Planning Your Own Entrepreneurial Retail Business

Planning Your Own Entrepreneurial Retail Business It is very important for managers of retail stores to have general knowledge on all aspects of the business. Some examples are knowing their customers, trends in market, accounting, information systems, and so on. One important skill is the ability to make goals and planning a strategy to reach them. There are many types of goals that go into running a successful business, like financial goals. Retailers make many financial goals for their business that can arguably be placed in one of the two following categories: profitability and productivity. Productivity goals can be defined as how much output a retailer gets out from their resource input. A few examples are: Space, Labor, and Merchandise productivity. Space productivity - Net sales divided by the total square feet of retail floor space. This shows how many dollars are generated for each square foot of store space. Labor productivity - Net sales divided by the number of full time-equivalent employees. This shows how many dollars in sales is made by each full-time employee. Merchandise productivity - Net sales divided by the average dollar investment in inventory. This is also known as sales-to-stock ratio. This shows the money made by each invested dollar in inventory. Profitability goals can be shown through different profit-based ratios. Another great skill for managers to have is to be able to utilize the profit-based ratios to show a business’ successShow MoreRelatedEntrepreneurship Is The Process Of Discovering New Ways Of Combining Resources1035 Words   |  5 Pagesdiscovering new ways of combining resources. To start a business offering a product, process or service, various entrepreneurial skills and business models are required for smooth functioning, but the most important aspect it to have an entrepreneurial mindset. This is drawn from opportunities, innovation and new value creation. 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