A big part of maintaining a successful retail store is making profits.
This also means that you, as the storeowner, have to stay on top of the accounting at all times.
One incorrect sale, item stolen or extra hour of labor cuts into the store’s profits.
What you can do is use programming to monitor labor costs and put security features in place both in the store and in the point of sale system.
Loss Prevention Plans
Retail loss prevention systems helps prevent or at least reduce shrinkage.
Security cameras with 24-hour monitoring are quite important.
The cameras should be located strategically throughout the store.
In a retail store, the only place that the cameras cannot be is in dressing rooms and toilet facilities.
Other security measures will be to use EAS system that will sound alarm when attempt is made to remove an unpurchased item from the retail store, helping to reduce shrinkage.
Inventory control is very important.
If an item is missing from inventory, it does not necessarily mean that it has been stolen.
Sometimes items are not taken out of inventory when they are used for displays or internal use.
It is important to take account for all items used for these purposes before assuming shoplifting or employee theft.
Maintaining labor costs is important.
You have to learn, as a retail store owner, when to have additional staff in your store.
During the weekdays, less staff is required as a result of less footfall.
An extra person on shift in the evenings and on weekends is ideal.
With these methods in place, shrinkage could be reduced in your store.
It is hard work but in order to maintain good profits, every aspect of the store has to be maintained.
Numbers always have to match therefore, any loss, write-off or theft has to be accounted for.
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In this fiercely competitive retail environment, the tiniest of things can make an enormous difference to your sales and profit margin.
Click on any of the links below to gain access to highly valuable resources specifically engineered to help retailer like you increase your sales and profit margin:
How to Increase Retail Sales Books: https://romeorichards.com/books-retail-increasing-retail-sales-store-design-visual-merchandising-display/
How to Increase Retail Sales Home Study Course: https://romeorichards.com/home-study-increasing-retail-store-sales-store-design-visual-merchandising-displaypost-launch/
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