5 Key Aspects of Store Budgeting
Budgeting for your retail stores can get a little complicated if you aren’t using the right tools. of course, you have to also be tracking and monitoring the correct information. Here are 5 key aspects of store budgeting that you should be paying attention to on a daily basis.
- Multi-Level & POS visibility – One of the most important aspects of every retail operation to keep tabs on is your point of sale. Who’s accessing it and when? What type of transactions are taking place? What are customers buying? And, of course, keeping tabs of various levels of responsibility at the POS is also important in terms of knowing who is doing the selling, what they are selling, and how each individual with access to the POS is impacting your bottom line.
- KPI Targets – Not only is it important to identify your key performance indicators (KPIs), but you’ve got to track them and monitor them so that you know when you’ve hit them. Allow your home office to establish KPIs for average dollars per transaction, average units per transaction, average dollars per hour, wage cost percentage, and weekly workforce hours. Establish KPIs for each store in your retail chain and get a graphical view on which ones you are hitting and when.
- Annotation – Sometimes, you have things are well beyond your control. Numbers alone simply do not tell the story. Being able to make notes inside your store budgeting solution allows your store managers and sales clerks to communicate with your operations and home office to know what factors exactly are affecting the store even during special circumstances like store closures and extended specials or sales periods, even grand openings and closeouts.
- Reporting and Analysis – Get historical records at a glance and compare sales and other statistics against year-to-date and last year numbers.
- Configurable Data Views – Define your own important requirements for viewing the data that is relevant to you. Each end user has flexibility and total control over how information is viewed, being able to access the data that is important to their level of responsibility.
Learn more about effective store budgeting with ChainDrive.