Retail Budgeting For Chain Stores
Whether you have two stores in your chain or a couple thousand, you’ll need some way to set your budget, analyze it, and manage it from day to day. What you need is a retail management solution that is robust enough to handle your budgeting needs and perform REAL retail management functions.
So what kind of retail budgeting management are we talking about? Here are just a few of the ways a superior retail budgeting management solution can improve your retail business:
- Set budget targets and timelines
- Monitor KPI performance
- Assist you in setting budgets by analyzing historical data
- Simplify your budgeting process
- Graph selected budget data
- Report variances
- Integrate your budgeting with point of sale
- Select stores for budget analysis by district, area, or type of store
- Establish a target and rank your stores accordingly
- Evaluate store performance
Retail budgeting takes place on many levels. You can drill your budgeting down to the store level, raise it to the district or the regional level, and upscale it to the chain or franchise level. If your budget management solution isn’t doing all of that, then it’s time to upgrade to a solution that will.
Is your retail budget management solution working for you? If not, why not?