Retail is a blend of art and science. Sometimes you need to go on instinct, sometimes you need to look at the numbers.
Metrics matter for a number of reasons: they help you become more profitable, they help you bring in more sales, and they help you control costs. What’s more, when you approach banks, landlords, and suppliers, you need to have these numbers in hand, to demonstrate how well you’re managing your business.
Metrics — often called Key Performance Indicators (or KPIs) — can act like levers in your business. You pull one, and several parts of your business react. If you want metrics that will make a real difference, you need to think of them as inter-related, a complete whole that shows how well your business functions.
But just which metrics should you look at? In retail, there are hundreds to choose from. Get too myopic, and they’ll eat up your time and point you in the wrong direction. Go too broad, and you’ll miss some glaring issues. In this white paper, we’ve distilled it down to the 12 metrics that should matter most to independent retailers — and explain why. These 12 metrics focus on three areas in particular: how well you’re performing financially, how well your merchandise is performing, and how well your employees are performing.
Working with the levers in these three areas, you’ll be able to increase sales, improve cash flow and grow your business profitably over the years. Download this whitepaper to find out more…