Store owners are the face of their business, and their greatest success lies in building a great business – but they must build a customer relationship at the same time! Below are a few of the main responsibilities of a store owner.
Running advertisements when needed
Running advertisements amount to freedom. Being able to spend money in order to make money is something that a lot of people aspire towards these days. For those who have an online presence, it becomes imperative for you to run advertisements at times so that your marketing efforts can pay off as well.
Inventory management
Inventory management is the process of selecting new products to stock in your store and placing your orders. In this process, you identify which items will be stocked by reviewing specifications like colour, style, size, tags, etc.
The store owner is responsible for ordering products from the vendor. They are in charge of making sure the product catalogue is current and active. Any inquiries should be directed to the store manager.
Maintaining their store’s appearance, cleanliness and safety
Good hygiene practices ensure the cleanliness and safety of staff and customers. It is also important that this is complemented with the right business policies that guarantee their business is protected in the event that someone should make a claim against the store.
Store owners must make sure that they stock their stores with quality products. If any of the products that they stock are not up to a customer’s standards, store owners should take them down from display immediately.
The look and feel of a store need to reflect the quality of the products it sells. If new products are delivered, then store owners need to find somewhere safe to store them until the right time to display them.
Monitor pricing of items in their store
Store owners should always monitor the prices of items sold in their stores. Higher priced items often offer profit opportunities for store owners. At the same time, when there are a number of similar products, the competitive nature of the market also drives prices down.
Cash register functions
When you’re in charge of managing your store, it’s essential to have a clear understanding of how each function within the cash register works.
To make sure you’re taking full advantage of your POS software, ensure cash registers are closed at the end of each shift by counting the drawer and verifying the totals match the computerised sales information.
Conclusion
Every store has the same goal: Give customers everything they want and need.
Follow these general steps to give you the best shot at building a solid reputation based on trustworthiness and customer service as well as sales. While some of these can be learned in school or from books, others must be proven through hard work and experience.
