Measuring Store Performance
January 7, 2013
Measuring store performance
is critical to the success of any
retail business and, today,
there are many methods and a
wide range of tools available to
help you gain fast and easy
access to data.
But having the necessary
knowledge is only one part of
effectively measuring your
store performance.
Are you assessing your
business often enough and are
you measuring the right
metrics?
And importantly, are you
implementing the right actions
from the knowledge you have
gained?
When measuring your store
performance it is important to:
1. Define your goals
2. Develop methods to collect
and organise data
3. Conduct research and
compare yourself to the
competition and the market
4. Understand your strengths
and weaknesses, so you
know where you can apply
the appropriate actions
5. Interpret the information
and generate an action plan
6. Implement the action plan
7. Continue to measure store
performance
Speak to your retail support
program and make sure they
help you access all of the data
available to generate a
personalised strategy for your
pharmacy.
This will help to not only
understand the opportunities
to change behaviours in your
store, but will allow you to see
ways to make your daily
operations more efficient and
profitable for the longer term.
This week’s
contributor is
Richard Manthey,
National Manager
at Pharmacy Choice.
The above article was sent to subscribers in Pharmacy Daily's issue from 07 Jan 13To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 07 Jan 13
