Regardless of how successful your business is in terms of daily revenue, there is always room for improvement and enhancement and never time to rest on one’s laurels.
However good you are at your job – and, if you are in an executive position, you’ve obviously been doing something right – it is essential to continually look at ways to grow and see if there are new skills and tactics to adopt.
So, without further ado, here are seven key things you need to do to ensure you are setting standards for other retail executives to follow.
1. Ensure you build the best possible team
This should really go without saying, but if you want to make your retail operation as effective as possible, you need to have a team that will be able to go above and beyond every day. This means refining your recruiting process, and understanding exactly what you need from your employees. Do you require problem-solvers? Do you want someone who is adept at marketing? Do you need some with the ability to forward plan? These are all things that can be established during hiring, but can only be established if you’re fully aware of what you are looking for.
2. Act as a leader
When you are a retail executive you need to set standards. You need to guide people and show that, whatever might happen, you are ready to face it head-on. Even if a situation arises that you have never experienced, you need to figure out the best course of action and lead by example. Employees will be looking to you for assistance, and you need to be able to provide it.
3. Be open and honest
It’s no secret that many retail operations are going through difficult times, and so it is essential to be open and honest with all staff, regardless of whether the news is good or bad. Don’t hide news that is relevant to employees just because you think it’s for the best; let them make their own minds up.
4. Communicate with staff on a personal level
If you want to build a team that will work hard, and will take pride in what they do and how they do it, then you need to get to know them as more than just employees. Getting to know people on both a formal and informal level will add a layer of respect and will also make people look forward to coming into work.
5. Delegate effectively
It can be tempting to try and carry out as many tasks as possible on one’s own, but being able to efficiently delegate tasks is essential. This will free you up to do more long-term planning, and will also ensure employees know you are willing to trust them with important tasks.
6. Embrace the benefits of data and technology
If you want to succeed in the retail sector, you really need to be utilising data and any associated technologies. Companies that do not do this will, quite simply, flounder. According to research, 89 percent of retail operations will be able to operate better if they have more data and insight into their customers, so make sure you aren’t missing out.
7. Listen to your customers
They say the customer is always right, and you have to treat that as if it’s true. Are you truly giving customers everything they want? Are you providing services and products that they value? Listen to feedback, don’t ignore what they say – even if it’s negative – and be willing to embrace change.
Being a retail executive means you have a raft of responsibilities, but by understanding what is expected of you, and by having a team that you can rely on, you can create a business that thrives and give your customers an experience they will value.