Retail managers have a tough time facing the challenges that come their way due to the industry’s fast-paced, competitive environment. What’s worse is that upper management expects them to maximize productivity despite being entrusted with managing inexperienced, part-time and seasonal employees for long hours. Despite these issues, many store managers are able to succeed; with sound retail management strategies.

In addition to whatever tools you have picked up in your years as a retail manager, use the following five tips to make your management style more effective to help your employees hit their sales targets.

Understand the True Value of TimeRetail-Store-Management-300x236

Time is a fixed resource. However, mastering it allows you to overcome the hurdles of tight budgets, lean staff and information overload. For instance, using your time management skills, you can determine which issues need to be solved immediately, which should be postponed, and which should be delegated altogether. You’ll also be prepared to eliminate time wasters, handle interruptions, and even say ‘no’ to demands that can affect the store and its bottom line.

Don’t Just Manage; Lead

Store managers need to lead the staff by encouraging and facilitating self-management among its members. This means setting realistic goals, evaluating the performance of each employee and communicating your observations, developing appropriate reinforcement techniques, coaching your team to achieve the results you need, and maintaining an atmosphere that allows downward, upward and peer to peer information sharing.

Find Ways to Incorporate Teamwork

Let’s be frank; a retail manager also needs to maintain a work-life balance. Therefore, they need to be able to trust their staff to help them out or solve problems on their own. This is where teamwork can help. Establish group goals, align your staff and their roles to encourage cross-training and cooperation, leverage individual differences, and be there to motivate your employees to work together and offer support to one another.

Be Open to Changes (Better Yet, Be Prepared for Them)

While some managers shy away from changes and the hassle that follows them, change in retail is actually a good thing because it drives success. One aspect of retail management is managing change. This is possible through anticipating change, developing ideas to solve the issue at hand, managing the upcoming transition, incorporating innovation in the process, and encouraging the staff to stop resisting it.

Improve Your Hiring Strategy

One of the biggest mistakes retail managers make is hiring more people in hopes of improving their services. While some do so because they believe in the power of an extra pair of hands, others believe that more workers can hoodwink buyers into believing that their services are better. However, you need to understand that having fewer, quality workers is the key to success as it wins over your staff and customers. If you really need to hire more employees though, make sure that they believe in what they’re selling. Only then can they help you achieve your employer’s goals.

Aside from these five tips, here’s an additional one on the house: you can’t apply the best retail management strategies if you don’t know how well (or poorly) your store is currently doing. Therefore, you need to start generating reports that allow you to identify the health of your business. This is where Xformity can help. A robust business intelligence reporting software system, it provides you with immediate, reliable and actionable reports, including detailed sales reports and complete labor reports. You don’t even need to spend much time on these important documents as the Ad Hoc Reporting feature helps you quickly generate the data you need within minutes. The software also features a Data Visualizer, offering your any report you need in the form of graphs or charts.

With so much to provide both restaurant and retail owners, Xformity is the perfect tool for effective restaurant and retail management. Request a personalized demo today to see for yourself how our clients are growing by 2% per unit with the help of our software.