5 Ways to run an effective business in January
January is a game of two halves in Retail. Sales figures have slackened due to either low footfall or the sale of heavily marked down stock and workload can be challenging, so what is the most efficient way to be effective? Here are five areas for you to consider:
1. Strategic Planning
It may be that you have a long-term strategy in place, or perhaps you implement a new strategy each year, but either way now is a good time to sit down and review how you performed against your targets last year and what your focus is for 2018. What adjustments need to made? Where is your growth area for this year? How is your team performing? How was your financial performance in 2017? What are your financial targets for Q4? If you are a Sole Trader who spends most of the working day alone, it’s a great practice to get together with a trusted mentor as saying things out loud helps to get your creative juices flowing.
2. Staff Development
Your strategy should contain something about your team and this month is a great time to sit down with staff members and have a discussion about their development. What do they want help with? What courses are available locally that will enhance their knowledge and be a benefit to your business?
Local colleges and Universities are a great source of learning for SME’s so find out who your local business Manager is and meet up. Also, take the time to discuss activities they excel at. Identifying these activities will unlock
3. Focus on Clean and Tidy
This is in relation to every part of your business. Your office and backroom areas were probably neglected over the holiday period, so get in there and get sorting. If you do not have a stockroom operating procedure, now is a good time to get one set up. Take stock of overheads that you use frequently, till rolls, carrier bags, (take away cups and bags for you café owners) and ensure their usage is efficient to minimize your spend this month.
Ensure your back office paperwork and invoices are up to date. Start to gather all that information the Taxman will need. Review or set-up a deep clean schedule and get the team to make a start. Then move on to the sales floor. How is that sale area looking? Can you smarten it up or move it to the back of the store? By Mid January customers will be looking for new spring stock.
4. Stocktake
By the end of January, your sale stock should be depleted and your new stock should be arriving and this creates a great window of opportunity for a stock take. Take time to plan your stock take. Schedule in personnel and try to complete it out of hours to simplify the process. Ensure you have the most up to date data on hand to reduce the risk of corrupting your stock file.
5. Allocate Holidays and time off
Review your staff holiday planner and ensure every team member has his or her annual leave booked in for the remainder of the financial year. Anyone who still has outstanding holidays should be approached and asked if they would take the time off now whilst it’s quiet. This includes you!
BEST PRACTICE TIP: Be kind. Many staff on low or zero hour contracts can’t afford to take the time off as they lose out financially, especially if they work above their contracted hours on a regular basis. Do the right thing and work out their average hours worked over the last 12-week period and make that their holiday pay.
If you would like any further advice or practical support on any of the above focuses, please get in touch. [email protected] or call 07878666795