When you own or manage a small business you have to be on your toes at all times. It’s go-time from the time you get in, to the time you leave (and sometimes at home after you thought you were done for the day). Orders coming in, sales coming up, employees with questions, and bills to be paid.
Being “on” can be exhausting, and though it may be counter-intuitive, slowing down can really grow your business.
Take a breath, take a step back, and look at your store(s) from a new perspective… Run a report you haven’t run in a while.
RICS has some great reports to run when you’re in the analytical mood. What’s the old saying? “Retail is detail?”
Well, you know where the detail is: Product, Price, Place, and Promotion.
Let’s run a report on Product:
The Best Sellers Report includes the best or worst selling SKUs ranked by quantity sold, dollars sold, dollars profit, ROI%, Turns, On Hand Inventory Value, or sell-thru percentage.
Run this report zeroing in on Worst Sellers and you may see a product that’s marked up too high, not featured enough in it’s section, or has aged out of style.
What about Price?
Pick a class to filter by in your Price List Report and take a closer look. Are there items that you can create signage to demonstrate value to potential customers? Your price versus the competition perhaps? Or, your price combined with a Frequent Buyer Program = Value!
If you have more than one store you can really get into the nitty gritty and make some strategic moves. You see on the Bestseller Report that Shoe A is flying off the shelves at Store 100, but at Store 200, they’re not moving the product. Is it worth Transfer some stock from one Placeto another?
Maybe you have a salesperson who is really good at promoting and selling that particular shoe. Find out with the Salesperson Summary and filter by that SKU. Find out how that employee is promoting the shoe and get others to do the same.
RICS is a data powerhouse, and the reports available can really help you make good business decisions. So, slow down! Grab a glass of lemonade, sit back and explore RICS Reports.
Want to learn more about how you can use RICS to grow your business? Click here to schedule a demo.
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