Edge Retail Academy Blog

Time to Reflect

No doubt over the Holiday break (I can hear some of you laughing at the thought of a break) you pondered the passing of another year and vowed that the year ahead was going to be different. It is the perfect time to reassess the passing year i.e. what has been successful and what hasn’t. What are you going to repeat and what will you do differently.

In October this year, you won’t remember with any detail or accuracy what happened last December … so do it while it’s fresh, and by the way, involve your staff.

Get them to write their own report about what they would do differently this year.

Examples of things to analyze:

  • Your Team: Staff levels and rosters; attitudes and enthusiasm; incentive scheme results; daily Edge meetings; selling skills and product knowledge … who gets to stay and who doesn’t? Remember the 3 T’s … Terminate, Tolerate or Train … 
  • Your Inventory: Which inventory worked and which didn’t; which categories performed best and why; which categories didn’t work and why not; your strategy for reducing aged inventory; your December inventory level and mix; your open to buy fund; your re-orders and inventory processing; your vendors … who was reliable and who wasn’t; your average sale value; your displays …
  • Your Customer Culture: Your ‘point of difference’ based on the ‘lifetime value’ of each customer; your risk free purchase guarantee, free battery replacement, extended warranties etc; trading hours …
  • Your Marketing: What worked and what didn’t; how much did you spend and on what; which medium worked best; how was your catalogue/flier distribution; what will you repeat next year and what will you drop …
  • Your Finances: Did you have a sales budget each day and how did you perform; how was your cash-flow in January … and how is it now?
  • Your Information & Technology (IT): How did your systems cope, what will you add/change next year 
  • Your Self Management: Did you keep a daily log book of what worked and what didn’t (you’ll never remember it next December), did you work smart or hard; did you delegate effectively; were you well planned and relaxed or did you wing it and stress …
  • Your Organization & Management Systems: Were you happy with your Layaway balance coming into December; your repair system; your office systems … 
  • Your Retail Strategies & KPI’s: Did you have a specific average sales target and how did you compare; your conversion ratio; the number of sales per customer …
  • Your Opposition: What did they do that seemed to work and how can you do it better, when did they advertise … is there a pattern to it …

Get the picture?

Turn potential into profit.

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