This blog introduces the tenth and final step of the “10-steps to retail success“, Back Office. 10-steps to retail success is a process / methodology I’ve developed for my 1-2-1 mentoring clients. Over the past weeks / months I’ve been introducing each step with a little more detail, and this is the last one…
Back Office: HR, Legal, Finance and IT
These functions are often seen as a cost to the business, but in reality they keep the business compliant, protected and future proofed.
Why do you need an HR Expert to support your retail business?
Good HR advice will help you plan your future resourcing needs and will help you recruit for the here and now. Not only that, with the right advice you can be confident you stay on the right side of the complex issues in employment law. People are one of the top 3 cost drivers in a retail business – consider great HR advice as an insurance policy to protect you from costly mistakes.
Legal advice is very expensive – is it necessary for a small retailer?
Like HR, a good lawyer is an insurance policy AND given they often negotiate your property and product supply contracts (the other 2 of the 3 top cost drivers) then they can save you their own costs many times over by making sure you’ve got decent contractual terms in place.
Additionally if you have intellectual property (designs or inventions etc) in your business they can help ensure you’re well protected from copy-cats!
Finance, accounting and book keeping
When it comes to finance you have no choice – you have to prepare your accounts and you have to keep the books! A good accountant will potentially also be able to provide you with advice to minimise your tax liability and resources to complete your book keeping. Additionally a good business advisor can help you plan and manage your finances, keeping you in the black and avoiding any cash flow disasters!
IT – Business Information Systems, EPOS, CRM, Ecommerce and “all that stuff”!
In this day and age a business really can’t run effectively or efficiently without IT. The time it would take to do simple task with “pen and paper” compared to the speed things can be done with IT make it impossible to consider alternatives.
IT can be expensive so you must chose your partner wisely – you will need to have all the data and information on hand to make informed decisions, so just make sure that you know what your business needs, what it can afford and select a software supplier carefully (reflect back on supplier selection in step 8).
10-steps to retail success
Over the past couple of months I’ve introduced each of the steps from my 10-steps to retail success methodology in more detail.
I also offer the “Be a retail champion by next year” programme, which includes 52 FREE weekly retail tips by email. Get 2012 off to a great start and focus on how you can become more successful, more efficient and more profitable in your retail business by next year.
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