How to keep your staff competitive and more questions answered

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question:

When is the best time to hold a non-holiday sale? And what’s the worst case scenario?

We discussed this with Brain Squad a while back and the overwhelming conclusion was that it depends on your customer base, local weather patterns, school calendars, local tax holidays, etc. .

April and May were the most commonly cited months. This is because many jewelers find this to be a good time to hold clearance sales in advance of new inventory arriving, and customers often begin receiving their tax refunds around that time. . The mild summer period from June to August was also popular, but not to everyone. Some say too many customers take vacations at this time of year for the event to be a success.

How often should the window display change?

There are no hard and fast rules. Rather, the decision to modify windows should consider the traffic flow in front of the store. The purpose of the window is to grab the customer’s attention and keep them interested. That is, if your store is located in a place where many of the same people pass by every day, your best bet is to change the appearance of your windows as often as possible (sometimes every 1-2 weeks). Changes can be made by keeping the display theme for a month at a time, changing only one eye-catching element and changing different product samples in sequence. For stores where foot traffic is not a huge issue, less frequent changes may be acceptable, but keeping the theme and product look fresh should still be a goal at least monthly. there is. Additionally, stores with the most effective displays are very willing to maintain a consistent theme or look from window to window and between window and interior displays to keep customers focused on the product and not the props. I know it’s important.

We spend a lot of time training our staff. How do we keep them in a competitive environment?

The good news and bad news about retention is that it’s not all about money. While a competitive salary is clearly important, an employee’s longevity is often determined by other issues, such as friendships at work, growth opportunities, and the challenge and satisfaction they receive from their career. And sometimes we also talk about the benefits. The bad news is that it’s hard to figure out how to attract, satisfy, and keep people interested. One of the best ways to gain this insight is through regular “stay interviews” with your most valued employees. Specifically, ask your employees: “Can you identify some things that could contribute to doing the best work of your life?” or more simply, “Why do I like working here and what can I do more of?” please tell me.”

Establishing retention in a systematic way starts with the hiring process. Some people are not cut out to work for many years with one employer, especially a small one. Tell job seekers: “This is a long-term position for the right person. If you’re not here in two years, please let me know.”

After more than 20 years of solid production, salespeople’s top performance has declined. She’s still working hard, but her sales aren’t going up. Is there anything I should do?

She may need to update her sales style. The way people want to be sold to is changing, and salespeople who follow old-school power salesmanship will find consumers, especially younger consumers, unresponsive. Keep her (and yourself) up to date on her cutting-edge sales skills so she can sell smarter and not harder. This usually means asking more questions, listening more, and essentially allowing the customer to complete the sale themselves. Seriously consider hiring a sales coach. Done correctly, training can make your fading star feel valued and growing, while also undoubtedly regaining some of the confidence you’ve lost. (The cost should quickly be recouped by increased sales.) You might also want to reconsider the metrics you’re using. Your win rate is good, but to make sure your business as a whole is more positive, you need to check other factors, such as initiating new contacts with potential customers, how you follow up on contacts, and the amount of face-to-face or phone interaction. Also track the area. – Phone time spent by sales reps. There is a fairly direct correlation between these factors and sales success.

How can I avoid running out of funds?

The key to avoiding liquidity problems is being able to accurately predict your cash flow needs. If your monthly accounts receivable is off by more than 5%, you have a problem. The ability to create cash flow forecasts is one of the greatest strengths of POS systems. If your POS system won’t spit out the numbers you need, find a tutor right away.

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