As we head into what is for most people the final quarter of the financial year, its a good time to start finalising your plans for the next financial year. Part of this involves setting key performance indicators and targets.
Begin by reviewing your business - how has it performed over the last year, which branches are up or down on the same periods in the previous year, and why?
Next, decide on where you want to be in 12 months’ time – what do you need to do in order to get there, and what are the key performance indicators that will help you measure your progress towards that goal?
Break that down to store level – what growth can you expect from each store that will add up to your target? Remember that each store will have different factors to consider, you don’t need to apply the same growth to each one. Setting KPIs at store level allows you to monitor progress and performance by store and to quickly investigate and take appropriate remedial action in cases of under-performance. Letting staff know what their targets are gives them something to aim for and keeps them motivated.
For your retail business, consider which departments are and aren’t growing. Are you spending money and using space on product ranges that aren’t working hard enough for you? Can you re-allocate space from one department to another to get more turnover from each shelf metre?
All of the data that you need to set your KPI’s is available in RWA, and your RWA solution can integrate with your targets via a Google sheet so that both store and head office reports can show variance between budgets and actual performances.
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