Operating a retail store isn’t all kittens and rainbows. Though it can be fun at times and often quite lucrative, keeping your retail operations as streamlined as possible in order to increase your profits isn’t always so easy. Many business owners agree that their retail operations aren’t run as well as they could be. They could use some improvement in terms of efficiency, security, and costs.
For some retail store owners, improving retail operations can mean the difference between staying in business and shutting down. Though there are many avenues that can be taken to improve operations, there are no cookie-cutter approaches that will help each store. Not every solution will work for every retailer, as his or her operational issues will be unique.
These three questions can help you choose the best solution to improving retail operations at your store.
Is your money safe?
The security of your money should be a top priority. In the retail industry, theft is rampant. Given the chance, some of your customers and even your employees will steal your cash. Others might unwittingly pass off counterfeit bank notes as authentic. It’s important to prevent this from happening if you want to keep more of your hard-earned money in your bank account.
If you don’t believe your money is as safe as it could be and you’re forced to deal with big losses due to theft, it’s time to upgrade your security systems. Put in some security cameras, automate your point-of-sales system, get some counterfeit detectors, use a cash recycler and invest in some currency counters and sorters. When you have a watchful eye over your employees and customers, when every dollar coming through your retail store is accounted for, and when you eliminate opportunities for people to be left alone with your money, you can keep it safe.
Are you spending too much on labour costs?
Finding the right balance with scheduling can be difficult. You don’t want too many people on staff if your store isn’t going to be busy. But you also don’t want to be short-staffed if you have a surge of customers coming in. You don’t want to extend shifts but you need your employees to count floats and balance the day’s cash. You feel like you have no other option other than spending a lot on labour costs to ensure that your retail operations run smoothly.
Fortunately, you can cut down on your labour costs by automating your cash management system. A cash recycler, in particular, can shorten the amount of time spent on transactions so you don’t need as many cashiers on the floor. Plus it automatically dispenses and accepts floats and balances your cash, so your employees don’t have to come in early or stay late to do this tedious task. Not only will you see a reduction of labour but you will see an increase in cash flow as floats are only dispensed as needed ensuring a stack of unused floats are not sitting in waiting.
Are you seeing too many cash handling errors?
Cash handling errors can wreak havoc on your retail operations. When the majority of your transactions are done in cash and you have a lot of money floating around every day, your risk of cash handling errors increases. This is especially true if your employees are the ones keeping track of money and counting and sorting the bills and coins.
Human error happens all too frequently when it comes to cash handling. But it doesn’t have to. When you use a cash recycler to accept, count, and sort incoming money and calculate and dispense change, you’re guaranteed accurate counts every time. Currency counters and sorters in your back room can also greatly reduce instances of cash handling errors, since they boast a 99.9 percent accuracy rate. Overs and shorts will be found quickly and easily reducing time it takes to investigate.
All combined, can you really afford not to automate your cash management procedures?