Key Performance Indicators for Retail (KPI)
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Free Download - Summer Sales By Will Atkinson |
Let's face it, retailers are busy. So busy in fact, that many don't spend the time required to run reports and analyze their business's performance.
This is a big mistake, but it's not hard to fix. Running reports doesn't have to be a huge time commitment every day, week, or month. It DOES however HAVE TO BE DONE! If you're not running reports and analyzing your business, you're almost certainly wasting time, money, and losing sales.
So, what reports should you be running? The trick is to identify the most relevant parts of your business to your profitability, and the develop a few Key Performance Indicators (KPI) that will give you a clear picture of your business's performance without having to wade through tons of data.
Typical retail KPIs are things like:
-Total Sales
-Sales Per Hour
-Average Sale
-Inventory Turn
-Average Gross Margin
-Customers per day/week
-Items per customer
There are many more, including financial or customer centric indicators that you can use once you have a grasp on the above.
By monitoring these KPIs, and then making changes such as adding new types of stock, new marketing campaigns, or reorganizing your displays, you can compare your KPIs before and after to see if your sales have gone up or down, and why.
This is extremely powerful stuff and you owe it to yourself and your business to set aside a few minutes a day to look at these metrics, it can make a huge difference in your performance and the performance of your store.
Key Performance Indicators for Retail KPI - To learn more about this author, visit Will Atkinson's Website.
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Marcus ArkanMarcus Arkan currently serves as the President/Principle Broker of Syndicate Mortgages Inc. After working with a number of Canada's top financial institutions, the experience and knowledge he gained throughout his professional career combined with his drive and entrepreneurial spirit led him to develop his own company. The operation began in 2003 in the basement of his home and now has flourished into a successful corporation with a head office in one of Metropolitan Toronto's busiest sectors and 10 branch locations employing over 100 mortgage professionals. His organization is now one of Ontario's leading mortgage brokerages specializing in residential, commercial, and construction financing. He holds the designation of Accredited Mortgage Professional from the Canadian Association of Accredited Mortgage Professionals. This allows him to differentiate himself from other mortgage originators and demonstrates his commitment to the highest standards of industry performance. For more information on Mr. Arkan and his Syndicate Mortgages Inc., please visit www.syndicatemortgages.com. - Visit Marcus Arkan's Website |
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