Why Do Some Retail Businesses Make More Money Than Others?
If you an owner or manager or store operator for a retail business, you have asked yourself this question at least a few times in your head, “Why do some retail businesses make more money than mine?”
To answer that question we are talking about comparing apples to apples not apples to oranges. This is in comparison to your competitors. There could be a store just around the corner offering the same products or services that you are, while making 20 to 30% more money.
You of course will have to take into consideration variables like employee overhead, sales conversion ratios, average total sale, marketing and of course the number of clients actually entering your location.
In the past this has been overseen by the store manager and is delivered in reports that the owner can review and based on these reports make appropriate business decisions. Some retail operators still use this method. But are these reports accurate? Is the manager inflating or in the case of store traffic deflating, the numbers in order to keep his job? You are basing the profitability of your business on the work of another and as we all know humans can make errors.
However, in the present retail world many business owners are not leaving their sales, money and profits to chance. They are implementing retail traffic counters which can tie into their point of sale system to provide almost 100% accurate reporting on their business. Those businesses that are not putting these systems in place are falling behind their competitors.
These systems create automatically generated reports that will keep owners and operators of retail stores and showrooms armed with up to the day information about their locations so they can make the most money possible. It will allow you to decrease overhead by being properly staffed during slow and peak traffic hours, allow you to monitor sales conversions and total sales, and of course see how many real customer opportunities are entering your locations.
Don’t let another business make more money than you because their is technology on the market today to optimize your business and profits. Find out more about retail traffic counters by clicking the link below.