Author: katherine

Certainly retailers try their best to generate sales as much as they possibly can. That is to say moresales mean more revenue. As a result, there are more opportunities for business growth. However having a record of these business operations and being able to track them is exceptionally important. Retail POS Software is the solution to this. In other words, it is the Retail POS Software that enables businesses to grow and increase their revenue as it is a strong support for businesses.  

Good Retail POS Software helps manage the business well by being having the record of sales, inventory, customers, employees etc. Consequently retailers can manage their business more efficiently and in a better way. However because there are many retail POS Software options available. Therefore retailers get confused as to which POS System would be the best for them. Further while choosing for the POS Software retailers make common mistakes. Moreover these mistakes not only waste time but also money.

Common Retailer Mistakes while choosing a Retail POS Software

Below we have discussed a few common mistakes that retailers make while opting for Retail POS Software. Also we have mentioned the solution for it and ways to avoid them.  

Not Understanding your Business Needs while choosing Retail POS Software

One of the major mistakes that retailers make is that they do not define their business needs and demands. That is to say, retailers do not clearly recognize the features that their business requires. For example, depending on the business scale and type, retailers can decide the features that they require in their POS Software. So, not having the accurate idea about the business demands retailers can affect their business tremendously.

Buying Cheap Retail POS Software

Retailers should be smart while investing their money. However while investing in a Retail POS Software retailers should not be concerned about saving their money. Opting for a budget-friendly POS Software is important but having a POS System that also compromises on the essential and advanced features would not be a smart decision. For example, if having a loyalty program feature is essential for businesses, they should certainly opt for one even if it is a bit more expensive. Because having a system that is not effective, will eventually result in bad customer experience and that is going to cost the business way more than this.

A solution to this is to make a list of the features that are essential for the business. That is to say,  first be clear on what you need and what the business demands. As a result, invest in a Retail POS Software accordingly.

Retail POS Software requires having a hardware

Retail POS System requires hardware. That is to say, it comes with hardware such as tablet, card readers, receipt printers, and other devices in some cases. That is to say, POS System works a certain way and for its working, it requires certain types of devices. So, it is better not to invest in a computer hardware because that is it might be wasted in the future. In short, retailers will limit their choices if they invest in a hardware that is not compatible with all the other devices.

Retail POS Software requires Staff Training

Certainly employees are an integral part of the business. However, at times retailers try to save their money when it comes to staff training on their Retail POS Software. As a result, this proves to be harmful for the business in the long run. Therefore for the smooth running of the business as well the effective use of the POS System, retailers must invest in training their employees with their POS System. Certainly they should have their hands on the system so that they are able to contribute in the effective running of business. Staff that is not trained properly will directly affect the sales and customer experience.   

Therefore retailers must spend time and money in preparing their employees to serve their customers better. Gradually teach the employees with the POS features. Further ensure that you do not bombard them with excessive information at the same time. Acquaint with the most essential features required for effective business running. Moreover keep training them with time to time.

“For the best return on your money, pour your purse into your head.”

–Benjamin Franklin

Keeping stores open at this time is certainly difficult and impossible. Consequently, customers are also not visiting stores because they are staying home for their safety. Therefore in this time, maintaining customer contact is essential. Therefore we must find ways that shall help us in maintaining customer contact despite the lockdown because otherwise there are chances that businesses might lose their customers till the lockdown ends.

Ways to Maintain Customer Contact during Lockdown  

Let’s see what the ways are through which businesses can maintain customer contact during lockdown.

1. Maintain Customer Contact through Social Media   

Now because people are free, they are on social media more than before. Consequently retailers can use this in their benefit. That is to say, businesses also need to be active on social media. Further through the POS System, send text messages or emails to the loyal customers.  Moreover they should post updates there on daily basis because customers will lose interest in the brand during this time that is not keeping them updated.

“It takes months to find a customer … seconds to lose one.”

Vince Lombardi

Moreover try to convey positive news to the customers through social media. That is to say, because everybody is so depressed and stressed, you should not be the reason to increase their stress. Therefore try to draw their attention towards matters that delight them in these depressing times. Certainly customers will appreciate and commend such behavior on the part of the brands that they are loyal to.  

• Regenerate the Website to maintain Customer Contact

Because businesses are only operating through online sources, therefore businesses need to make their online presence attractive and updated. Further you should mention the services that you are providing in this Coronavrius time on the homepage. So customers are aware that the brand or company is providing services according for the customer convenience. Moreover keep updating them of the current situation and mention the measures that you are taking for the protection of the customers by following the lockdown rules. In addition, explicitly mention the services that you can offer to them during this time. So that they can avail those services at their maximum. Also mention the measures that customers should take to ensure their safety. Certainly this gives them the feeling that they are not alone during this difficult time.   

“Your customer doesn’t care how much you know until they know how much you care.”

–Damon Richards

• Share the Safety Plan with the Customers

There should be a separate section on the website explaining to the customers the company’s safety plan. Further, inform the customers about how the store is helping break the coronavirus chain and practicing the ways that are better for everybody.   

• Call each customer individually if possible

Calling customers is another very effective way to maintain customer contact. Reaching out to customers is essential for businesses through direct means. Therefore find the customers that are loyal and have been regular by tracking their records to the POS System. Begin calling each individual. Further thank them for their loyalty and make them realize that you are there for them in this time of need. Moreover tell them how you can still offer them the services by delivering them their order online and receiving online payments.

Even in this time of depression get to know the customer better and provide them with ways that shall help them feel better in this time.

“Your customers don’t care about you. They don’t care about your product or service. They care about themselves, their dreams, their goals. Now, they will care much more if you help them reach their goals, and to do that, you must understand their goals, as well as their needs and deepest desires.”

–Steve Jobs

• Consistency is the key for Maintaining Customer Contact  

Certainly being consistent is essential for customer contact. Therefore businesses and retailers need to ensure that they are practicing the above mentioned ways along with being consistent. Certainly, without consistency, the customers will easily lose interest in the brand and move to other brands.      

“I genuinely believe that any business can create a competitive advantage through giving outstanding customer care.”

—Gary Vaynerchuk

Certainly, businesses require a continuous increase in revenue to remain successful. However due to the rise in the Coronavirus cases, business owners are becoming severely stressed. That is to say, due to the lockdown, the economy is facing severe rapid downfall. As a result, businesses are forced to shut down. Consequently business owners are finding ways to have an increase in revenue by thinking of other useful ways. However for business owners, it is essential that they have rapid increase in revenue because that is what the business demands. Further to make the business stand strong in deteriorating economical conditions is also necessary.

“Setting goals is the first step in turning the invisible into the visible.”

—Tony Robbins

How to Get Increase in Revenue

Therefore instead of being stressed and panicked, you should work towards thinking of ways that help you to have an increase in revenue. Below we have shared some immediate steps that you can take to get an instant increase in revenue.

Increase in Revenue through Gift Cards

Gift card program is very essential when it comes to planning an increase in revenue. That is to say, they bring immediate increase in revenue. That is to say, it is due to the gift card purchase that you are sure that the customers will return to the store to shop again. Therefore for businesses that are severely being affected in the current situation should use gift cards to entice their customers to shop. Certainly there will be a quick increase in revenue.

Further you can know about the customers that you want to send your gift cards simply through your POS System. Further due to the current situation, digital gift cards are a must. Moreover these gift cards can be sent to the customers through emails. So, create such gift cards that are simple and easy to use for online shopping.

Online payments for Increase in Revenue

Certainly online payments are a must in the current times. Also, we have talked about this a lot now in our previous COVID-19 related articles as well. So by now you must be aware or we hope you would have start practicing to offer only online payment methods during COVID-19. Certainly people are concerned about the virus being transmitted through cash, therefore try as much as possible to refrain from cash payments. Also, the WHO has also suggested that people should switch to contactless payment modes. Why go through the lengthy task of disinfecting each note and then waiting for it to dry when you simply can avoid the whole process and improve customer experience through cashless online payments because

“if you are not taking care of your customers, your competitor will.”

–Bob Hooey

Increase in Revenue by applying for Government Relief

A very effective way to get instant increase in revenue is to apply for government relief and seek their assistance. Further businesses can also take low interest loans from the government to not let their business sink. Governments have many offers for businesses that need their help in such crisis. That is to say, emergency funding from the government and other business protection funds. So, see which programs your government is offering and how you can apply to those relief plans.

Increase in Revenue by changing Shipping Method system

Shopping cost is certainly an issue that is concerning retailers these days. Therefore in order to avoid the cost for the convenience of the customer as well as for the company, you should offer customers curbside pickups. Further they can also place the order at the door step and inform the customer about it.    

Conclude

To conclude, certainly businesses did not expect such a big turnover in their business. Also, we understand how everyone is struggling to save their business from destruction. Moreover in this time, educate the customers and build trust in them because that is more important than anything else. When customers have trust in brand, businesses and brands have a strong backing in the form of their customers.

“Sales is not about selling anymore, but about building trust and educating.”

–Siva Devaki

We have updated this article according to the Coronavirus times. Certainly, brand marketing is essential in this time because otherwise, businesses are losing their focus and direction. Therefore brand marketing through email should be a part of the retailers’ marketing strategy at this time. Further because of social distancing, retailers must focus more on marketing brand through email and other online platforms.

Tips on Brand Marketing through Email

Let’s see below what are the tips that retailers can apply that shall help them market their brand through email.

Brand Marketing Tip #1

Certainly retailers need to get the online customers onto the mailing lists. That is to say, each visitor is equally important. Therefore retailers must not lose on any customer. So, retailers must come up with creative brand marketing ways to encourage the customers to get themselves into the mailing list. For example there are brands that attract customers by asking them to sign up so that they receive updates of the new stock and sales. Further there are also retailers and businesses who offer discount to the customers who sign up for the email.  

Brand Marketing Tip #2

In case businesses are trading offline, they should collect customer data in the store. That is to say, retailers should get customer email addresses. As a result, this will help grow customer base. In other words, by having their email details, retailers will be able to remain in contact with their customers even while they are not in stores. Therefore the best and most effective way to do this is to collect customer email addresses at the checkout time. To clarify, a good Point of Sale System comes with such features. In other words, it is able to collect customer details. Moreover, retailers can use loyalty programs so that customers give in their contact details.

Also this all would have been saved in the POS System in the times when customers used to visit the store. As a result, retailers can use the saved customer profiles to use it in these crucial times.      

Brand Marketing Tip #3

Certainly brands have huge social media followings. Therefore this is also one of the most effective ways to get these followers to sign up as well. For example, brands can post their updates about signing up on their social media pages or stories. Further they can provide a link along with it so customers simply click the link and sign up.

Brand Marketing Tip #4

The content in brand marketing through email is certainly of great significance. Therefore marketing teams must know their customers well, so that they are able to send them the messages that are relevant to them. Firstly, the messages should be relevant to the current situation. That is to say, the situation that might be prevailing in the country or in the world in general. For example, the current situation today is of the pandemic and its consequences on the business and in general on the customers. Further the messages should be according to it. Moreover, in today’s time where the entire world is being affected by Coronavirus, businesses should send messages that are helpful and relatable.

“Personalisation – it is not about first/last name. It’s about relevant content.”
-Dan Jak

Brand Marketing Tip #5

A very significant component of brand marketing through Email is value. That is to say emails should offer value. For example, providing useful tips, along with entertaining the customers. Moreover brands should be aware that the sole purpose of brand marketing through email is driving sales and revenue. Therefore they should know the language that they should use. In other words, it should neither be too sales oriented and anxious, nor should it be completely off track. 

“Email has an ability many channels don’t: creating valuable, personal touches – at scale.”
-David Newman

Brand Marketing Tip #6

Timing is another essential component of brand marketing through email. In other words, retailers will have to figure out what time of the day is right to send emails. However, this depends on the customers and their routines to a great extent. So, although brands might require time but they shall figure out the best time to send emails to the customers. 

Brand Marketing Tip #7

Brands should remain in contact with their customers. Therefore they should send emails to their customers once a week. As a result, they shall not just engage customers but also draw traffic online and increase revenue.

Hence, to conclude, Brand Marketing through email is one of the most significant ways that brands should adopt for promotion. As a result, they will be able to drive traffic and build strong relations with the customers.    

“If you are not seeing the email channel as a money making machine, you have the wrong strategy.”
–Hans Smellinckx

Due to Coronavirus, we have updated this blog for the retailers. That is to say, we have discussed cost-cutting during outbreak. We hope that retailers shall find this article useful. Further, we expect that retailers will be able to handle cost-cutting effectively during these testing times by the end of this article.

Cost-Cutting while maintaining Product Quality

Certainly, Cost-Cutting is difficult to implement without compromising the quality of the products. That is to say, it is very effective for retailers to spend less while maintaining the quantity and standard. There are several reasons that make retailers cut costs. But in the current scenario, we understand why cut-costing is essential for retailers. To clarify, businesses are running low on profit due to lockdown.

Ways of Cost-Cutting during Plague

However, retailers should not worry that this will affect their standard and quality. In other words, retailers can maintain the product quality and the standard of their company while cutting their costs. Let’s see what are the ways through which retailers can maintain their quality while spending less.

Cost-cutting through Customer Retention

Certainly keeping the old customers is way more inexpensive than making new customers. Therefore retailers should focus more on implementing customer retention strategies in their stores. In other words, instead of spending loads of money to acquire new customers, retailers should use the already present resources to secure their regular customers. For example, retailers can track their regular customers through their POS System. Consequently, they can send them offers that shall help increase sales. This is a very effective way of cost-cutting but still market the brand. Therefore retailers can further plan several other strategies that they can implement to retain their customers during the outbreak.

Cost-cutting requires Surprising the Customers

Certainly effective customer service is the most important in retail. Therefore adding in the element of surprise for the customers is also very important. Consequently retailers shall be able to entertain and satisfy their customers. In other words, sending surprise discounts and promotions to the customers not just results in better customer service but also increased sales. For example, if they are offered discounts, there is high chance that they shall buy online because the limited time discount shall entice them to shop immediately.    

Spend on maintaining the Quality instead of Promotions for Cost-Cutting

One of the most effective ways of cost-cutting is to offer high quality products and best services to the customers. That is to say, presenting customers with extraordinary service and best quality products naturally leads to loyalty on the part of customers. In short, if the service and products are of exceptional quality, retailers can cut costs while spending on the promotions and advertisements because the service and products will speak for themselves. That is to say, it is better to only invest in making the best products instead of investing in its promotions as well. As a result, such retailers are confident while selling their products because they have not compromised on the quality.

Effective Vendor Relationships for cost-cutting

Certainly, retailers should try to be good clients. There are businesses that completely lack professionalism. Therefore firstly retailers need to be cordial and polite with their vendors. Secondly, they should have strict rules when it comes to payment. As a result, these things lead to effective vendor relationship management in difficult times, which eventually results in retailers’ favor.    

Certainly, cash flow is essential for all businesses. Therefore retailers who pay on time are respected and praised. There are vendors who have payment history lists. Further, they rate retailers on their payment. That is to say, they note if their payment is on time. Consequently, the merchants that pay on time will definitely have better terms with their vendors. As a result, vendors offer them better prices as compared to the rest of the market. In short, these merchants are respected and offered discounted prices. Therefore maintaining effective ties with vendors in the past will eventually help retailers in cost-cutting in these times.    

Invest in Employee Satisfaction if possible

Losing employees is way more expensive than keeping them motivated and satisfied. Therefore retailers should invest in the already existing employees. That is to say, retailers can keep them happy. However, it is not essential that retailers spend lots of money on motivating and pleasing their customers. In short, retailers can do little gestures that please their customers. For example, commending and appreciating them while they are at home.

Conclusion

To conclude, retailers do not have to lose their quality when they plan to cut costs. As mentioned earlier, while retaining the resources and materials they already have, retailers can effectively handle cost-cutting.       

Certainly retailers across the world are affected by the Operation Shutdown due to COVID-19. Further there are chances that almost all retailers’ stores are closed by now. In this article we shall discuss the checklist that retailers should thoroughly go through before and during the operation shutdown of their store.  

Checklist for Store during Operation Shutdown

• Check the Store

Retailers should check their store properly before they close their store. That is to say, they should check all areas of their stores. Further they need to ensure that nothing essential goes missed or unchecked before the operation shutdown.

• Cleaning before Operation Shutdown

Cleaning is essential before operation shutdown. Because when the store will be closed, there are chances that dirt will spread over the entire place and products. Therefore cleaning the store thoroughly is essential. Also, retailers now have the time for deep cleaning, which they would not have otherwise.  

• Be prepared for the operation shutdown to end

The situation is very uncertain. Therefore we are not aware of when things will get back to normal. So, retailers should be prepared because they never know when they shall receive the clear message. Moreover retailers should empty their stock rooms. That is to say, the stock should be placed on the display. Further retailers can also utilize this time to clean and reorganize their stock room.   

• Take pictures of the store before Operation Shutdown

By taking pictures, retailers will know what the store looked like when they closed it. Consequently these pictures will help retailers in case something unpleasant happens.

• Switch off the Electronics during Operation Shutdown

All the electronic devices used in the store should be turned off. For example, POS System, computers, televisions, inventory management tools or any other form of technological device sued in the store.

• Inform Customers about the Operation Shutdown

Certainly retailers have to take care of the customers even in times of shutdown. Therefore they need to inform their customers about the dates that they shall be closed. Further if they are uncertain of the date when the store will b reopened as in the current situation, they can simply mention them that the store will remain closed till further notice. Firstly they should place the sign outside their door. Secondly, they should inform the customers through social media channels. Thirdly they should send text messages or email to their customers to show them that you care about them.

Store Security during the Operation Shutdown  

There are many cases of stores being robbed because of closure. Therefore retailers need to take care of the security of their store. Firstly they need to ensure that their security system and surveillance cameras are in order. Secondly they should ensure that there are no personal and valuable belongings in their store during operation shutdown. Further they should not keep any cash, mobile phones, laptops etc.  in the store during lockdown.

• Deposit cash in the bank

Retailers should take all the cash from their stores and deposit it in the bank. Further they should take their credit cards and cheque book to their homes.    

Watch the Finances during the Operation Shutdown

Cut down on expenses

Retailers need to evaluate their spending. That is to say, they should stop spending money on things that are not that important in the current situation. Further services should also be suspended, in case the business can do without them in the current scenario.  

• Company Insurance

Retailers must investigate from their insurance companies how they can help in this time of COVID-19. Certainly there might be some policies that shall be part of the insurance that will help companies in this time.

Communication with Customers is essential during the Operation Shutdown

Remaining in contact with the customer is essential during the lockdown. That is to say, they should feel that because the business is down and closed, retailers no more need them. Therefore retailers should keep their customers engaged by communicating with them and keeping them up to date with the current situation.  

Conclusion

To conclude retailers should follow the above mentioned tips. They shall greatly help retailers in managing their business well during the operation shutdown.   

Certainly, the physical retail industry has suffered in the hands of online traders. That is to say, the competition had become stronger due to the rapid emergence of online retailers. Certainly, the brick and mortar stores were facing setbacks because of the shoppers’ inclination towards online shopping. However, because of the pandemic, the situation continues to follow. That is to say, the stores have a reduced number of working hours. Further, some stores have been shut down due to the pandemic. Moreover, there are chances that stores might not open at all in the coming months.

Store Closure during Pandemic

Unfortunately, Coresight Research states that there are chances that more than 15,000 stores can be closed this year. On the other hand, last year there was a likelihood that big chains will close their stores reaching up to a number of 9000. Certainly, the reason for this closure was bankruptcy and a massive decline in the retail world. Therefore sadly, the pandemic has worsened the situation for the retail industry, apart from other worldwide businesses. Store closures due to virus, although temporary but are massive in numbers.

Loss of Workers and Retailers due to Pandemic

Consequently, workers are also facing difficult times because of the closure of the stores. Further many workers are losing their jobs because there is no other option left for retailers. Moreover, not just the employees but also the retailers are suffering during the pandemic time. That is to say, there are many retailers who are not able to pay their rent due to lack of business and closure of stores. In addition, the increment in the cases of burglaries and theft are also increasing. In other words, burglars are attacking closed stores. Subsequently, this enables and forces owners to board up their stores.

Decline of the Retail Industry before the Pandemic

Because of the retail industry’s financial crisis, liquidation had been very common in the past few years. Consequently, this leads to closure of stores across many countries. Further stores had also been shut down due to an increase in the online stores. Now the situation has further caused panic among the retailers. That is to say, they are worried about the closures. Further, they are worried about the reopening of the store because there is uncertainty as to when the store will be reopened and if there are any chances of reopening or not.

Suggestion for Retailers in the time of Pandemic

The only way for retailers to survive during this time is to cut down on their costs. That is to say, they should only focus on what is necessary and which cannot be avoided in the current situation. Secondly, they can ask their landlords to subside their rent. Thirdly, they can ask for loans from the government and the loan lender agencies. In addition, retailers must not waste their time in panic. That is to say, they should look forward and plan ahead. For example, they can make mind map for Christmas. Moreover, they can pen down their strategies and plans and work on them further. In short, retailers should not just focus on the current and worry about it. In fact, they should plan ahead and see what approaches them by the end of the year and the beginning of the next year.

According to Los Angeles Times, Erika Morabito, partner at Foley and Lardner says there are high chances of bankruptcies in the entire business world. She further states,

“COVID-19 is going to change the world and many different companies and industries in terms of how they do business. It’s just inevitable.”

Conclusion

To conclude, the current Pandemic situation is very uncertain. Therefore there is not specific time for the lockdown to end. Consequently the Teranoid Company understands the panic and anxiety among the retailers. But what can we all do, except to wait and be certain and not lose hope in the betterment of the retail world. Who knows with the end of the Pandemic, there is a gradual rise for the Retail world. Certainly this is God’s plan and it is beyond our reach to overcome the current situation. The worldwide economy has stopped. However hope is the thing that we can stick to right now because that’s all we can do.   

Selling online is a must amid the current COVID-19 situation. Certainly there are situations when businesses are impacted by disasters and emergency situations. Therefore in such a situation, the first thing that brick and mortar stores think of is to switch to online business. So, it is a must that retailers should pair their brick and mortar store with their online store. Moreover online selling is increasing with the passage of time. Therefore retailers should ensure that they have their online presence active along with their brick and mortar store.

Advantages of Online Selling for Brick and Mortar Stores

Below we have mentioned the advantages of Online Selling for Brick and Mortar Stores.

Track Brick and Mortar Stores customers to know their likes

Certainly brick and mortar stores have an advantage of knowing their customers well. That is to say, they can monitor their purchasing behaviors physically as well as through their Point of sale system. Consequently they shall be able to know the customer likes and preferences. Further this insight will help know customers better, which in turn will help retailers know what to offer to their customers online. As a result, online selling will lead to loyalty on the part of the customers. 

Enhance customer loyalty through Online Selling

Certainly online presence increases customer loyalty. That is to say, online selling of brick and mortar stores becomes convenient for customers. Further they can buy from the store anytime and from anyplace. Consequently this helps customers serve their customers better with more advanced and relevant products.

Remain Competitive with other Brick and Mortar Stores  

Certainly it is important that retailers stay ahead in the game. Because everyone is moving towards having an online store along with their brick and mortar store, therefore retailers have to remain competitive and certainly offer to their customers what their competitors are offering. Further retailers should pay close attention to what their competitors are offering to the customers. As a result, they should try to surpass them. E-commerce is spread all over the world. Therefore retailers need to be active and ahead of the game when it comes to online presence.

Online Selling for Brick and Mortar Stores Simplifies the Buying Procedure

As mentioned above, customers can buy from the store through online platform anywhere and anytime. Certainly this is convenient for the customers as there are situations when the customer cannot buy from brick and mortar stores. So, they can simply place their order online and receive the order in no time. Most importantly in today’s time of social distancing, online shopping is very common and convenient. Moreover it also speeds up the buying process. Buying through online platform is very simple and quick. Further customers do not have to wait in long queues for their turn at the checkout counter.

Online Selling for Brick and Mortar Stores helps attract customers of all ages

Demographics can be a very useful way to attract customers of all ages. This is another very basic advantage of online selling. That is to say, through demographics, retailers can attract customers of all ages and both genders. Further through ecommerce, retailers can create personalized experiences for their customers. That is to say, they can send them personalized messages and emails relevant to them and their needs. Through customer insight, retailers can engage all customers. Consequently they can increase their sales and customer base.  

Conclusion

To conclude, in this time of Coronavirus, retailers should certainly have online stores. As a result, they shall be able to cater to their customers who are unwilling to shop from their stores due to lockdown.

Cash Management for Retailers

In the light of COVID-19, we understand the difficulties retailers are facing regarding their business operations. Consequently, Cash Management is one such important factor that is concerning retailers in the current situation. Therefore the Teranoid team has compiled some effective Cash Management tips for retailers to get their cash flow running amid the Coronavirus.   

Cash Management during COVID-19

Certainly cash flow becomes difficult when the money is not flowing normally. Most importantly this is the case when a calamity befalls and the retailers are forced to close their businesses. Therefore in such a situation, retailers should perform the following tasks:

Check the Cash

Firstly retailers should check the amount they have in hand. Consequently they can plan their business proceedings in the coming weeks accordingly.

Inventory Counts

Secondly, retailers should count their inventory. That is to say, they should know the stock that is available to them in their stores. Further if there is excessive stock, is there a possibility that you can liquidate your stock? If yes, then do so urgently. Moreover retailers can know the products most in demand through their Point of Sale System. Consequently they can plan selling those products to the customers online, in case the store is shut down.  

Left Payments and Debt

Thirdly, retailers need to ensure the amount that is due on them and if there are any other payments that they need to make. Therefore, retailers can ask the concerned persons to give them more time to pay their debt, if possible.

Prioritize the Business Needs

Certainly retailers need to focus on the tasks that are of most importance in this time. That is to say, retailers need to cut down on their expenses. They should spend money on only those items that are paramount.

Improve the Store’s Cash flow by following Cash Management Tips

Below we have discussed the essential Cash Management tips that retailers can follow in their stores.

Cash Management Tips #1: Advanced Inventory practices   

Retailers can ensure through their inventory check that the products that are in stock are relevant and in demand. Further they should also see that these products should be sold at a healthy profit. Moreover retailers should improve the value of their stock. Another effective way for cash management is to liquidate excessive stock.

Company Insurance Policies

Certainly retailers should view their insurance policies frequently so their business is saved in troubling times. The insurance changes with each passing year. Therefore keeping a check on these policies is essential. So companies having the right insurance policies will have more chances of saving themselves in these times.

Lower your Fees

Retailers should also review their card service fee. That is to say, they need to be sure that they are not paying extra money. Therefore for this purpose, they need to discuss this issue with the credit card processors. Further if retailers use their cards very often for transactions, they should see if they can get better rates. Moreover, retailers should try to see if they can find better and more favorable terms elsewhere.

Lower costs and Business Hours

Any expense that is not contributing to profits and sales in any way should be cut down. Further retailers should monitor the hours or the time that has least sales and customers. As a result, retailers can reduce their business hours. Further they can perform some other essential business operations at that time. There is no point to just sit and wait for the customers as it will increase the expenses and give no profit to the business.   

Conclusion

To conclude, retailers should always try to reduce their expenses whether there is a calamity or not. Hopefully the tips mentioned above shall help retailers with their cash management.