5 Ways To Achieve Retail Budgeting Success
Budgeting is an inescapable part of the retail business equation. Store budgeting done right enhances overall performance since appropriate sales and performance objectives can be set. This affects the morale and motivation of staff because a goal within reach is encouraging, but a goal without hope is demoralizing.
Choose Software That Meets Performance Standards
The days of accounting clerks scratching numbers on paper are long gone. Software that can provide the function of recording, access to databases, and analyzing that data have replaced the dusty ledgers sitting on shelves. The right software does more than keep track of numbers:
- Multi-level and Point of Sale visibility can access data in real time as well as all the accumulated historical statistics. The ability to control data visibility is important because security is maintained. The right people see what they need to see and no more, whether it is determined by time frame or by store level. Look for a comprehensive security capability along with flexible visibility.
- Key Performance Indicator targets should be easy to set and easy to monitor. Look for quick performance graphic views and the ability to set KPI targets you are interested in for your own specific enterprise.
- Annotation provides the ability to log detailed information as it occurs. This data is invaluable in the future for planning and assessment because it provides a bigger picture. Future planners rely on accurate annotation.
- Analysis and Reporting on many levels allows comparative functionality. All the information and the ability to compare, analyze, and report, including printing of those reports, will be welcomed by staff working to prepare for planning sessions.
- Configurable Views are defined, saved, recalled, displayed, and utilized far more than the old ledgers in that dusty room once were. The dynamic capabilities of software allow flexibility and full control over all data views — or should.
ChainDrive Meets The Challenge
Because ChainDrive’s retail store budgeting software is part of an integrated retail management solution designed by retailers, it has the factors needed to be the successful replacement of outdated methods. In fact, the ability to customize for specific business needs and the support that ChainDrive provides makes it more than a successful software strategy today — it promises to be what is needed in the future.