How to run a successful multi-store retail business

Running any retail business can be challenging, and the prospect of opening multiple stores can be a daunting one. However there are strategies and tools that you can use to streamline your processes and ensure the viability of all of your stores. Keep reading on for our top tips on how to run a successful multi-store retail business.

Choose your managers and staff wisely

It goes without saying that you cannot possibly be in all of your stores at the same time and as a business owner it can be difficult to relinquish control. However, the best asset of any business is the people that it employs, and by ensuring that you pick your managers and your staff wisely, you may be able to ease the worry that comes with opening multiple stores.

When it comes to finding managers the first thing you should do is look within your pool of current staff. Is there someone who is dedicated, focused and full embodies your brand values? Do they have the ability to take on a management role and can you trust them to fulfil the objectives that you have for your business? If the answer is yes then you may have your next store manager right there.Entirely new staff can be a worry for any business owner, and you can expect to invest significant time and funds into a comprehensive training program that is consistent across all of your stores. This will be especially useful if you need staff to cover other stores due to sickness or holidays.

The best place to train your newest members of staff is in your existing store. It gives them an opportunity to get an idea of the sort of customers they can expect, the atmosphere of your stores and the brand image you have.

Get cloud-based technology

For synchronising information and making sure that all of your stores are on the same page, there is no great tool than cloud-based software.

There are now more cloud-based solutions available than ever before, including Customer Relationship Management (CRM), accounting and Point of Sale software. Even better, many of these programs actually interact with one another, meaning that you only have to input your information once, and every cloud-based solution you have will be updated.

Be aware though, not all cloud-based software integrates, and you should be sure to check with your providers before purchase in order to ensure that you receive seamless data transfer.

Cloud-based technology, such as what we offer here at Hike, means that all of your business data is stored in a virtual space on the World Wide Web rather than in files and on hard drives. There are a number of benefits to this, including:

Your data is safer – you don’t have to worry about physical technology such as servers or hard drives being stolen, or about them failing and losing your precious data.

You can retrieve your data anywhere that you have an internet connection – this is great for checking up on the progress of your stores from wherever you are.

Information is updated in real-time – helps you understand your business better, especially peaks and troughs in sales.

Get your inventory optimized

Another benefit of cloud-based technology is the ability to have a cloud-based inventory. Many POS software, including our own, allow for an optimized inventory that updates in real time.

This means that if one of your customers is unable to find a particular product that you usually carry, you can reliably check the stock in other stores instead of simply sending them off to the next nearest branch, which could ultimately be a wild goose chase! You can also check when stock is likely to come in, or arrange for it to be shipped directly to your customers address if it is more convenient.

This enables you to give a better service to your customer, which in turn adds value to their shopping experience with you.

Standardize your stores

By this we mean SOPs – standard operating procedures.

Now if you aren’t familiar with SOPs, they are instructions on the way that your business does everything, from processing payments to ordering toilet paper! Having standard operating procedures across all of your stores ensures that all staff follow the same rules and protocols for doing things, and in turn this makes running multiple stores much easier.

The actual SOPs that you need will vary depending on the needs of your business, but usual areas to provide them for include:

Customer Service

staff behavior, dress policy, how to handle tricky customer behavior etc

Merchandising

how your displays should look, how often they should be changed, how your products are set out i.e. by colour, size etc

Safety and Security

keyholder responsibilities, emergencies, how to deal with shoplifters etc

Transactions

cashing up, processing refunds, how you deal with large cash payments etc

Consistency

Consistency across all of your stores is vital in order to provide a brand and retail experience that shoppers feel that they can rely on and trust.

Hire a secret shopper

Often when we are closely involved with something why find it difficult to pick up on smaller details and sometimes we miss the most obvious problems. By bringing in someone to shop at all of your stores you can get a clear indication of the level of consistency that you offer. This can include your brand, the service the secret shopper receives, your product range, store layout and the entire experience of shopping with you.

Having this information will allow you to make the necessary changes to ensure that your business is providing a consistently good service across the board.

And finally…

Be in regular contact with all of your stores

If you can, you should visit all of your stores on a regular basis. This helps staff to feel valued and reassures them that you are interested in the newer stores rather than only the original ‘flagship’ branch.

It also allows you to obtain firsthand knowledge of your store and staff performance. Are they following procedures for layout and displays? What is the atmosphere in the store like? Some things you just need to see for yourself. Combine this with your store-specific data from your cloud-based software solutions and you will have a comprehensive understanding of your product sales and product and staff performance.

Using the tips above you can run a successful multi-store retail business. Don’t be afraid of taking the plunge; capitalize on the opportunity for growth today.