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grocery store - Complete Controller

Retail Trade Network

A trading network of the local grocery store is a set of trading enterprises located within a particular territory or under joint management.

The local grocery store provides the opportunity to quickly and conveniently acquire the necessary goods and services with minimum effort and time in the conditions of free choice from a variety, near the place of work and housing, in convenient quantities.

Retail trade of grocery store network performs the following functions: purchase, transportation, storage, sub-sorting, part-time, bringing to market, selling goods, accepting the risk, financial activities, informing the market, obtaining information about the market.

The retail enterprise of grocery stores carries out the purchase and sale of goods to deliver the necessary services to customers. Check out America's Best Bookkeepers

Local Grocery store and its problems

A store is a specially equipped in-house building or part of it that is intended for the sale of goods and services to customers and provided with trade and all necessary auxiliary, administrative and domestic premises, as well as premises for receiving, storing and preparing products for sale.

There are universal, specialized shops, shops that offer a mixed assortment of goods.

Universal store (department store) – a store with an unlimited range of non-food items and a department of food products. For this kind of grocery store, controlling the operational costs can be the biggest challenge.

Supermarket – a self-service store with a universal assortment of food products and a limited range of non-food items of daily demand. The most common problem of the supermarket is time wastage, the strain on the working employees, and less efficient software. Therefore, the inefficient process is one of the biggest challenges of this type of grocery store. Check out America's Best Bookkeepers

Hypermarket a store is selling both luxury goods and consumer goods, with an emphasis on essential consumer goods and food. Managers of such grocery stores cannot understand the inventory process. What to deliver, where to deliver, and what time to deliver?

A specialized store is a retail enterprise that sells one group of goods or a subgroup of the products.

A grocery store with a combined assortment of goods is a retail enterprise that sells several products connected by common demand and satisfying individual needs. The enterprises of this type include “Goods for Children,” “Household Goods,” “Goods for Leisure,” “Fruits and vegetables,” “Makeup and Jewelry,” etc.

Principles of a Grocery Store

The difference between the supermarket and the Hypermarket is noticeable. The supermarket is a large department store with the self-service technology and sale of goods through the cash register. The challenge for a grocery store can be a considerable number of people shopping daily. The average number of customers in one supermarket chain is 3,500 people per day.

The Pricing and space Issue

Grocery stores that are of “Premium” class can face many pricing, discount, and space challenges.  The spaces of such grocery stores do not exceed 2 thousand square meters, and in their variety, there are up to 20 thousand items. Here are essential food products plus a minimum amount of vegetables and fruits, a small selection of alcohol, meat, and fish. But the main difference from discounters, in this case, is the price. The trade markup to wholesale prices in the economy class supermarkets is 30% – 40%. Check out America's Best Bookkeepers

 

Retail network of grocery stores is characterized by:

 

  • the ratio of grocery store enterprises engaged in trade in food and non-food products
  • the specific gravity of the fixed network in the total number of grocery store enterprises
  • the specific weight of specialized grocery stores in the total number of trade enterprises
  • used forms of sale and methods of service
  • the ratio of retail space used for the implementation of certain groups of goods
  • the ratio of trade and non-trading areas of the grocery store
  • duration of use of the working area during the day (mode of operation)
  • the ratio of parts of the total area of ​​a grocery store trading enterprise
  • the specific gravity of grocery stores provided with refrigeration equipment, including those that trade in perishable goods
  • the average size of the sales area of ​​a single grocery store
Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
brick and mortar retail - Complete Controller

The retail market landscape has significantly changed over time due to the digitalization of shopping and the shifting in consumers’ buying behavior. Presently, consumers have a low level of attention spans, use peer recommendations, and conduct comprehensive research before resorting to making purchases.

Establishing a unified and seamless experience between brick and mortar and digital channels gives market retailers a competitive advantage in the world’s present digital economy. Transformations in the digital era have created current opportunities for traditional retailers to make the overall shopping experience better for customers. Several retail chains pin their hopes on seasons of sales and struggle when sales results fail to live up to their expectations. Check out America's Best Bookkeepers

Perils of Commodity Sellers

Retailers appear to be most in peril selling commodities. For example, music shops that sell DVDs and discs in Blu-ray format, while selling in the shop can also sell them online. Consumers have become far savvier about buying products conveniently. Unless retailers selling in a brick and mortar retail shops adapt to selling online, they will go out of business.

Shop, Mobile, and Online

The comparison of mobiles, online platforms, and retail shop access for the people looking for purchasing something they often research for by accessing online sources and checking the latest prices of mobiles and other electronic gadgets, and they prefer to go for shopping. This transformation is something people have got used to it. Check out America's Best Bookkeepers

Developing away from Commodity Selling

There is no need to evolve away from selling commodities. Many retail shops that survive for a long time are that those that sell specialty items. For instance, the comic book shops which contain rare editions at premium prices will likely survive in the long term because they have limited, one of a kind commodities.

While selling these types of items online is possible, many buyers want to see them in person.

But, retailers who are dealing with the growing digital era should accept that many products can be bought online instead of compelling the consumer to purchase the products in person. While the prices may not be lower when selling in postage or packaging, for consumers getting free shipping service via Alibaba or Amazon, it will be tougher to match their prices. Retailers are supposed to provide a friendly retail environment and useful online experiences to meet the customers’ demands whenever they decide to lock down the sale.

Both Amazon and Walmart are realizing that the future state of global retail commerce, both offline and online, is more than merely a world of distribution hegemony, where every kind of brand has been reduced to conforming products and always at low prices. Check out America's Best Bookkeepers

Present Scenario

What makes the situation a bit more difficult is the fact that people live in a vacuum. Traditional retail in the present circumstances needs to pick the best location for establishing stores, keep up with consumers’ expectations about what the experience of in-store should be, and get more good at e-commerce strategies.

Therefore, rather than concentrating merely on one channel, market retail shops need to shift their focus to optimizing their physical store portfolios. Meanwhile, they should improve their online presence by keeping savvy employees who can expertly handle online platform. Also, retailers need to adjust how they view the value of their physical stores.

Brick and mortar retail stores make capture sales in today’s market. However, they also need to create values by advancing towards digital online sales. It means that the value of a particular store for retailers and consumers is higher than the sales they captured within them. Thus, just as consumers’ shopping behavior has changed over time, the sales and value needs of retailers also need to evolve, so that both the consumers’ easiness and retailers’ sales targets go hand in hand with each other by leaps and bounds.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
boutique retail store - Complete Controller

It is essential to know that boutique business financing is not only necessary only at the initial stage. But, one will have to keep the record of money transactions carried out during the whole period of the activity and be capable of examining their efficiency and requirements. Additional boutique business financing helps the enterprise in surviving the crisis moments without any unique problems. First of all, determine the essential funds for the effective operation of the boutique retail business. However, it is crucial to keep in mind that you have to adjust the plan for your boutique retail business and financing more than once. Check out America's Best Bookkeepers

What are the sources of boutique retail business financing?

  • Income from the sale of shares.
  • Profit from the activities of the boutique retail shop.

If the boutique retail shop already gives profit to its owners, then after a while, the boutique business will still have to be extended, but for this purpose, only net profit will be insufficient.

Retail business financing

Boutique retail business financing is said to be the receipt of additional funds to the enterprise. To successfully develop your retail boutique business, you need to be able to find the money for it. The main reason for the collapse of any retail boutique business is the lack of free cash. Before considering the financing of the current retail boutique business, it is essential to know how the retail financing process in the boutique business plan is reflected. Check out America's Best Bookkeepers

The last section of any boutique retail business plan is always a financial plan. It carries information, extremely important for the future enterprise and potential creditors (investors) of the retail business project. The form and content of the boutique retail shop’s financial plan always depend on the contact audience, which will read this business plan in the future. The financial plan is drawn up to identify the sources of business financing and analyze the ratio of the revenue and expenditure side of the funds raised. To achieve this goal, when preparing a financial plan for your boutique retail shop, it is essential to:

 

  • Find out the conditions for obtaining maximum profit for the boutique business
  • To optimize the capital structure to achieve financial stability of the boutique retail shop
  • Create an investment attractiveness for the retail boutique
  • To develop an effective mechanism for financial management through tax
  • Accounting
  • Dividend
  • Credit and depreciation policies of the boutique

 

Plan of incomes and expenses

 With the help of income and expenses plan for the boutique, you can determine the size, sources of creation, and changes in the financial result from the retail boutique’s activities. With this plan’s help, the boutique retail business can identify its profitability, profitability, production and non-production costs, and forecast net profit. For keeping the financial records, bookkeeping can be used. Check out America's Best Bookkeepers

 

The plan of cash receipts and payments

This plan helps to determine the liquidity of the boutique. The movement of cash depends on the characteristics of the boutique’s activities and the discrepancies between the periods of receipt and cash disposition. It is essential to understand the differences between the movement of financial flows that do not lead to cash flow and the expenditure of clean cash. The first includes devaluation and special funds, and the second consists of:

  • Proceeds from the sale of clothes and services
  • Advances received, funds from the sale of securities that are fixed assets
  • Financial investments
  • Loans and credit.

 

Plan for the sources and use of funds

It is compiled to describe the sources of receipt of funds, their use, and changes in the retail boutique shop’s assets in a particular period. It allows you to establish a link between the projected sources of funds and negotiable sources. With its help, the boutique’s managers and likely investors have the opportunity to analyze the boutique’s financial condition and the effectiveness of its fiscal policies and economic performance.

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
retail store - Complete Controller

Small retail business

Owning a small retail business can be difficult. One can likely feel it is impossible to keep up with consumer demands because of the increasing competition in the online business sector. Small retailers have to face financing pressure and marketing challenges.

A small retail business is a set of entrepreneurial activities that involve the sale of goods directly to the customer. Small Retail business can take place in a variety of forms, for example, in personal sales, trade-in specially designated areas, or through communications (Internet, TV). Check out America's Best Bookkeepers

A small retailer should be able to perform the following functions.

  • To organize active commodity circulation to points of sales.
  • Form stocks of products and maintain them at the required level.
  • Produce trade and technological operations with the goods.
  • Stimulate sales through marketing activities.
  • Investigate the demand for a particular product and analyze the level of the current market supply. The market price depends on the relationship between supply and demand.
  • Analyze the effectiveness of various forms of trade and focus on the most effective.
  • Organize a service that facilitates the buyer’s purchase of goods (for example, accepting applications by phone, credit offers).
  • Improve the methods of trade and regularly improve professionals’ skills working directly with the buyer (through training, master classes). Check out America's Best Bookkeepers

Problems Faced by Small Retail Businesses

The retail sector is vital for the country’s economy, represented by a large number of enterprises, mainly small and medium-sized businesses. Small retail businesses usually face many problems that are difficult to solve alone. Starting with the location and attracting the buyer to it and ending with the issues of personnel management. The owners of small retail businesses sometimes do not have the critical information they need to carry out commercial activities and planning for long-term retail business development.

If you own a small retail business, you must be struggling with many challenges and consequences. The top five problems that a retail small business owner consistently face are:

  • 40% of unsold goods occupy an essential place in the warehouse of small retail businesses.
  • The funds invested in unsold goods settle in the form of unclaimed stuff.
  • The market associated with clothing and footwear is dynamic, which means it focuses on changing fashion trends. The value of a fashionable product falls with each month, often the term “peak” value is calculated in weeks. As a consequence, the small retail business faces a progressive increase in losses.
  • The mechanisms of discount and sales systems are still a mystery for the small retail businessman.
  • “Floating” quantity of the goods in the warehouse, as a result of imperfect accounting systems, leads to bookkeeping’s impossibility for “conserved” money. Check out America's Best Bookkeepers

 

In addition to this, the inability to cope with problems prevents retail outlets of small retail businesses such as clothing and footwear from pursuing a more flexible and efficient assortment policy. The overcrowded warehouse and lack of available funds in the small retail stores are some of the most common problems. Customer loyalty largely depends on the constant presentation of the current fashion collections. The small retailers are unable to afford them usually.

 

Another problem in small retail businesses is the lack of attention to regular customers. The modern consumer focuses on the quality of service and the personal attention paid to him. The current urban environment, depersonalized and indifferent, needs compensation. A good entrepreneur provides such benefits as an individual approach to every potential customer.

The owners of the small retail business should be able to maintain a good sense of the products that they have in stock. They must know where their inventory is low and how they can improve it. Due to limited funds and space, keeping the inventory well-organized and well-stocked can be difficult for the retail small business owners.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
brick and mortar stores - Complete Controller

Booming E-commerce is making the in-store business increasingly difficult. More customers order consumer electronics, clothing, accessories, and much more on the Internet and can conveniently have goods delivered or sometimes pick them up at the store. Shopping has become a popular pastime in our society, enabling online commerce around the clock. Despite the well-stocked department and retail stores, more and more goods are purchased online. Check out America's Best Bookkeepers

These favorable conditions alone are not enough for the success of online trading. Those online businesses who rely on self-service and staff reduction risk dissatisfaction among their customers. The strongest customer loyalty driver this year is the quality of the request processing via telephone or e-mail. The Internet buyer expects a straightforward return process and a quick and easy refund or settlement of the sale amount. Approximately 58% of customers feel that the shipping costs are too high, and, in this regard, brick-and-mortar retail can again score more points. To keep up with the high standard of service offered by online retailers, storefront retailers should always be courteous with complaints and returns. A misstep could cause the customer to migrate to e-commerce. Check out America's Best Bookkeepers

 

The sales force is often mentioned as an effective means of re-launching the success of brick-and-mortar retailing. This cannot be refuted since an online shop does not offer face-to-face contact and offer advice proactively. For the seller, the transaction is in the foreground, for the customer, often the advice. The buyer is thus, forced into a situation that makes it almost impossible to escape the sales situation without having made a purchase. With online shopping, there is no pressure, and this can attract customers who want a hassle-free buying experience.

 

For brick-and-mortar retail, it is becoming increasingly difficult to counter e-commerce – despite the potential for improvement that exists here as well. Stationary trade should, therefore, no longer consider itself separately from online trading but accept the challenge. This is not to perceive online trading as a separate sales channel, but to understand it as an opportunity for a further sales channel to tap into the maximum customer potential. Retailers should, therefore, not rely exclusively on their local customer service representatives but jump on the train of “Omni-channeling” and offer their goods on different distribution channels or at least be present there. This is of great importance in the wake of customers’ increasing cross-channel behavior, as many consumers first seek information on the Internet before they visit the office. Check out America's Best Bookkeepers

 

The trend towards “multi-channeling’ makes clear that customers want their dealers to have close interaction between both distribution channels. The future of brick-and-mortar retailing is not to hide the opportunities of e-commerce but to include them. E-commerce and stationary trade is a relationship with the future that handles delivering a consistent and coherent brand experience across distribution channels. It also delivers consistent customer experience. All activities across the channels should also be networked to end competitive advantage. Stationary retailing should continue to create sales experiences with the atmosphere in the stores. In the online trade, the clarity of the shop, as well as the availability of employees across all industries, are among the strongest customer loyalty drivers. From the customer’s point of view, and in addition, high-quality content should always be used when processing customer concerns, especially when exchanging.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

The closure of a couple of big retail chains expanded across the country doesn’t necessarily mean the death of the entire brick and mortar retail industry. It would be premature to build up this idea based off of a few reported cases of bankruptcy. One cannot follow the crowd and come up with a bold stance inspired by some industry veterans who believe,” it’s the end of brick and mortar retail stores.” Instead, you need to make a realistic analysis of the industry in the light of real facts.

What Do Stats Reveal About the Fate of Brick and Mortar Retail?

Ever-increasing online stores and e-commerce platforms with sales of billions of dollars each year can give us an illusion that brick and mortar retail is dying but believe you me, they can never die as long as the humans are alive. Online retail stores may have aggregated global sales of billions of dollars. Still, they can never match a multi-trillion-dollar brick and mortar retail industry, no matter what one may argue! From roadside small retail shops to big branded shops in malls and retail hubs, there are millions of brick and mortar retail stores all over the world that are present on the face of Earth, and they bear testimony to the fact that physical retail is not dying! Check out America's Best Bookkeepers

Brick and Mortar Retail is in The Safe Zone!

According to a study, 84% of the total products or commodities that are manufactured all across the globe are sold in brick and mortar retail stores. This indicates that online store or e-commerce has been able to grab a little percentage of the total market share and brick and mortar stores are still in the safe zone where they can reacquire what they have lost over the years.

That is going to be a challenge for the entire brick and mortar retail industry, and veterans believe, it might be impossible to regain the loss. Research that was conducted by a group of students concluded that you could prevent losing your brick and mortar market share to online competitors by making serious efforts to improving your in-house shopping experience. Getting your customers involved and navigating them to what they want surely ensures more sales and hence profitability. Check out America's Best Bookkeepers

Why the Retail Industry Experienced A Dramatic Shift?

With rising shoppers’ expectations, increased competitive pressures, the proliferation of data and evolving touchpoints, retailers need to come up with something new and must focus on delivering and elevating the overall customer experience if they expect to succeed in today’s highly competitive market. The reason why online stores have been able to grab a significant market share is due to evolving retail dynamics and changing industry patterns and preferences. Customers capitalized on easy-buying options at competitive rates and found convenience in purchasing their desired products online from their mobile devices. A significant shift from brick and mortar retail buying to online buying had shaken the industry to its core and made people believe that brick and mortar retail is dying. However, this wasn’t so!

What’s more?

Online retail giants such as Amazon, eBay, and Walmart that have operations all across the globe made it convenient for people to buy products at the hour of their choosing at discounted rates cheaper than the products offered in the brick and mortar retail stores. This significant gap made people think that online stores are cost-effective, and brick and mortar stores are exploiting them by charging more for the same products offered for sale on online stores. Online stores have some limitations such as loss of sensitive data, vendor details, and threats to cybersecurity, which limits the trust of some customers and drives them to brick and mortar stores despite the online discounts. Check out America's Best Bookkeepers

A Well-Crafted Illusion of Brick and Mortar Retail Dying

So, it makes me feel safe to say that online retailers or marketers have been quite successful in establishing an illusion that brick and mortar retail store is dying. Well, the concept is mostly exaggerated, and the physical retail is not dying no matter what. However, brick and mortar retail may witness a little breakdown in the market share in the upcoming years due to changing market dynamics and changing customer preferences, but it won’t completely die! If you don’t trust me, just trust the stats!

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

The turnover is because the majority of the retail employees are students and people looking for extra money. Due to the nature of these jobs and these employees moving towards more promising and high-paying careers, a shift system is needed. Thus, the turnover, along with the growing demand for retail items, leads to a constant and high demand for retail workers, who are necessary for the basic operations, bookkeeping and customer handling at a retail store.

All this, however, doesn’t explain the need for shift change procedures in retail. Check out America's Best Bookkeepers

Retail workers are working on a temporary or part-time basis, and to efficiently manage this random bunch, a manager (or managers who themselves also work shifts sometimes) must execute a proper shift change procedure.

Another reason why shift change procedures are necessary, apart from the workers’ temporary or part-time jobs, is the fact that workers can’t be on their toes at all times. Any retail worker can’t cater to customers from the time the store opens till the time it closes, during the whole week. If a retail store is opened at 9 am, for example, and closed at 11 pm, then no worker or manager can work for 14 hours. Hence, the need for an efficient shift change procedure. If the shift change procedure is well-planned and executed, then there will be staff present at the retail store at all times, and their best.

In case an employee calls in sick, the manager will have to change shifts or call in someone else, as he/she will have a replacement or another employee to depend or fall back on. But, if there was no shift change system and the retail store had limited employees available at particular times, then the manager might have trouble finding someone to fill in. Or the store would have to be short-staffed, which might become a problem if a lot of customers come in at the same time. Check out America's Best Bookkeepers

The advantages of the shift change system:

  • No one is over-worked, so less chance of employees falling ill, and they will be in better spirits while dealing with customers.
  • The system is well-managed and leaves little room for error as an employee will have to complete a specific set of hours or shifts per week.
  • Staff will always be present at the retail store at all times due to the store having an amalgamation of temporary, permanent, and part-time employees.

The disadvantages of the shift change system:

  • There can be a lot of confusion when an employee calls in sick, and the manager has to switch all the shifts and check with everyone to see who is free and can take the shift.

These were the most widely recognized advantages and disadvantages of having shift change procedures in retail. But, even after viewing these, you won’t have a clear idea about what shift change procedures are. Better to have a look at the kinds of shift change systems that retail stores have the choice to use. Check out America's Best Bookkeepers

The shift changes in retail:

Five main kinds of shifts are being employed in retail, including morning shifts, mid-day shifts, and evening shifts. The other two kinds of shifts are the On-off work pattern, which entails employees working consecutively for days and then take the next couple of days off. The second kind is the schedule format, which can have fixed shifts and flex shifts. In fixed shifts, employees work on one shift (morning, evening, etc.) but different days. While in flex shifts, the employees can work in various shifts on different days, whichever is available to them. One thing that managers need to be careful about is to make sure that all employees fulfill their designated number of hours and given a fair number of shifts.

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

A worker is punching his time card with the automatic clock
In recent years, internet start-ups have indeed changed the way in which employees work, offering flexible schedules and taking in remote employees. While all of this may be quite simple for an internet start-up, it is not as easy for retail outlets. They need to have a well-disciplined shift system. However, it proves to be tricky. The requirements of a strict shift system make retail jobs relatively undesirable compared to online companies that, as said before, offer their employees flexibility.

Bloomberg states that employee retention as one of the biggest problems of the retail sector in today’s world. However, there is a solution if you take up certain practices to improve the quality of work in retail, producing happy and productive employees.

Be Predictable

It is estimated that 17% of retail employees have unstable work schedules which lead to difficulties for employees. In order to avoid your employees facing such problems, it is important to inform them about your shift needs and the times you will require your employees to be on the floor. Come up with a suitable shift calendar, share it with your employees, and do your best to adhere to what you publish in that shift calendar.

Plan in Advance

In certain states, shift scheduling problems have led to lawsuits. The main practice highlighted in the lawsuits was on-call shift scheduling. This on-call practice puts employees under immense pressure, forcing them to be available during the times they are off. It can also violate the labor laws in many states.

It is much better to work with a streamlined schedule that is posted well in advance for employees to see. You can work with a good strategy. For example, have at least one experienced and well-performing employee on the floor at all times.

Be Transparent

Making on-paper schedules is not a thing of the past. Current technology allows you to construct and share shift schedules with your employees. Transparency will not only improve the relations you have with your employees but will also help your business in following labor laws more efficiently.

Improvement of relations with employees also means that they will be happier and this work kind of work environment will definitely yield higher productivity.

Encourage Communication

Managers often get pressured by shift change and vacation requests. You can streamline this practice by encouraging your employees to communicate and coordinate all of their needs through scheduling software. Given the autonomy, your employees will be able to plan a shift schedule for themselves, which can be later on approved by the scheduling manager. This will improve teamwork, shift the burden of rescheduling everyone for a one day leave, and help avoid the uncomfortable situation of telling a particular employee that they might have to work extra shifts.

Accept Feedback

Encourage employees to give you feedback on the shift schedule by making yourself available. Remember that the feedback process is always helpful.

Feedback will help in building a positive employee-manager/owner relationship, raising the happiness and productivity of employees. In order to avoid any kind of accusation of favoritism, set up a feedback framework such as an anonymous questionnaire or survey. This will also help if you put some of their suggestions into action in order to let the employees know that their feedback and suggestions are not being ignored.

Data-Driven Decisions

Employee satisfaction is one of the primary objectives that your business wishes to achieve. However, it shouldn’t let you go off-track of your main goal to sell your products.

Note and mark the times when your retail store is filled with customers and assign shifts in a way that more employees are available at that time. Similarly, keep lesser employees on the floor at times when there are only a few customers around. This will balance the workload that each employee has and will also derail any sort of grievance that employees might have related to them being more burdened as compared to their co-workers.

Work Incentives

Retail stores rarely offer their employees a clear road to promotion and growth. The most they might get is an advance to a managerial position. Due to this, temporary or even permanent employees might not be productive and employee retention can become a serious issue. Giving incentives, such as role-based training from someone experienced, can help a lot in enhancing the quality of customer service and productivity of your workers.

Acknowledgment of achievements through a proper recognition framework can help a lot in boosting the performance of your employees. You can also choose to provide bonuses. Providing respect to your employees can help you build manager-employee relationships. Assigning extra tasks, such as bookkeeping, based on the qualification or skills of your permanent employees can give them a fulfilled feeling that will boost their work performance.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

Beautiful woman using tablet while working in the store
It is a dream of every business to make its next year better than the last as it is the only way to take abusiness towards its mission and vision. Retail businesses are mostly dependent on seasonal trends which alter throughout the year. However, we have put together a few success tips for retailers who want to achieve year-round success. It doesn’t matter if you have had a great or disastrous previous year; the tips below are surely going to change your fortune, provided you do exactly as told.

Retail Success Tips

Update Obsolete Hardware, Software and Business Processes

All of your resources have been put to the test in the last season and now is the perfect time to evaluate where you stand. Based on the data from your last year’s sales, you need to assess the effectiveness of the hardware and software that is currently being used. For example, some of your departments may require a larger screen size or an automated system. Assessing past data will allow you to figure out if the tools and processes that are currently being implemented are useful or outdated.

The best retail success tips would suggest that it is not about having the latest and coolest tools around. Instead, it’s more about streamlining your business process and offering a better customer experience through the creative use of what you have at hand. Shifting to digital loyalty cards instead of physical ones is one way to optimize the utility for the customer as well as yourself. An updated system is also more secure. There are countless reasons why you should update anything in your business that is considered obsolete.

Interact with Customers at a Personal Level

In 2018, the anticipated marketplace is forecast to be fiercer than before, as traders will up their efforts in vying for consumer consideration. Forward-looking retailers are already implementing retails success tips through Omnichannel shopping, in-time order delivery, and optimum pricing strategies. With all of these strategies in place, do not forget that customer service is still the king when it comes to retail shopping. Connecting with your customers in a way that makes them feel comfortable and at ease while shopping in your store is a great way to convert one time shoppers into your loyal customers.

Motivate Your Employees

Employees are the main assets for any retail business because they are the ones who are actually making the sales. If they are not completely motivated, your business is likely to go down the drain for the current year as customers are more aware than ever. You may have to prepare a motivational speech to get them on board with your vision as well as up their incentives from the previous year. Don’t just speak. Instead, ask them for suggestions and make them feel like they have an equal stake in the business. This is the best way to get the most out of your employees.

Make Use of All Sales Channels

In this day and age of technology, one sales channel is not enough to make the expected gains. Retail success tips suggest that you set up additional sales channels so that customers can buy at their convenience. This means that you may have to set up an e-commerce platform for your retail business and start selling online if you aren’t doing so already. If you have a brick and mortar setup, you may turn towards social media as it is among the hottest platforms for retail sales. Ensure that your sales channels are interconnected so that, if someone orders online, they can pick it up from your store if they want the product urgently.

Create a Compelling In-Store Experience

Even though the trends are all moving towards online sales, people will still visit retail stores, not solely for buying, but because it is an experience for some. Offering personalized customer service to these consumers should be top priority for retailers and must be considered as one of the top retail success tips for 2018. To offer the best experience, you will have to invest in your workforce and train your employees. Also, the in-store ambiance matters significantly when you are looking to create an aesthetic appeal for your retail brand.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

POS System - Complete Controller

The days of the analog cash register are over. In the Digital Age, tools exist to help streamline your life, and your POS system should be one of them. People don’t know what to look for when shopping for the right system for their business, much less the different options they have. Let’s talk about what steps you should take to make sure you choose the best POS system for your retail store.
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Think About What You Want Out of Your POS System

Before purchasing your new POS system, think about all of the parts of your business. Put yourself on the customer side, the employee side, and the management side to identify what processes create a successful transaction and what tools you need to fulfill that exchange. Think about your inventory, checkout process, customer profiles, and bookkeeping. If upgrading, make a list of features that are absent in your current POS or what issues you have had with it. The right POS system will make running your business more efficient, saving you time and money.

 

POS and Customer Service

You want your customers to get as much out of your POS system as you do. After all, your customers keep you open. Your POS should run seamlessly throughout the busiest of days, providing quick and efficient service. Some can even save credit card transactions when the internet fails, then run the card when the connection is back up. POS systems can save customer profiles, allowing shoppers to look up earlier purchases, saving the employees from having to look up specific items. POS systems can also be integrated with inventory lists, allowing employees to check items in stock from the storefront instead of having to dig through the back stock. Also, consider security options for your system, ensuring your customer information is safe from costly data breaches.
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POS and Business

Choosing and tailoring your POS system to fit your customer service needs are one thing, but don’t forget about utilizing it to boost your business. Choose a POS system that can analyze sales and create the reports your business can use to make sure you are getting the most return on your investment. Your POS system can save you money by identifying items to keep stocked and which ones can be replaced. Consider the accessibility of your POS system. Some systems are cloud-based, so you can access them from home, another retail location, or even vacation as long as you are connected to the internet. Are you the one that is going to be creating reports, or can these functions be produced by someone with minimal knowledge of the software? Do you plan on expanding at any time in the future and want a system that can handle the increased transaction volume? Do you want your POS system to integrate seamlessly with your accounting or bookkeeping software? Do you already have hardware that you want your new software to be compatible with? These are all questions you should consider when researching a new POS system.

 

Compare POS systems and Create a Budget
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Now that you have considered all the functions you can use your POS system for, do your research. Look at all the components needed, and fees required. Some systems are more costly upfront but have more integrated features. Others have monthly fees but charge for each individual tool. Ask around similar businesses or check online forums. Call the POS system’s company and see if you can trial the software. These companies want you to use their POS systems and are usually willing to allow you to trial their systems and offer support for setting up and streamlining use.

 

Purchase Your POS System

Now that you have thought about your needs and desires from your POS system and have created a budget, it’s time to purchase yours.  Enjoy how it simplifies your life and supports your business.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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