Every retail business dreams of expanding and eventually being able to run multiple stores or branches. However, this kind of growth doesn’t necessarily guarantee success. On the contrary, it has caused some businesses to go downhill because they were not well-prepared and the different locations were not handled well.
If you believe that your current operations are efficient and you have the resources to expand, make sure to remember and apply the three important principles below in handling two or more retail stores.
What if you do have the best POS system and highly trained staff, but you’re not able to manage everything wisely? Well then, there’s still a big chance for failure. It’s like having a teacher train students thoroughly to research and learn their lessons and handle projects on their own, and then leaving them to themselves without overseeing things anymore. No matter how good they turn out to be, the teacher needs to be present and to continue to be involved. In the same way, it’s still vital to have a general manager, a top leader, or the company president/CEO to supervise and direct everything.
Good management pays off. Not only will your operation run more smoothly but the entire team can be united to work toward common goals and to fulfill the same mission and vision. And in accomplishing this, you must establish a great system within your company and amongst the various locations or branches.
It might be wise to use a tenant screening process to determine if your franchisees or tenants are trustworthy. If you own the property or are a landlord, you should consider companies like Tenant Screening Center who provide the best rated tenant screening services for any new tenants and see information like their credit reports, background checks, criminal history, eviction history, employment history, and similar information.
Leverage is always a key principle in growth and expansion of businesses. Take a look at the bigger retail brands that you dream of turning into. Many employees hardly see the business owners. The company CEO doesn’t need to visit each branch every single day to supervise the operations.
In order to handle multiple retail stores effectively, you have to duplicate yourself. You need to train managers and supervisors, and they in turn will train subordinates. Tasks have to be clearly divided. Everybody has a set of responsibilities to fulfill, all of these contributing to the smooth-sailing daily business setup and process.
Continuous training is crucial in developing and maintaining good leverage. Furthermore, you have to have reliable people to run each store properly. Aside from the employees, you ought to equip your retail stores sufficiently and have a good system to update the inventory and customer data as well as keep all essential information together. In this aspect, a point of sale system is a huge necessity.
It goes without saying that constant communication has to be maintained for successful handling of multiple stores. People from the different stores have to stay in touch regularly. You need to also be visible, passing down pertinent information and ensuring that it reaches everyone who needs to know.
Aside from business data, also consider the importance of communication for the purpose of building a good team. Your employees should feel that they belong to just one company and that must work together. Run an internal newsletter, create an online community, come up with teambuilding activities, and more! These will surely help keep everyone in good communication and relationship with one another, further motivating them to work hard and to help each other.
POS systems are also beneficial in upholding remarkable communication through inter-store transactions, unification of inventories, centralized management of data, and more. Check out the multi-store POS system we offer for your added ease and convenience, better management, and greater success.