Retail Store Sales Reports – Vital Reports You Should Look At Weekly

If you own a retail store, and you want it to be successful in sales, you need to keep track of certain types of information. Without it you really have no way to plan anything for your business. You need to know things like what are your weekly sales, when are the busy and slack times and so forth. Weekly retail reports are the lifeline for your business.

Retail Store Sales Reports - Vital Reports You Should Look At WeeklySo what kinds of reports do you need each week? At a minimum, a sales report. This one report will be able to tell you a lot of things. It will tell you if you are making enough sales to pay your bills at a minimum. Sales reports will tell you when busy times and slack times are.

Another report you should run is an inventory report. This will tell you what is selling and what isn’t. With that information you can adjust your sales items in order to move slower selling merchandise.

A report about employee hours, when compared to the sales reports can tell you if you are scheduling enough or too many employees. This can save you a lot in wages and employment taxes.

The computer systems to gather data for these and other reports you need can be expensive, or so fragmented that getting one system to integrate with another can be frustrating at best, impossible at worst. A great way to ensure that all the pieces you need work together and won’t break the bank is to find a system like Retail Business Development’s Campus, Assistant and Connect.

They work together seamlessly, and provide instant information and even training for your employees. Assistant also has a time keeping system for your employees. You need reports that include sales, employee information, training, inventory and CRM (customer relationship management). Find one that works best for you and keeps your business in the black.


 

Retailing Cloud Based Retail Solutions
Cloud Based Retail Solutions
RBD Retail 3.0 Solutions are a set of enterprise, cloud-based solutions for the mobile workforce that delivers powerful ERP, CRM, HRM, eLearning and Reporting modules to sales associates in the field, executives, management and back-office personnel. Find out more about our Retailing 3.0 business solutions

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Retail Store Sales – Tracking The Competition, Do Your Offers Stack Up?

Retail store sales can be tricky. You always want to be thinking about how to get more sales or keep customers. What is the best way to serve you customers and are you keeping up with the competition?

Retail Store Sales - Tracking The Competition, Do Your Offers Stack Up?

As a retail store, there are many things you should be tracking to check the health of your business: things like sales, sales goals and so forth.

But did you know that you should also track your competition, their prices and the sales they offer? Not only can tracking them show you if you are competitive, but also if you are staying ahead of the game with market innovations that will help you satisfy and retain your customers.

The first thing you should do is find out who your competition actually is. This can be best accomplished by understanding how your customers make their buying decisions. You can then assess their capabilities and their place in the market.

You also need to keep an eye on future competition. This is even trickier. Future competition can come from a number of places:

  • Market Expansion which is when existing companies expanding into your market area
  • Product Expansion which is when existing businesses expand their product offering
  • Business Change which is when an existing business makes changes to existing enterprises (funding, distribution, etc.) that could make a small competitor a major competitor

Once you know your competition, what are the things you should track? One is the capabilities of your competitors. This could be something like their customer base, marketing and distribution activities. Another item to be tracked is the organization’s strategy. For example, how do they price their products, what markets are they targeting, how are their product(s) developing? If you can find them out, it’s also helpful to understanding your competitor’s market share and revenue targets.

Fortunately finding out these things doesn’t mean that you have to find a spy! You can gather this information in places like trade shows, suppliers, and their website or, if they are a publicly traded company, in their SEC filings, which are available free from the SEC website. Find it, use it, and help your retail store’s sales and bottom line.


 

Retailing Cloud Based Retail Solutions
Cloud Based Retail Solutions
RBD Retail 3.0 Solutions are a set of enterprise, cloud-based solutions for the mobile workforce that delivers powerful ERP, CRM, HRM, eLearning and Reporting modules to sales associates in the field, executives, management and back-office personnel. Find out more about our Retailing 3.0 business solutions

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Retail Store Sales – How to Set Up Systems for Tracking Sales Goals

Setting and keeping sales goals is important for any retail store’s sales bottom line. Every retail store owner and manager should be able to put their hands on certain key information in order to know if those sales goals are being met or need to be adjusted. So what kind of system should you use to track retail store sales?

Retail Store Sales - How to Set Up Systems for Tracking Sales GoalsEach retail store sale that occurs in your store gives you a plethora of information, and much of that information is important to seeing if sales and store goals are being met. The problem is that the information you need can be hard to pin point, especially if it isn’t complete. Also, some information that you need to make decisions isn’t going to be in sales data.

Numbers aren’t going to tell you that an employee isn’t asking the right questions or offering the right products. Using a service like myvirtualdm.com and Retail Business Development’s Retail 3.0 solutions can cut down on your information gathering and put the information you need right into your hands. Remember that behaviors can also affect goal attainment, so systems like these cover numbers and behaviors.

Services like these give you reports about your customer’s experience in your store, and they track how the sale goes from start to finish. The report will tell you the impression your customers have about the appearance of your store and your employees. It can also give you a run down of problem areas and suggest instant training to improve them. Such as: are your employees dressed neatly, name tags on, etc.

The report will also tell you how your employees treat your customers: were they greeted immediately and in a friendly manner, were they helpful and so forth. Most importantly, it will give you an assessment of whether they are following the sales training that you gave them to bring up your retail store sales.

Each of your sales people should have both personal and business sales goals. Using a system like RBD offers will help you and your employees track these sales goals, and keep your retail store sales on track!


 

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