Most retail operations go through a management change at some time or another, whether the business is being transferred to a new owner, or there is a transition to a new management team. These transitions can be difficult if you do not have the right plan in place, so we sat down with Blacks Retail Senior Consultant Steve Pruitt to talk about how businesses can put themselves in the best position to undergo change.
Steve has worked with numerous private retail operations, helping them to adjust to new owners, concepts, and teams. Here he shares with us some of the basics of managing retail changes:
Blacks? Founder and Senior Consultant Steve Pruitt.
Since you are an inventory expert, our first question is what kind of inventory strategy do you recommend if you?re about to undergo change?
Steve: During these times it?s always best to be lean and mean with your inventory. When you?re going through a transition there is always the possibility that something could not go as you expect, and lean inventory enables you to have fluid cash flow.
You want your floor to look crisp, with enough new inventory to generate consumer interest and sales, but be light in terms of stock.
What?s the best way to deal with staff during these transitions?
Steve: Communication is key. Your staff needs to understand what is going on, and how it will affect them. If you keep it from them, they will probably figure it out anyway, and lose morale because they don?t know where they stand. Most retailers that I?ve worked with who have small teams try to keep these teams intact through the transition, then it is up to the new management to decide who they want to keep permanently.
How should you approach marketing during these transitions?
Steve: Marketing should be consistent. You want to stay on message with your marketing plan, until the new team is in place. Then, they can decide if they want to roll out new marketing initiatives.
What about timing?
Steve: During a management or ownership change, timing is everything. You usually want to get it done as quickly as possible, but to do this you have to have a plan in place well in advance and be ready to implement it.
To help you put a plan in place you may need a consultant or a mediator who can review your goals and give you an objective set of eyes.
Would you say that most businesses could benefit from having an objective third party manage their transitions?
Steve: It depends on how much change is involved, but generally when a store is transferring to new ownership I would suggest that they get a third-party consultant to help them realize the business opportunities and how they can best take advantage of them. You want to know what the potential opportunities and pitfulls are before you make the transition.
And, in some cases, you may need a mediator to work with the existing team and the new team to ensure a smooth transition.
How long after a changeover should you expect to see results?
Steve: It depends, but I would say that if you see the same growth as the previous year within the year of the transition, but with increased productivity, that?s a great start. Then you have a solid platform for stronger growth going forward.
This entry was posted on Monday, January 21st, 2013 at 10:53 am and is filed under Management & Consulting. You can follow any responses to this entry through the RSS 2.0 feed.
Source: http://blacksretail.com/2013/qa-how-to-manage-business-transitions/
x games pro bowl pro bowl 2012 rick santorum daughter gainesville 2012 royal rumble the grey
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন