Best Ways to Manage Retail Business in lieu of COVID-19 Pandemic

Worldwide nations are facing lockdowns due to the COVID-19 pandemic. Institutions and enterprises are obligated to conduct their operations remotely. Though grocery and other essential commodities retail have continued to operate, there are other sectors who are facing a crunch. Retailers need to strategize during and after the social distancing protocol to pick up sales and successfully navigate through the corona waters to bring business back on track.

Convert Obstacles into Opportunity

Look into ways to reduce running costs, boost efficiency of employees, streamline operations and implement better & innovative ways of managing all retail processes. We will look into all these factors that are going to be highly useful in keep going a business uphill.

Incorporate Remote Management

Remote working is here to stay. As an owner, you cannot be present on premises at all times but with the help of the right tools, it is possible to efficiently manage and accomplish high performance (lockdowns or not). Online task management software builds a strong interactive communication platform to elicit productive performance, track and streamline tasks. It is the best way to get things done on the ground with minimum interference. Once the asks are assigned they can be tracked and executed in a sequence without any balls being dropped. It provides to-do lists and reminders to finish chores with priority guidelines. No one can slip out of responsibility just because you were not around. Moreover, having ERP lets you manage the entire business remotely as it is cloud based software accessible from anywhere on any device or mobile.

Get the Competitive Advantages with Resource Planning

 Cloud Enterprise Resource Planning is being used by entrepreneurs across the world. It facilitates growth and adaptability. As the name suggests they maximise utilization of each resource- human or physical. It is your one-stop solution for digitizing, automating and integrating various activities together. Retailers install one software for accounts and another for sale or inventory. ERPs are comprehensive customized packages with modules to handle everything- payroll, accounting, stock, tasks or production that are in sync with each other, in real-time. For example, if you make a sale, it will update the materials count, the cash flow/ receivables and your bank account. The convenience and ease that cloud based ERP's have provided a much bigger advantage. It manages all the nitty-gritty while you can focus on the bigger picture. Planning, forecasting and growth go hand in hand.  

Train Your Staff or Hire a Trained One

If operations are closed at present, now is the time. You must have workers who can handle the point of sale and payments through digital wallets and online payments. If not, train them or equip them with mobile apps to handle the same. These days POS can be handled even on mobile apps

Arm Yourself with Integrated POS and Inventory System

Warehouse and sale management have to  be integrated with each other and with material stock. Inventory control and POS both can be easily managed with a single application like the ERP for retail.  It can track each material down to its location, quantity and critical level. Secondly, it notifies you when a reorder level is reached and makes a purchase order there itself (which you can share with the vendor).  Also, wastage is minimised when expiry and reorder levels get notified. Gives reports like how much cash and how many online payments were received daily, weekly or monthly. It is integrated with android apps for consumption, POS and booking which allow mobility where computers are not available. Cloud-based apps let you work in real-time, anywhere and anytime- the very basis of remote management.

Streamline Payroll Process

The success of any enterprise a great deal on how it handles its employees. Streamlining the payroll brings order and increases productivity and efficiency. During or post lockdowns, it is very much likely that computations regarding employee shifts, allowances, or leaves would be carried out in a different way. The various staff at branches, warehouse or outlets might have to multitask, work remotely or from home. Manual processing takes time and is prone to errors. Besides that, statutory compliance has to be taken care of. A Cloud-based payroll software makes the whole process easy and streamlined. It requires no installation and can be accessed on any device from anywhere. 

It is uncertain when the lockdown ends, so one cannot just wait it out and start from scratch. Work on the enhancement of your retail enterprise, workers’ skills, management, teamwork and digitization. Retail covers a wide range of processes like ordering, inventory, scheduling, selling, POS management, cash flow and accounting.

Define a clear system of flow for all these operations and smoothen the creases for business adaptability & sustainability.

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