Ensure your ordering system is efficient
If you’re purchasing a range of different products for your inventory, it’s important your system is effective and efficient. It’s also important that it’s easily understood by your employees so you can manage your cash flow and stock levels.
Check inventory for defects and quality
Always document the inventory you receive, and check for defects or incorrect delivery. If you are constantly returning product, then it’s time to search for new suppliers.
Use inventory software
Even small retail businesses should automate between the till and what’s being sold, and your inventory levels and what you have left in stock. It will allow you to use ‘just in time’ ordering to keep your inventory to a minimum without running out.
Offer your customers ways to pay
Customers want the latest ways to pay, with the most up-to-date technology. Online and mobile payments mean that you aren’t spending time invoicing, and chasing up late payers. NAB’s Business Package has options for you to do this and includes options such as:
- NAB EFTPOS - solutions for on-the-go and in-store payments. It’s the most common way to pay in a physical store, and if you deliver products to your customers’ homes, there’s also on-the-go options as well.
- If you have customers that have credit accounts, NAB Direct Debit allows you to debit funds straight from your customers’ accounts. This reduces the amount of time you spend chasing up late payments.
- Plus, if you pay your bills promptly, you’re going to develop a better relationship with your suppliers. Automating your payments and setting up direct debits with NAB Business Cards means you’re reducing the stress, hassle, and administrative burden.
Use accounting software to keep everything up to date and compliant
A good accounting system is crucial for a retail business and comes in handy at tax time. You can monitor cash flow, transactions and inventory, develop a customer database, and keep up to date with your bills and payroll. A cloud-based accounting system offers increased security, as well to the ability to check your financial data in real time. Most can be used on your smartphone as well, making it easier to update your records. Xero, Reckon and MYOB are great options for retail businesses, and you can integrate them with your NAB Business Everyday Account. There’s also a number of retail specific software add on products that integrate with your accounting software.
Develop a customer sales system
Provide training to employees to keep up-to-date with the products you’re selling, and to offer an outstanding customer experience. One of the main differentiators for a retailer is customer service, in a world where the customer can buy most products online. Create a system to go that extra step, know your customers by name, be involved in the local community and anticipate customer needs.
Check you’re not overstocked
If you find yourself with products that aren’t selling, and running out of those that are, you need a better inventory system. Invest in inventory management software to see on a daily basis what is happening.
Top tip: The importance of retail workflow and operational processes
Understanding best practice when it comes to the workflow of retail operational processes is essential. The Small Business Chronicle has some tips on the basics, such as purchasing, inventory, customer service and accounting.