July's Store Meeting Topic: Cutting Back
The same goes for retailers. When inventory costs rise and sales stagnate, we begin to look for expenses we can reduce or eliminate. After examining the books, an excellent way to determine areas for cut backs is to solicit input from staff. July's store meeting is an excellent venue for offering employees incentives for submitting cost-cutting ideas.
Of course one of the largest expenses a retailer may have is payroll. I suggest kicking off the meeting with honesty. Let the staff know that times are slow and we all have to tighten our belts. This means hours may be cut and people may be let go.
Ask the employees what they feel is the biggest money drain. Bring a copy of the budget to the meeting and let them know the reality of certain expenses. Maybe they don't realize the shop is paying $2500 per month in utilities.
If you've noticed particular areas in need of reduction, now is the time to bring these issues up and offer a solution. For example, if a cashier is frequently placing only one or two small items in a bag, here's where you can suggest they ask the customer if they really need the bag or not.
Be sure to take notes of all areas they feel the store can cut back. Implementing as many suggestions as possible will not only help the store's bottom-line, but will also show employees you value their ideas.
Recommended reading:
In these tough economic times, retail companies should not wait for a monthly meeting to solicit ideas from employees on how to cut expenses and increase productivity. A formal ongoing employee feedback program should be initiated. When I was the President of a mid-western department store chain, I started an ongoing program that allowed employees to give suggestions on how to cut expenses and shrinkage and increase efficiency. Since employees are on the front lines every day, their input, both positive and negative, can be valuable.
As a consultant, I encouraged my client, Lincoln Industries, to initiate the Bright Ideas program to get input from associates that can improve any aspect of the company such as operations, relationships with customers, or the products made by the company. Although Lincoln Industries is a manufacturing company, the Bright Ideas program can be implemented in any size retail company.
The program has three levels of input: Level 1 are ideas that improve the day-to-day work environment, Level 2 are improvements that can be measured up to $10,000 in savings and Level 3 are ideas that prevent mistakes or innovate change and create more than $10,000 in improvements. Small monthly awards are given to associates to recognize ideas at each level. “Best of the Year” awards are given at the annual company dinner with the Level 1 winner receiving $250, Level 2 winner receiving $500, and Level 3 receiving $1,000.
On average, 10% of the workforce participated in the Bright Ideas program in fiscal 2006, 2007 and 2008. The cost savings for fiscal 2007 and 2008 have been $170,000 with increased sales potential of $360,000.
One important thought on employee feedback. The opinion of all people is not created equal. Your best employees will provide the most valid feedback.
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