Page 172 - DMGT553_RETAIL_STORE_MANAGEMENT

Unit 9: Store Finance and Controls

Notes
Commercial Manager (Selling and Merchandising)
influences what is sold and finds ways of selling it faster
manages, motivates and inspires others to put their ideas into action

adds personal flair and imagination to tried and tested methods
Financial Manager (Influencing the Profit)
influences the profitability of multi-million pound stores
interprets information on store performance and influences business decisions
manages financial, computer and security systems – and the people who work with
them.
Personnel Manager (Staffing and Training)
ensures that staff are highly motivated and their talents are used in the most effective
way
balances the commercial needs of the store with the needs of its staff
implements and manages all aspects of personnel policy from appraisal systems to
training
Managing Finance
In order to operate, a business needs
resources. Whether these resources are
physical resources, such as property,
equipment and materials, or less tangible
human resources, money is required to
pay for their use. As a result, the
management of finance is inseparable
from the management of the business as
a whole.
Controlling costs is a key element in the
process of financial management. It involves having a good knowledge of the business
and the cost involved and enables managers to:
evaluate alternative courses of action for business planning
measure, analyse and control performance against objectives
The Financial Manager
The Financial Manager has the most varied role of all the Store Management Team. In any
one month, the Financial Manager could be dealing with issues as diverse as planning for
new systems implementation, preparing and interpreting the quarterly profit statement
to influence the priorities of the Management Team, or even working with other retailers
and the Local Authority to help address current security issues. As a key player in the
running of a store, or region of stores, the role of the Financial Manager is to develop ways
of making the stores more profitable. The Financial Manager is responsible for providing
timely and accurate data to manage each store.
Everything a Financial Manager does will have a direct impact on each store, although it
is less immediately visible to the customer. They are actively involved in the day-to-day
Contd....

LOVELY PROFESSIONAL UNIVERSITY 167