably expensive buying trips.

He had the gift of the gab and knew, very well, how to talk to the investors to get his next store, and his next and so on.

But, eventually, the wheels were going to fall off because the stores were not performing.

They just weren’t.

And by that, of course, we mean that the people working in the stores were not performing.

You do not, and cannot, continue on in a retail business if the stores are not performing.

It is only a matter of time until the wolf is howling at the door.

This is true of any business.

And so, you must agree, that it was extremely fortunate for him that he was stopped by that one bumbling staff member that day who started saying “blah, blah, blah” because that’s what finally woke him up; made him face his situation and forced him to make changes.

And, as they say, the rest is history.

Do you know anyone who is in the same predicament?

There are quite a few of them, actually.

Just meander through any shopping mall or center will show you who is winning and who isn’t. Or, in some cases…who is hiding their imminent demise really well.

Now, what if I told you that our guys end result – the extra revenue and profits, leading to the great lifestyle, the summer house, and extra time, etc.- wasn’t all that difficult to achieve?

Or, that we basically bottled the formula and are making it available to other retail business owners.

That was just a figure of speech. It‘s not really in a bottle…it comes in the form of Success Guides, Tools and DVD’s.

Every bit of the Retail Business Academy is highly relevant to everything a retailer does every day. It’s full of books, tools and DVD’s…and tons more stuff (detailed below) that you’ll pour over every day.

Among the materials packed in this prodigious resource you’ll find some serious retail operations management advice and instruction; the kind of stuff he was very much in need of.

He was like a sponge and he absorbed it all.

He got all the retail math, metrics and Key Performance Indicator knowledge he was ever going to need. You too, unless you’re planning on a career in high finance.

You’ll get a simple…and I do mean simple…retail employee evaluation system.

Maybe we should have put it in a black and yellow cover and called it retail employee evaluation system for Dummies…but we didn’t.

We just called it ‘I Succeed’.

It’s quick and easy to use and the reason for that is…duh! because people need quick and easy evaluations …. often. Save the big long, drawn out piece of work for the end of the year and the Human Resources people.

There’s a Store Manager’s Organizer/Planner to keep retail managers organized in a way that no other organizer can because it’s made for a retailer.

The first clue is that appointment slots don’t end at 5:00 p.m.!​​​​​​​

And, you can print as many copies as you need for your Store Managers…every year.
There’s some strong advice and warnings related to interviewing, hiring and training.

Our guy learned all about canned questions.

Some people are veteran interviewees and they can skillfully answer any canned question because they have heard them so many times before and they know which answers work.

Of course, there are never any guarantees when hiring.

We have all been surprised from time to time but there certainly are ways to get just a little more information that will help you understand the person who will be in your stores working with your customers.

Long story short…avoid canned questions.

The resource material that our guy used laid out the real questions – the questions that will force the candidate to reach down and come up with a genuine answer that is unique to him or her…not just what they think you want to hear.

For your listening pleasure, there’s a collection of DVD’s with hard hitting information on just about every retail subject you can think of.

They come in digital format, too.

In the Retailer’s Guide to Emotional Hot Buttons, there’s some mighty interesting information about pushing emotional hot buttons to sell more merchandise.

Now, that’s a good read!

And there’s a book about characteristics and ‘ways’ or ‘secrets’ of a highly successful retail manager.

This one’s worth its weight in gold and our guy studied it until he pretty much had it memorized.

The Retail Business Academy is meant for every

retail business owner and retail manager.

In fact, this story had a happily-ever-after ending because the wisdom our guy sought came from the Retail Business Academy.

What you need to do to avoid the situation our guy found himself in early on, and to make sure you prosper the way our guy did later on, is get yourself a Platinum Membership in the Retail Business Academy.

It is priced at a mere fraction of the value you will get out of it.

Make your own happy ending.

Join the Retail Business Academy today.

“It is during the bad times that the skilled manager lays firm foundations for future growth.” 

~Konosuke Matsushita, Founder, Panasonic

More DMSRetail Resources for your training library…

Management Success Books

Management Success Tools

Self Study Courses

Workshops

Retail Math Resources

The Ultimate Retail Success Collection is a huge compilation of all of our Success Guides, Tools, DVD’s, Self Study Programs, Bonuses and more.

Check it out here.​​​​​​​

DMSRetail has been helping retailers for 25 years. We love what we do.

We know that, for every roadblock to success, there is a way around it.

We have the knowledge and insight to help you navigate around any and all roadblocks and we are making a very special offer to our subscribers and customers…right now.

Sign up and you get instant access to the Retail Business Academy for 7 days for just $1.

It’s commonly referred to as a ‘no-brainer’!

Read on for all the great details about this membership and why no retail organization should try to get by without it.

Experience and Resources

We have the resources. Lots of them…available in every format for your convenience.

Below, we spell out the products, services, systems and advice you get access to for just $1 for a 7 day trial.

Succeeding in retail will always be hard work, it’s retail after all.

But, your chances of positive outcomes increase by a huge percentage if you’re taking advantage of our experience and resources.

You can get every store contributing with a nice bottom line. Our brand of information and training is what you need to get the best return on every investment you make in people and in stores.

Getting ready is a big part of the battle. The Retail Business Academy will prepare you for your next steps.

Ease of Access

You have access 24/7…at your leisure.

For those of you who want to share information and offer the very best chance of growth and development to your people, get them their own membership in the Retail Business Academy.

Invest in their future to give them the skills to invest in yours. Right now, with our buy one membership, get five free, it’s easy and painless to upgrade the skills and capabilities of your entire workforce.

Let’s get started. You need everything you’re going to see from here on down. ​​​​​​​
Here’s the long list of everything you will be able to access with your trial of the Platinum Private Membership in the Retail Business Academy

First, let us tell you that absolutely everything that DMSRetail offers for sale, is included in the Retail Business Academy.

Plus, there are many more products included that are not available for sale anywhere.

And, we’re growing it every day making your Platinum Private Membership more and more valuable.

We’re working day and night to get new stuff uploaded for you.

You’re going to have access to a wealth of different things, such as…

  • Success Guides
  • Tools
  • Study Courses
  • Performance Solutions
  • Information
  • Tips
  • Advice
  • World Retail News
  • Gems
  • How-To’s
  • DVD’s
  • PowerPoint Presentations
  • Pearls of Wisdom
  • Forms
  • Checklists
  • Videos
  • Consultants
  • Instructors
  • Motivational Quotes
  • and other seriously good stuff

You’ll access all of these things on the membership site, through our Success Guides and Tools, such as:

  • Retail Math – Made Simple, 4th Edition
  • Winning at Store Management
  • Managing for Higher Retail Success
  • 22 Ways of Highly Successful Retail Managers
  • Customer Service Fundamentals
  • Retailer’s Guide to Emotional Hot Buttons
  • ‘I Succeed’ Retail Employee Evaluation System
  • The DMSRetailer – Store Manager’s Organizer/Planner

And, our Self Development Programs:

  • Retail Selling Skills & Customer Experience Fundamentals
  • Retail Cashier Performance
  • Store Management for Maximum Success
  • Retail District Management
  • Retail Operations Management
  • Retail Category Management

Our Packages:

  • The Starter Bundle
  • The Super Retail Success Bundle
  • The Retail Success Accelerator – Store Performance Solution
  • The Ultimate Retail Success Collection

A multitude of Reports and Forms:

  • ‘Daily News’ Guide for the Cash Desk
  • Interview Questions
  • Hiring Tip Sheet
  • Balanced Score Cards
  • Weekly Employee Check Up
  • Monthly Employee Evaluation
  • Quarterly Employee Evaluation
  • Annual Employee Evaluation
  • Store Manager Job Description
  • Assistant Manager Job Description
  • Mystery Shopping Report
  • Backroom Communication Board
  • Store Manager’s Keys to Success
  • District Manager’s Framework for Success
  • And many more being added daily

Sales & Marketing Tips:

  • Selling Steps
  • 75 Open Ended Questions
  • Social Media Instructions for Retailers – Facebook, Google+, Linked In and more

Compensation Plans – DMSRetail Proprietary Pay for Performance Plans

  • Pay for Performance – General
  • Non – Monetary Reward Systems

Guidance to Inspire:

  • 11 Leadership Principles
  • Integrity in Management
  • Managing Up, Down and Sideways
  • District Manager’s Creed
  • Essential Reading for Retailers
  • Success Stories
  • Motivational Quotes
  • The Summer House

It’s Just Common Sense, Really

Webinars:

  • Success Tips & Strategies
  • The Store Management Process
  • Get 25% More out of Store Visits
  • Open To Buy
  • Retail Math Made Simple
  • Category Management
  • Managing by Numbers
  • Add-On Selling
  • Legacy Strategy
  • 33% Increase Formula
  • 7 Top Tips to Maximize Your Retail Profits
  • Retailer’s Guide to Online Marketing eBook & Video Course, ​​​​​​​which is your guide to harnessing the power of social media to build your brand, drive traffic, and generate sales​​​​​​​

Join Now.

DMSRetail holds Webinars on a regular basis and we post them to

Retail Business Academy. With your Platinum Private Membership:​​​​​​​

  • No need to sign up every time we offer a webinar
  • No separate payment required
  • No time zone complications
  • No scheduling conflicts
  • No inconvenience
  • Home or office – your choice

You simply sign in to your membership account at the Retail Business Academy and watch/listen to the webinar at absolutely no additional cost. It’s included with your membership.
Back to the stuff you get…

‘How- to’ for People Development:

  • Sample Coaching Conversations
  • Disciplinary Actions
  • Supporting & Challenging Your Performers
  • Career Path Development
  • Ideal Candidate Profile Development
  • Performance Management  

**Discounts on Workshop Attendance – Here are the workshops currently being offered:

  • The Retail Operations Management Workshop
  • Retail Category Management Workshop
  • Retail District Management Workshop
  • Retail Math Workshop
  • Pharmacy Retail Operations Management Workshop Store Management for Maximum Success Workshop
  • Retail Design & Visual Merchandising Workshop
  • Retail Marketing & Brand Management Workshop
  • Retail Cashier Performance Workshop
  • Telecom Retail Operations Management Workshop 
  • Retail Brand Management
  • How to Implement Winning Compensation Plans
  • Retail Standards, Compliance and Execution Seminar and Case Study

**Planned access to Consultants and Instructors at DMSRetail via email

**Scheduled telephone conversations with DMSRetail Consultants and Instructors

So, check out this link to the Retail Business Academy.

If you’re in retail, or if you supply retail

you really need this.

Want to skip the trial?

Get the very best value with these links…

For monthly membership, click here.

Save 57% with an annual membership, click here.

Programs for Higher Retail Success

Upcoming Webinars/Online Training Sessions

No scheduling issues. Ever.

Guaranteed…because we send you the recordings.

You and your teams are busy, busy, busy, right?

We totally understand. So, if you desire to get some great information huge insights, great tips and serious advice from experts but you simply don’t have the time to invest days, or even several hours, in training and learning then we’ve got the answer for you.

Our Online Training Sessions, also known as Webinars are jam packed with important information, tips and advice on myriad retail topics and they are always scheduled for only one or two hours… tops!

They’re informative and affordable. They’re easy to log into and they’re over-the-top convenient. Here’s the most important part for those of you who are time starved and feeling bombarded by information everywhere you look…

You never miss a session because…we send you the recording! You choose when and where to ‘attend’.

It doesn’t get more convenient than that.

3 simple steps.

  • Register.
  • Choose to Attend or Choose Not to Attend.
  • Receive the Complimentary Recording.

Simple log in details are sent 24 hours prior to the session.

Here’s the line-up for the week of September 4th…

 #1. Get 25% More from Store Visits

Just $97

Store visits represent an amazing opportunity…in fact, the very best opportunity…to increase performance and effectiveness, motivate store teams, impart wisdom and remove obstacles to doing business. If you and/or your Regional and District Managers are not getting the maximum value from store visits, then you are just visiting…which is really nice but it is not moving the business forward and doesn’t give you much of an ROI.

Learn how to get at least 25% more from every store visit.

September 7th

from 1:00 – 2:00 p.m. Eastern

(6:00-7:00 p.m. London, UK)

Register here for Store Visit Webinar.

Get the complimentary recording.

 #2. Retail Math Online Training

 

Just $197 

Retail Math is considered an integral part of a Retail Manager’s skill set and can be found on many pre-employment screening tests.

September 7th

from 1:00-3:00 p.m. Eastern

(6:00-8:00 p.m. London, UK)

Register here for Retail Math Webinar.

Get the complimentary recording.

#3. Retail Category Management

Just $197

Learn how to increase profits by effectively managing categories based on your customer and market.

Category Management Highlights:

Better In-Stock Rates: 2 – 8%

Lower Inventory Levels: 10 – 40%

Higher Sales: 5 – 20%

Lower Logistics Costs: 3 – 4%

Retail Category Management Online Training is useful for all buying staff, including category managers, buyers and visual merchandising teams as well as for Suppliers of Retail.

September 8th

from 1:00-3:00 p.m. Eastern

(6:00-8:00 p.m. London, UK)

Register here for Retail Category Management Webinar.

Get the complimentary recording.

 #4. 7 Top Tips to Maximize Your Retail Profits

Just $97

7 Top Tips normally only divulged in our 3 day training program: The Retail Operations Management Workshop

September 9th

1:00 – 2:00 p.m. Eastern

(6:00 – 7:00 p.m. London, UK)

Register here for 7 Top Tips Webinar.

Get the complimentary recording.

 

Did you know that Exclusive Platinum Membership in the Retail Business Academy means you get All the Actionable Retail Information You Need – Wherever and Whenever You Need It?

Did you know that every one of our webinars is posted to the Retail Business Academy within a few days after the live session?

That means that you can always access them with your Exclusive Platinum Membership.

Store Performance Solution

With all the buzz around omni channel retailing, social marketing and new technologies that are either evolving or being implemented, one success factor remains the same and it always will.

That is the human factor that makes the essence of successful retailing.

Retail Success Accelerator addresses the performance of the store staff at associate, supervisor and the store manager levels.

Be assured that without fully competent, fully engaged staff, any other effort to increase customer satisfaction and ultimately increase profits, will be wasted or at best will not deliver its full potential. 

#1 Problem for Retailers is non-performing stores. In a lot of cases, stores do not perform even at their half potential.

This product solves the issue.., Your High Performance Delivered.

Retail Success Accelerator is a Store Performance Solution and you can put it to good use to ensure you get the maximum performance from your store staff.

More information is at its dedicated website: Retail Success Accelerator

Are you mobile market ready?

This infographics is a summary of the steps you may want to make sure your website is ready to service the mobile surfers.

AreYouMobileMarketReadyDMSRetail

2 Most Critical Positions in a Retail Company

“Control your own destiny or someone else will.”      – Jack Welch

The Store Manager holds one of two critical positions in any retail company. The other one is the CEO.

That’s not to say that other positions aren’t important. Of course they are.

Sales Associates, for example, are your ambassadors; meeting the customers face to face every day. And, as you’ve probably come to realize, the best Sales Associates are the ones who are competent and fully trained and do a great job actively selling to customers and representing the company in the best possible way. Certainly, they are important.

But, there is one person who must ensure that all of the competence and training is put to good use on the sales floor. That person is the Store Manager, without whom there would surely be chaos. It is up to the Store Manager to set individual targets and to continually reinforce the performance culture in the store.

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“A pack of sheep led by a lion will defeat a pack of lions led by a sheep.” Author Unknown

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A true statement? We think so.

The Store Manager is, by virtue of his/her position if nothing else, the leader of the pack. That leader is single-handedly responsible for the performance of the team because, apart from the fact that it’s the job… the Store Manager is also the one with the most influence.

The most direct influence, for sure.

No matter how skilled the team members are – and it is understood that some will be much more skilled than others – the Store Manager will make the difference in the performance levels achieved by the whole team.

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The Retail Success Accelerator

is available in physical and digital formats.

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Store Manager’s official job descriptions vary widely. Some are expected to be administrators; others, loss prevention officers, or faux police. Some are expected to be the top sales person and are seen (erroneously) as under-performing if their salespeople achieve higher sales numbers than they do.

Still others are instructed to do so many simple administrative tasks that they are left with very little time to actually manage the store.

In other words, many Store Managers are not expected to fulfill the role as it should be fulfilled.

For whatever reason, they have been given a title of Store Manager but are expected to perform many routine tasks and clerical work.

Critical question for you:

What are you asking of your Store Managers?

If you expect your retail organization to be successful, you are asking them, simply, to manage the business.

But, what does that mean, exactly?

The Store Manager’s main role is to drive the business; to strive for top performance from themselves and from every associate every minute of every day.

Store Managers operate stores, or business units, and, when all is said and done, the goal of a ‘for profit’ business is to provide a monetary return to stakeholders.

In support of that goal, they need to do a lot of work; they need to do all of the right things right. Store Managers, who are doing the job properly, are very busy people.

They recruit and hire good people because they know that the road to success is much easier when they are surrounded by competent people. They ensure each associate is well trained to carry out their responsibilities. They set targets for each associate and continually follow up to make sure those targets are being met.

They coach, and they guide, and they stay on top of everything.

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Get the Retail Success Accelerator here.

$697 Physical/Shipped; $297 Digital; Both $747

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Very importantly, they take appropriate action when targets are not being met. They figure out what is causing the problems and fix them.

Of course, there are many things the Store Manager is responsible and accountable for. But all of those things must be in support of the goal, or the main purpose for the store’s existence.

Great Store Managers are your ticket to extraordinary success in retail.

All the Success!

DMSRetail Inc.

PS: Want great Store Managers? Here is the best thing you can do to support your Store Managers. Hand over the complete store performance solution…the Retail Success Accelerator. $297 digital. Click here to order.

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Take the Retail Math Quiz

Do you know all about GMROII, GMROF, GMROL, Fixture Profitabililty, Inventory Turns and more?
Test Your Knowledge – Retail Math Quiz
Even if you know all about the GM’s…why not take a refresher? Have some fun!
Okay, here goes….

Test Your Knowledge – Retail Math Quiz

1.) What are the 6 Pillars of Retail?

2.) A product’s retail price is $79.95 and it costs $42.00. What is the Gross Margin of this product?

3.) What is the Mark-up for the same product?

4.) A store’s annual sales are $3,560,250. Monthly inventory is as follows:

Month

BOM

EOM

January 1,455,764 1,210,357
February 1,210,357 1,050,894
March 1,050,894 975,620
April 975,620 1,125,735
May 1,125,735 1,024,563
June 1,024,563 967,446
July 967,446 896,278
August 896,278 1,383,369
September 1,383,369 1,432,911
October 1,432,911 1,791,876
November 1,791,876 2,687,987
December 2,687,987 1,375,218

Based on these numbers, calculate the inventory turns for the year.
Hint: Calculate Average Inventory first.

5.) Utilizing the already calculated Gross Margin, Sales and Average Inventory, find out what the GMROII would be for this store, for the same year.

6.) We want to utilize GMROF to compare two display fixtures of different design:

Fixture 1: Oval shape with merchandised area of 7.65 square feet. Sales generated from this fixture in one month are $3,465 and Gross Margin on those sales is 43.5%.

Fixture 2: Rectangular shape with merchandised area of 7.20 square feet. Sales generated from this fixture in one month are $2,987 and Gross Margin on those sales is 45.6%.

Which fixture is more profitable?

7.) We want to compare the contribution of staff between two stores. Here is the data we have:

Store Sales This Month Gross Margin Total Payroll
1 $270,500 44.7% $44,895
2 $343,750 42.5% $55,280

Which store’s staff is contributing more?

8.) Here is some store data collected through POS and Traffic Counters:

# of people who entered the store – 1,362
# of sales tickets generated – 398
Total number of units sold – 724
Total payroll for the same period – $3,842
Total sales generated – $34,548

Calculate the following:

1. Conversion Rate
2. Average Sales per Transaction
3. Units per Transaction
4. Wage Cost

9.) Here is the overall company data for the 3rd quarter sales:

Month Sales Last Year % Achieved Target % Achieved
July $2,074 $1,926 $2,022
August $1,866 $1,792 $1,882
September $2,672 $2,503 $2,628
Total Q3 $6,612 $6,221 $6,532

Calculate this year’s performance compared to Last Year and compared to Target for each month and for the 3rd Quarter.

That’s it. How did you do?

Scroll all the way down when you go here to see the answers.

We hope you enjoyed today’s challenge.

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