Added for You - Business

Get More Marketing Value from Staffing Software
Offering high levels of process automation, recruitment software plays an indispensable part in reducing a staffing agency's administrative burden. However, today's recruitment applications are designed to do a whole lot more than just reduce paperwork. They can make a significant contribution to a company's marketing and sales activity.Effective client contact management and timely, personalised business communications are essential to the success of any recruitment company. The first step in getting more from your marketing and sales activity is to better understand your existing and prospective client base.In today's frenetic business environment it's simply not enough to send generic email shots to everyone on your database and hope they generate some interest. With nume

er of customers who entered the store in the same period.

This indicator is the strongest indicator of sales ability. It requires a store traffic counting system. The simple ones are cheap and should be used. Properly set up, their accuracy is within the 2 to 3% range. The more sophisticated versions enable indicative conversion rates to be determined for an individual sales person.

When this indicator is combined with items per transaction, the average sale value and the gross margin indicator, any store manager should be able to coach a sales person on their effectiveness.

Warranty Sales

The number of extended warranty sales made over a period, divided by the number of transactions over the same period.

When the sales item is a physical good capable of carrying a warranty, this is a simple indicator of add-on sales effectiveness.

Retail selling appears at times to be an art rather than a behaviour or skill. It is not. It can be coached. To coach any behaviour or skill there must be an appropriate standard to reach and an indicator to measure progress towards the standard.

Utilising a combination of behavioural, numeric and literal indicators

Career Choice - The Considerations
How does one decide one's career? How does one decide and take a decision that may shape the life excellently or doom it forever? It is not as if nobody has the right or opportunity to choose their own vocations. Circumstances decide the way things will go. But it is true that many people when asked, will say that they would prefer a different job or career of their own taste and liking.Most people now have a formal education before they step in the real world where each one is to his own. Careers start at a very junior level. There are very few people who actually start at the top. They either inherit or are extremely brilliant. You may consider artists. Art is considered by most of us as a hobby. Very few venture from the beginning to become artists for a living,since it is well kno

Most retail stores would agree that they can improve their sales performance. What I observe though, is that store mangers and sales managers often do not know how to get better performance from their staff.

To coach people to improve their performance, a standard is required against which they may be compared. The standards are usually ascribed by a performance indicator. An indicator may be in the form of an observable behaviour, or it may be a numeric or literal indicator.

Coaching retail sales people requires all three types. In my experience, a combination of the following performance indicators generates enough data to coach sales people.

Behavioural indicators may include:

Adherence to a Code of Conduct

Adherence to the organisation's business values as encapsulated in a documented code of conduct. The code of conduct should require adherence to policies and procedures and describe the appropriate interaction between sales people, customers and one another.

Behaviours which go against the code of conduct on the shop floor have a deleterious impact on customer perceptions and on staff morale. They should not be tolerated.

Personal Development

Personal Development is comprised of two indicators:

Attendance at Training Courses

The percentage of training courses attended by a Sales Consultant of the training courses recommended for the same Sales Consultant over a certain period.

Progress Towards Coaching Targets

The sales person's progress in achieving their coaching targets (for numerical targets) and/or changed behaviour (for behavioural targets).

Store managers may also be coached against leadership indicators.

Leadership

Leadership comprises four elements:

Completion of coaching sessions with sales people
Completion of customer service calls (follow-ups and telesales)
Sales people's adherence to the code of conduct
Sales people's attendance at training; the percentage of courses attended during a period of the courses recommended over the same period

Literal indicators may include:

Shop Presentation and Merchandising

Shop presentation and merchandising comprises two elements:

The number of advertising hero lines represented amongst floor stock.
Adherence to the store merchandising checklist.

Numeric indicators comprise two groups; the overall sales result and sales effectiveness.

Overall sales result

Sales Booked

The $ value of sales booked (i.e. accrued income), over a certain period of time.

The crudest indicator of a sales team or sales individual's results. It gives little information about how effective a sales person is. It is usually required, however, for headline comparison.

Expense Control

Meeting expense targets within budget for a given period.

This is an indicator for the store manager. It gives some information on how efficient the store is when it is expressed as a percentage of sales booked, as well as a straight number.

Gross Margin

Gross profit (sales revenue minus sales costs) divided by sales revenue.

Variations against a target value for product categories reveals information about the tendency to offer discounts to get the sale. If the sales booked number is very good, a low number here may be tolerated. If the sales booked number does not meet the target and this number is low, then some coaching of sales staff is warranted.

Sales effectiveness

Sales by Hours Worked

The $ value of sales booked over a period divided by the number of hours worked over the same period.

This indicator ascribes an individual's ability to sell. Care needs to be taken to set different targets for individuals with varied levels of experience and ability. Do not set everyone the same target.

Items per Transaction

The number of line items sold over a period divided by the number of transactions occurring over the same period.

This indicator gives an indication of the sales person's ability to cross-sell.

Average Sale Value

The $ value of sales booked over a period divided by the number of transactions occurring over the same period.

This indicator gives an indication of the sales person's ability to up-sell.

Conversion rate

The number of transactions recorded in a period divided by the total number of customers who entered the store in the same period.

When this indicator is combined with items per transaction, the average sale value and the gross margin indicator, any store manager should be able to coach a sales person on their effectiveness.

Warranty Sales

The number of extended warranty sales made over a period, divided by the number of transactions over the same period.

When the sales item is a physical good capable of carrying a warranty, this is a simple indicator of add-on sales effectiveness.

Utilising a combination of behavioural, numeric and literal indicators r

Opening A Dollar Store - Focus on Cost Reduction
Are you opening a dollar store? If so never lose sight of the importance of cost reduction. In fact cost reduction should take place from the day you start your planning. Once the store has opened, there are three areas that must remain a focus.Start by always focusing on the Cost-of-Goods-Sold. Cost-of-Goods-Sold is a major portion of expenses for all retailers. If you are opening a dollar store, especially a true $1.00 price point store, this is even truer. It is reasonable to expect C-O-G-S, which includes product, freight, shortages, returns and damaged merchandise costs, to run as high as 60% of sales when you first open. However, the entrepreneur should set monthly targets that decrease C-O-G-S over time. After all, even a 1? reduction in C-O-G-S for a store with $500,000 in annu

Personal Development is comprised of two indicators:

Attendance at Training Courses

The percentage of training courses attended by a Sales Consultant of the training courses recommended for the same Sales Consultant over a certain period.

Progress Towards Coaching Targets

The sales person's progress in achieving their coaching targets (for numerical targets) and/or changed behaviour (for behavioural targets).

Store managers may also be coached against leadership indicators.

Leadership

Leadership comprises four elements:

Completion of coaching sessions with sales people
Completion of customer service calls (follow-ups and telesales)
Sales people's adherence to the code of conduct
Sales people's attendance at training; the percentage of courses attended during a period of the courses recommended over the same period

Literal indicators may include:

Shop Presentation and Merchandising

Shop presentation and merchandising comprises two elements:

The number of advertising hero lines represented amongst floor stock.
Adherence to the store merchandising checklist.

Numeric indicators comprise two groups; the overall sales result and sales effectiveness.

Overall sales result

Sales Booked

The $ value of sales booked (i.e. accrued income), over a certain period of time.

The crudest indicator of a sales team or sales individual's results. It gives little information about how effective a sales person is. It is usually required, however, for headline comparison.

Expense Control

Meeting expense targets within budget for a given period.

This is an indicator for the store manager. It gives some information on how efficient the store is when it is expressed as a percentage of sales booked, as well as a straight number.

Gross Margin

Gross profit (sales revenue minus sales costs) divided by sales revenue.

Sales effectiveness

Sales by Hours Worked

The $ value of sales booked over a period divided by the number of hours worked over the same period.

Items per Transaction

The number of line items sold over a period divided by the number of transactions occurring over the same period.

This indicator gives an indication of the sales person's ability to cross-sell.

Average Sale Value

The $ value of sales booked over a period divided by the number of transactions occurring over the same period.

This indicator gives an indication of the sales person's ability to up-sell.

Conversion rate

The number of transactions recorded in a period divided by the total number of customers who entered the store in the same period.

When this indicator is combined with items per transaction, the average sale value and the gross margin indicator, any store manager should be able to coach a sales person on their effectiveness.

Warranty Sales

The number of extended warranty sales made over a period, divided by the number of transactions over the same period.

When the sales item is a physical good capable of carrying a warranty, this is a simple indicator of add-on sales effectiveness.

Utilising a combination of behavioural, numeric and literal indicators

Conflict: Not Necessarily a Bad Thing
I got yelled at tonight. Not the type of yelling that someone does when you’ve done something to tick someone off, but the kind of yelling that was a swift kick in the pants about something that I'm NOT doing.I probably deserved it. I needed to hear it. But it made me edgy and I tried to make excuses.Nope! That didn’t work. I continued to get the lecture.Now I know you are all dying to know what I did that wasn’t exactly right. Mary? Got yelled at? How DARE they?Here’s what happened. Tonight my husband and I met out a friend from swimming and a woman I set him up with on a blind date. Lets call him Bill. If you read the entry that he dances to his own tune, then you’ve met Bill.In my book, he’s a consistent and dedicated swimmer. The lecture was about the fa

floor stock.

Adherence to the store merchandising checklist.

Numeric indicators comprise two groups; the overall sales result and sales effectiveness.

Overall sales result

Sales Booked

The $ value of sales booked (i.e. accrued income), over a certain period of time.

The crudest indicator of a sales team or sales individual's results. It gives little information about how effective a sales person is. It is usually required, however, for headline comparison.

Expense Control

Meeting expense targets within budget for a given period.

This is an indicator for the store manager. It gives some information on how efficient the store is when it is expressed as a percentage of sales booked, as well as a straight number.

Gross Margin

Gross profit (sales revenue minus sales costs) divided by sales revenue.

Sales effectiveness

Sales by Hours Worked

The $ value of sales booked over a period divided by the number of hours worked over the same period.

Items per Transaction

The number of line items sold over a period divided by the number of transactions occurring over the same period.

This indicator gives an indication of the sales person's ability to cross-sell.

Average Sale Value

The $ value of sales booked over a period divided by the number of transactions occurring over the same period.

This indicator gives an indication of the sales person's ability to up-sell.

Conversion rate

The number of transactions recorded in a period divided by the total number of customers who entered the store in the same period.

When this indicator is combined with items per transaction, the average sale value and the gross margin indicator, any store manager should be able to coach a sales person on their effectiveness.

Warranty Sales

The number of extended warranty sales made over a period, divided by the number of transactions over the same period.

When the sales item is a physical good capable of carrying a warranty, this is a simple indicator of add-on sales effectiveness.

Utilising a combination of behavioural, numeric and literal indicators

The 'No Brand' Brand
Branding is ‘the’ buzzword of the 21st Century. It is the consumer’s bible by which we live by to distinguish what is ‘right’ about certain products and services and what is ‘wrong’. Branding is there to create a connection with our inner selves, and just as we as humans are infinitely varied and different, so too are the brands that we are exposed to. Yet what if you turned your back on brands, or at least say you have. If a brand is a corporate identity, are you not in effect turning your back on identifying yourself to the general public? With the debut opening of the first Muji store in the New York Time Building at the end of the year I think it’s a fitting time to introduce the American public to the consumer antithesis, the ‘no brand’ brand.A lady, sitting next to Raymond Loewy

ere may be tolerated. If the sales booked number does not meet the target and this number is low, then some coaching of sales staff is warranted.

Sales effectiveness

Sales by Hours Worked

The $ value of sales booked over a period divided by the number of hours worked over the same period.

Items per Transaction

The number of line items sold over a period divided by the number of transactions occurring over the same period.

This indicator gives an indication of the sales person's ability to cross-sell.

Average Sale Value

The $ value of sales booked over a period divided by the number of transactions occurring over the same period.

This indicator gives an indication of the sales person's ability to up-sell.

Conversion rate

The number of transactions recorded in a period divided by the total number of customers who entered the store in the same period.

When this indicator is combined with items per transaction, the average sale value and the gross margin indicator, any store manager should be able to coach a sales person on their effectiveness.

Warranty Sales

The number of extended warranty sales made over a period, divided by the number of transactions over the same period.

When the sales item is a physical good capable of carrying a warranty, this is a simple indicator of add-on sales effectiveness.

Utilising a combination of behavioural, numeric and literal indicators

Branches of Accounting, Uses of Accounting and Limitations of Financial Accounting
Accounting vs. Book-keepingBook-keeping concerns itself with the recording (correctly and in a set of books) of those transactions that result in the transfer of money or money's worth. Whereas accounting is comprehensive in perspective. It extends to classifying, summarizing, presenting and even analyzing accounting information .Accounting vs. AccountancyBody of knowledge (consisting of principles, postulates, assumptions, conventions, concepts and rules) governing the science of recording classifying and analyzing financial transactions is accounting. Whereas the practice and art of the science of accounting is termed as accountancy.To meet the ever increasing demands made on accounting by different interested parties (such as owners, management, creditors, taxation authoritie

er of customers who entered the store in the same period.

When this indicator is combined with items per transaction, the average sale value and the gross margin indicator, any store manager should be able to coach a sales person on their effectiveness.

Warranty Sales

The number of extended warranty sales made over a period, divided by the number of transactions over the same period.

When the sales item is a physical good capable of carrying a warranty, this is a simple indicator of add-on sales effectiveness.

Utilising a combination of behavioural, numeric and literal indicators related to performance standards, sales people can be coached to improve their performance.

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Business Ethics has virtually become an oxymoron online. Promises of instant wealth and overnight success permeates the World Wide Web. There are a few ways to tell the difference between a real business opportunity and a scam designed to seperate you from your hard earned money.

Ultimately to create margin improvement, your entire sales team must have good judgment of market potential as it relates to margin improvement. They must be self disciplined and make intelligent decisions based on fact. Each territory manager must develop his own plan for profit improvement and be flexible on the implementation of that plan. They must be action oriented and customer driven and yet be extremely conscious of profitability objectives.

If you want to clean your house, you throw a party! If you want more business, attract more customers by throwing a seminar and providing true value for your prospects time.

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