Page 147 - DMGT553_RETAIL_STORE_MANAGEMENT

Retail Store Management

Notes
Perform other Duties as Assigned by Management
1. Perform duties as requested by management
Enforce and Uphold the Cooperative’s Credit Policy

1. Make credit terms known to all employees and customers
2. Do not charge to customers on COD
3. Do not extend credit to customers who have not been approved by the credit manager

4. Do not authorize customer charges that exceed set credit limits
5. Keep all personal accounts current

Self Assessment

Fill in the blanks:
7. The position of retail store ................................. is one that holds vast duties and great
responsibilities.
8. The retail store manager is an individual who oversees the daily operations of a retail
.................................
9. ................................. experience is another important aspect which all retail store managers
should have.

8.4 Staffing Your Retail Store

Hire and train new employees, schedule salespersons and be the boss of your retail staff.
Following are the essential prerequisites.

When and Who should you Hire? As your business begins to grow and evolve, you’ll be
challenged by the decision to expand. If you are doing all of the work yourself, your first
thought may be to hire employees. Before you begin the hiring process, take a moment to
determine whether or not you really need the help.
Time Management: Are you doing everything you can to make your time as productive as
possible in your store? Becoming better organized may eliminate the need for outside help.
Many retail owners try to wear all the hats and then feel they need to hire help. You can reduce
some of the workload by outsourcing any part of your business that would be better served by
a professional. Book-keeping, marketing and information technology are areas that may be
outsourced.

Don’t expect to have a lot of free time on your hands right away if you hire a new employee.
Your new management role will involve a lot of time in the hiring process, the training of the
new worker and the additional payroll paperwork. These new responsibilities will require you
to have the organizational aspects under control.

Task Move to a big retail store and analyze their staffing policy.
Hiring is Expensive: Can you afford an employee? Hiring an employee is an investment but for
each new hire your retail business makes, valuable resources like time, energy and money are
dedicated to the effort. Examine your operating budget. Is there room to pay an extra worker?
Keep in mind that you’ll need to pay at least the minimum hourly wage and you’ll also have
payroll taxes and workers compensation to pay.

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