Time is Money
30 minutes – that’s how long it can take to boost your sales by up to 42%.
Making simple changes in-store such as relaying a fixture can increase sales - and what’s better, is that if can be done in as little as 30 minutes!
A recent survey revealed that 88% of convenience retailers who used Partners for Growth’s advice increased their sales by more than 20%. Some even saw their sales soar by up to 42%!
Gurch Singh, of Wells Street Corner Premier, Scunthorpe, was one of them: "I had doubts that Partners for Growth would have much effect on household sales in my store. However, it turned out to be a great tool to increase sales effortlessly, and make it easier for shoppers. Best of all, my sales in that category were up 18%. In this challenging time, that's almost magical!”
Partner’s for Growth’s advice was designed with time-poor retailers in mind – it’s simple and easy to follow, but more importantly it’s quick! By checking your fixture against the programme’s various planograms and best-seller lists, you can ensure that you’re stocking the best-selling products – the products your customers really want - and then using the planograms to organise the fixture efficiently and effectively will benefit you and your customers.
Partners for Growth worked in partnership with a professional time management coach to help convenience retailers reap the benefits of better time management for their businesses. Making small changes such as updating fixtures can reap in big rewards. “Some store managers and owners struggle to find the time. Perhaps they see this as a luxury, something that would be nice – if they had the time. Well, we do have the time – 24 hours every day – we simply need to choose how we spend that time.”
Kiran Basra of Bierley Superstore, Bradford, who thought he “just didn’t have time” to re-lay his pot snacks fixture and discovered that by putting in just 30 minutes helped him increase sales in the category by 30%. “I had been put off in the past, thinking that it would take too long but, following the advice given, it was easy and didn’t take that long at all. And because of the increased sales I have now put the advice into action on other categories too.
I would say to anyone who doesn’t think they have time – make it! Not only have my sales increased, I actually have more time. Now that I have the right facings of each SKU and the best layout, I make fewer trips to the wholesaler because I’m not running out of the faster-selling lines all the time. And I have fewer interruptions from customers asking me to find items because the layout is much clearer.”
Tips to maximise your time
- Plan and prioritise – focus your time & energy in the most relevant & rewarding areas. Keep a prioritized list and be clear on what completion of each tasks will achieve
- Have goals – be clear on what you need to achieve daily, weekly, monthly to achieve these goals. Share your goals with staff so that they understand the fundamentals of the business and have a ’live’ business plan
- Manageable tasks – split complex activities into small tasks that can be completed and ticked off to provide continued motivation
- Empower staff – share your business plans and performance with staff and give key staff members specific responsibility for tasks that will contribute to success
- Use time productively - use quiet times in-store to improve efficiency eg review product sales and merchandising. This time investment could boost sales by up to 42%
- Avoid time wasting - don’t waste time agonising over what products to sell. Stock the bestsellers and take category advice from the experts. Giving sufficient space to bestsellers will reduce the need to keep replenishing. Block out time in your diary to complete key tasks, to keep on track.
- Technology – use technology eg Epos, Tablets, Smart Phones. A small investment up front to help you understand and manage your business could save you time and save money in the long term
- Organised workspace – create a separate area without distractions where you can focus fully. Use this area to regularly review your progress on goals set. Ensure your stock room is well organised by category so that product can be found quickly and time away from the shop floor is minimised
- Take breaks - Do not work for hours and hours without taking a break as you will actually be less effective. Stay sharp and refocus your mind.