Daily Archives: May 10, 2011

Three Ways For A Retail Business To Boost Profits

Customers waiting in line to check out at the ...

Image via Wikipedia

Adjust The Queuing System

The queue is a vital aspect of a retail business. Get it right and you will make more money and retain more customers and get it wrong and not only will profits be lower than they could be, but a high volume of customers may get aggravated and leave, unlikely to return on another occasion.

The most profitable system of queuing in a retail environment is the ‘single line queue’. The main reason for this is that it is by far the fairest queuing system available. The single line queue ensures that all customers are served in the order that they arrived, making sure that no one feels unfairly or unequally treated, therefore improving customer relations.

The single line queue also gives the appearance of a queue that is moving at a quick pace. This can reduce the amount of customers that leave a shop without making a purchase, since they are quickly moving towards the till as opposed to standing in a short but stationary queue (as is so common with more traditional methods of queuing).

Employ In Queue Merchandising

In queue merchandising entails displaying products alongside the queuing area for customers to browse while they wait to be served. Companies who have effectively employed this method of merchandising have reported up to a 30% boost in profits, as well as a 400% increase in impulse purchases.

In order to get the most out of in queue merchandising it is recommended that retailers display items of a low cost that will also attract a wide range of consumers. This is because low cost items are more likely to be picked up as impulse purchases.

In regards to in queue merchandising this is one way to boost profits in a retail environment that should be employed by all merchants. The set up cost is very cheap, and it is perfectly possible to display items that are available elsewhere in the store. Alternatively, in queue merchandising offers a fantastic way for businesses to increase the range of goods they sell without having to look at extending the floor space.

www.PsPrint.com

Don’t Forget About Customer Service

Customer service is a vital aspect of a retail business, yet it is often forgotten in the mission to make money. However in order to make the most money companies need to retain customers – any business which bases their strategy on a succession of new customers will eventually fail.

Customer service can manifest itself in a variety of ways – even a single line queue can be perceived as offering a better level of customer service than is offered by the use of other queuing methods. However customer service is most apparent when a customer and staff member are in conversation together.

In order to ensure that this one-on-one customer service is as best it can be staff should be trained properly not only in customer service, but in product knowledge also. This means that should a customer ask where to find a particular product the staff member is able to take them straight there.

One of the most important situations in relation to customer service is the moment when the customer reaches the till in order to complete their purchases. This is most likely the last interaction they will have with a staff member before leaving the shop and will therefore leave a lasting impression on the customer – whether positive or negative.

At an absolute minimum the till assistant should say hello, goodbye and thank you, yet other pleasantries are in most cases highly beneficial to the overall level of customer service as well.

This article was written by James Harper on behalf of Lawrence Metal. James writes on a number of subjects including business and retail.

Increase Profits By Taking Care Of Your Employees

www.PsPrint.com

Venturing into business means you need to earn a profit. After all, it is the main goal of any business to make profits. Eventually if they are already earning profits they want to know how to increase profits, plain and simple, that is how the business world works. However, before any businessman can increase profits, they need to study and analyze first the sales figures and statistics they have. They need to study it, allotting more time to it.

It is given that the aim of every businessman is to increase profits. Now, the concern will be how to do it. Does increasing the profits mean to increase productivity? Or does it mean to increase manpower? These are just some of the many questions new businessmen are trying to find the answer. To increase profits all it needs is just to have a bit of imagination, knowledge and a good group of advisers. Good advisers are the experienced businessman. Truly, nothing can beat the good old experienced businessman. After all, experience is the best teacher we could have.

Moreover, one way to increase profits is to study and check on how you market your product and services. For instance, if you are spending much in television advertisement and this is not paying off at all, it just means you are wasting a lot of money, throwing money as it is. If you see that your way of advertisement does not help you in any way to increase profits you can allot your budget to other ways of commercial means which will help you in a greater way to increase profits.

Another thing that the management needs to give importance is the production and productivity. To increase profits, it has been known that you need to improve the workplace. Make your people or employees are comfortable in the workplace, giving those good benefits and reasonable pay as well. Through these ways they will be happy doing their work, giving you good and quality products and in a way they will be able to increase productivity, giving you more chance to increase profits as well, a perfect win-win situation for both the employee and employer.

Technology, manpower and better workplace will be a good way to increase productivity; in return, it will increase profits. Just keep in mind to handle your workers and employees well. After all, it is them whom you depend on to run your business.

Business Acumen – Developing The Right Attitude

www.PsPrint.com

Doing business today is very tough, that is why you need to be armed with a strong background in doing business. You must have the right attitude because it is the one that will bring you to success or failure.  You need to have the skills vital to decision making because money is being talked about.  Having the guts and the will to make things happen is a factor in having a good business.

In dealing business, you must have business acumen.  Business acumen is the ability of a person to see things in a wide perspective.  A person with good business acumen is someone who is capable of giving good judgment with regards to dealing business.  He is capable producing positive outcomes where profits are made.

Business acumen is not just a specific thing wherein you can develop easily.  This ability takes time and experience before you can fully master it.  There are a lot of things that you must consider when talking about business acumen.

One of these things is intelligence.  You must have the intelligence to read reports and understand the business transactions of the company.  You must be smart in the things that you do because you are the one who is responsible on the things that you do.  You must constantly  educate yourself so that you will be able to catch up with the latest trends in the market.

Another good thing that you must possess is the ability to communicate well among other people.  Being effective in communicating with others can bring everybody to work together towards achieving the common goal.  Good skills in communication will help you to spread out the purpose and the goal of the company.  Knowing how to communicate doesn’t necessarily mean that you are capable of talking in long speeches.  What true communication skills show is that, words must be brief and yet precise.

In business acumen, you need to come up with the right strategies.  You must know the vision, the mission and the goal of the company.  In order to achieve the objectives of the company, you need to have a strategic plan.  These plans must be effective in achieving the goals, if not, then there is a problem with your strategy.  Make sure that you properly formulate your strategy or else, everyone will die

You must also be resourceful with regards to the resources or finances of the company.  Some people would back-out if they see that resources are not sufficient.   Remember you must use your head when you do things.  You must not waste the resources because it is the life of the company.

Courses like finance for non finance managers are available to help those managers that don’t know a lot about financing.  Finance for non finance managers is a good way to educate those who need it most.  It gives managers the education that they need in order to fully grasp the current trends and ideas with regards to financial matters.

Keeping Track With HRMS

www.PsPrint.com

No one person possesses all the knowledge and information in the world as he is not God. But to remedy this, people have invented writing and with writing, sprung books. Thus, from the time that writing was invented to the present, people have relied on entering information on paper, records and books so that forgetting a piece of data would never happen.

It was indeed an effective way of keeping records and history of a certain subject, but paper and books have certain weaknesses such as fire, water, and time. Thus, keeping track of written data have also proven to be risky. Luckily, the computer was invented, and from there on numerous data has been entered into the computer and now, even the internet, assuring therefore that the information and data that was entered would be safe and would stand a fighting chance of surviving for eternity.

Companies have also adapted this method in keeping records of their accounts and important files. And recently, companies have also turned to this method to keep not only the records of their accounts and important files but also have used it to keep track of the records of their employees through specialized software called the HRMS or the Human Resource Information System.

The HRMS is a software that was created to keep assist the HR practitioners in keeping and filing records of a companies employees. The usual information that may be seen in the HRMS in connection with the employees aside from their names are: the personal information, such as birth dates, height, weight, address, contact details; the educational background; the past work experiences; and at times, the scores on assessments and tests that were conducted before the employees.

The Human Resource Information System was made to lessen the work load of the HR practitioners thus giving them more opportunities to make use of their time in other issues of the company. Aside from that, the Human Resource Information System, also saves time in searching and locating from the numerous files a certain file about a person or employee and also saves spaces by eliminating the need for a filing cabinet to keep the records of the employees. It also prevents the files from being destroyed by way of fire, water or pests eating the files because all the information are now stored in a safe place in numerous hard drives that are connected to a mainframe or master computer.