Retailers: How GPS Can Help
As the owner of a retail business, you need to maximize your profits and minimize your risks. GPS can help you produce quality results by effective application of advanced methods in the following areas: sales, marketing, advertising, overhead control, discounting and administration.
GPS can assist you in controlling operating expenses and reducing costs thereby yielding profits—if you take the time revise your operations, you can make it happen. GPS puts systems in place to assure profits. Some profit-producing arenas that GPS can help you enhance include the following:
Sales/Marketing
- Extensive knowledge of product and product lines
- Focused advertising designed for appeal to customers of highest potential
- Advertising effectiveness feedback
- Sales policies and procedures
- Targeted selling and special sales events
- Daily management of selling activity
Purchasing – Financial Planning/Management
- Cash flow planning and management
- Flexible budget planning
- Establishing breakeven levels
- Establishing overhead costs
- Developing pricing policies
- Developing buying policies and procedures
- Managing inventory with justification
- Establishing credit and collections procedures
- Profit and product scheduling
Administration/Management
- Management authority and responsibility clearly defined
- Organizational relationships that facilitate efficient operation
- Well-defined procedures that specify articulation between organization and between persons
- Profit-based decision making
- Profit-based employee compensation program
