HR translates into Human Resources, but for the Jewellery Industry that requires & provides employment to thousands, it is not a high priority. Read the rest of this entry »

An Industry shrouded in secrecy, handed down from father to son over decades both employers & employees. A parallel “Jo Hukum” Raja Darbar functioning.

Everyone is a ‘Bhai’. Rameshbhai, Arunbhai, Pappubhai BUT not those Bhais this is a term of respect & belongingness.

Read the rest of this entry »

An Industry shrouded in secrecy, handed down from father to son over decades both employers & employees. A parallel “Jo Hukum” Raja Darbar functioning. Read the rest of this entry »

April 2005 –

Finally decided to take a plunge into an Industry that is around 70,000 crores (according to various studies & reports). Out of this only 3% is the branded segment, though the industry as a whole is growing at 20% + year on year. Read the rest of this entry »

Buying point-of-sale (POS) software isn’t as simple as it used to be. Though technology is an enabler for many great advances, it has also made the decision-making process much more complex. Retailers must consider their future needs & also anticipate requirements that may be beyond their control.

With the size of the investment in both software and hardware, it is a major decision for retailers in terms of time & money coupled with ROI to choose the right POS. You as a retailer wants to end up with a solution that’s antiquated before it’s even installed!

So what do you as a Retailer, need to consider before they buy POS software?

1: Open Hardware

Remember to investment in hardware that lasts a long time. It no longer needs to be upgraded every time there is a software change or upgrade.

2: Interface Capability

Normally, POS is a category of software that is chosen separately from back-office & accounting systems, hence extremely critical that all the different systems be able to interface with each other, in a seamless manner.

3 Flexibility

Flexibility, means being able to respond to business requirements & changes instantly. You should be able to adapt the head office information immediately to store needs.

4: Operating System

Whilst windows NT is highly recommended, it should be kept in mind whether the store requirement of an operating system is essential & only after necessary evaluation should one decide.

5: Scalability/International Operations/Multiple formats; classes

Retail is extremely dynamic. You may introduce a new format. Or a merger/acquisition may take place, giving a completely different strategic direction. Hence it is imperative that the POS should be able to scale to accommodate a variety of changes.

 
6: Off-the-Shelf Usability

Whilst, it’s a good idea to buy off-the-shelf POS software than try to develop customised systems. This offers substantial cost & effort benefits; also vendors do a better job with support. But do not be satisfied with a “one-size-fits-all” solution. It should be easily customizable by the retailer, without the need of source code.

7: Vendor Reliability

Do not Experiment. Choose a vendor with a proven track record of installations and a large enough organization to be credible. Ensure that the vendor will be around for the long haul, and would be willing & able to respond to needs quickly/provide custom development services as & when necessary.

Happy  Buying!

Anaggh

It requires energy, flexibility, along with ability to think on your feet & decide on issues that arise periodically.
As a retailer, you are to blame, if sales are bad or the store is a mess; employees rude & lazy. But if sales & corresponding profits are up, with great employees, you need to take credit for it. Remember, employees mirror our actions.

You will be expected to learn quickly because there is always a lot to think about. Some guidelines that will help you to understand your store in detail:
Core Areas.             Check lists.                             Observation.                     Plan of Action.
Store exterior         1. Signage
2. Side pillars.
3. Shutter.
4. Pavement & steps.
5. Door mat.
6. General view of the store exterior.

Core Areas.         Check lists.                                 Observation.                         Plan of Action.
Store interior      1. Brightness
2. Ambiences
3. Presentation of merchandise
4. Brand Promotional activity
5. Utilization of space
6. Use of current P.O.Ps & campaign
7. Hot Zone in prime selling area.
8. Display of merchandise size wise, design wise, colour wise & Price wise.

Core Areas.             Check lists.                                             Observation.                                     Customer Services.
Customer Service 1. Care taken to greet & serve the customer
2. Job knowledge & Product knowledge
3. Selling skills & strategies
4. Appearance of floor staff

Core Areas.                                 Check lists.                                     Observation.                          Customer Services.
Merchandise Management. 1. Condition of stk. room & godown.
2. Stacking of stock on racks as per standards.
3. FIFO practiced religiously.
4. Price revisions implemented.
5. Proper price stickers on packages & merchandise.
6. In-store quality check of merchandise.

Core Areas.                             Check lists.                                 Observation.                                 Customer Services.
Personnel and Administration 1. Absenteeism cases.
2. Staff happy & cheerful.
3. Upkeep of files.
4. Condition of furniture.
5. Furniture & stk. as per statement
6. Fans/AC - working.

1. Always have a Business Plan

Do not rely on instinct to guide your business. A written plan helps you focus on where you wish to go & evaluate the path regularly.

2. Also have a Sales Plan

There’s no serious way to gauge the progress & financial growth of your business, if there is no sales plan to follow. This has to be realistic in terms of where will it come from; how will it come; from whom; how often & how much would be needed annually, quarterly, monthly & finally daily.

3. A Marketing Plan is a definite requirement.

This if made & implemented effectively & consistently will eliminate shooting in the dark. It has to create the right kind of attention that is required, for the right type of people etc.

4. Create/Have a team of Mentors

They are like an unpaid board of advisors who have scripted similar, related, successful businesses in the past or currently but which are noncompetitive. They are positive, somewhat like minded professionals; who are good resource and support system. They can even provide introductions and endorsements to others for you.

5. Real Cash Flow

Amidst all the excitement and euphoria, do not overlook the gap or wait that can be too long, without some cash reserve leading to failure.

6. Never ignore the Numbers

As an entrepreneur into business remember the primary goal - is to make a Net Profit. You need to know where you stand on a regular basis, especially with regard to income versus expenses. Use technology/software to give you cold hard data that helps you analyze & decide quickly.

7. Become automated

Imperative.  With a computer, modem, a fax, and access to the internet for e-mail, a wealth of information and electronic commerce, you will be keeping up with your competition and staying current.

8. Know Your Customers

know them extremely well, as changes in customers’ preferences/ your competitors’ products and services can leave you gasping. Keep studying in order to get to know your customers well, what they want now; will likely want in the future; their buying patterns and how you can be a resource for them even if you don’t have the right products or services for them now.

9. Never ignore your Employees

Motivating, managing, retaining your staff is probably one of your toughest challenges as an entrepreneur today. Without “people skills”, your problems can multiply quickly. Morale, productivity and profits can easily be destroyed. If they are not your strengths, get help!

10. Always be a Team Player Not a Lone Ranger

You might be the key to everything but you cannot do everything and grow at the same time. Even modest success can overwhelm you unless you do the following: hire the right staff and delegate responsibility, work with a business coach or mentor, and finally, create several positive business exit options for the future to make the ultimate transition smooth and planned.

Cheers

Anaggh