Updated: Nov 28, 2022
In this blog we are going to discuss why policies and procedures are vital to your retail business success and review what we believe to be the most important ones to get behind now!
YES. WE GET IT! YOU DON'T THINK IT IS THE MOST EXCITING TOPIC TO READ ABOUT!
BUT AS WE BEGIN THE INITIAL PHASE OF SUPPORTING A RETAIL BUSINESS OWNER OPENING A NEW STORE OR EXPANDING AN EXISTING STORE, THE PROJECT OFTEN TAKES LONGER AND BECOMES MORE COSTLY BECAUSE THERE WAS A FAILURE IN PUTTING POLICIES AND PROCEDURES IN PLACE THAT ARE VITAL TO THE SUCCESS OF ANY RETAIL OPERATOR!
Often when we are asked to help a retailer open a new store location, expand an existing location or explore new opportunities we encounter a business that has little to no policies and procedures in place that govern the day to day activities of the current team or the retailer has yet to include them in their business plan for a new location or expansion.
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Because the retail business owner has not made operating standards a priority for the team and staff we often find that is the first place we encourage senior leadership teams to focus on.
What are procedures?
A procedure is a plan of action for your team. It is a road map that will prevent them from wandering around or getting lost while trying to reach the goal. By using procedures in a company, you are promoting good practices and giving good examples. In this way, you are helping your team to understand what is a desirable pattern of behavior in a particular situation.
Procedures help you implement a particular policy. When you wish to implement a new policy (onboarding new team members policy, for example) you need to define a set of actions that will help you do that. Procedures are a great asset for such an endeavor. It will help you to create concrete steps and recommended activities that your team should take.
Well-defined procedures protect you from becoming a micromanager. By using well-written, explicit and uncomplicated procedures, you, as a company manager, can run different operations without always worrying about the working process. While following fixed guidelines, the team will do their job without you breathing down their neck. You can use that time to focus on more important things, such as end results, and avoid growing into a control freak.
If you are starting a business ask yourself this simple question: "Do you want your company to grow?".
If the answer is "Yes!" start implementing some business processes right now!
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WHAT ARE POLICIES AND WHY YOU NEED THEM!
Policies are more than daily procedures and work rules; they're a road map for success.
Rather than running your business in an informal, by-the-seat-of-your-pants manner, before you open your business, write down rules that outline every one of your expectations.
Once you're open for business, things will happen very quickly, so you want to be able to create the work ethic and atmosphere you want in your business before you open. By focusing on the details now—under fairly unpressured circumstances—you'll be able to meet decision-making demands when under stress, and your employees will do what you want them to do.
THESE ARE JUST A FEW OF OUR POLICY AND PROCEDURE BEST PRACTICES AND WHY YOUR BUSINESS NEEDS THEM TO SUCCEED.
WE CAN TELL IF YOUR BUSINESS IS SET UP FOR SUCCESS IN JUST A FEW MINUTES BY ASKING A FEW VERY SIMPLE QUESTIONS.
For a firsthand look at how Wise Precision can support your company’s growth, we offer a free consultation to interested retail executives.
THANK YOU FOR TAKING THE TIME TO READ OUR BLOG AND WE HOPE YOU FIND SOME VALUE IN IT.
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WISE PRECISION BUSINESS CONSULTING
CALL OR TEXT 954 540 5864 FOR MORE INFORMATION. WE ARE HAPPY TO DISCUSS RETAIL CONSULTANCY PACKAGES, BRAND CONSULTANCY, STORE OPENINGS, OR OTHER RETAIL GUIDANCE YOU MAY NEED.