Middle Management – Retail
Key business takeaways for participants
Business Acumen and interpreting financial statements
Your cluster/area managers manage a lot of SKUs and handle multiple stores and channels, and are involved in a lot of front end activities. Help them understand all the components that go into retail business, to develop a holistic business perspective.
Help the understand the concept of P&L, analyse margins, cost of unsold inventory, forecasting and tapping new markets to plan for sustained like-to-like growth.
Inventory, forecasting and cost analysis
Your cluster/area managers are a busy set of people. They spend a lot of time in execution, and not necessarily pay too much attention to planning and forecasting. Help them understand the concept of forecasting, inventory management, full price sell-throughs, impact of discounts on demand and margins, cost of unsold inventory, etc..
Your cluster/area managers carry out a lot of local branding activities. Help them do a cost benefit analysis of various scenarios and choose the best option that will help improve footfall, conversion and sale. Also, equip them with tools to come out of their comfort zone to try new measure aimed at customer delight and increasing transactional value and basket size.
Managing channel partners for growth
Your cluster/area managers deal with exclusive brand outlets that run by the company as well as channel partners (franchisees). Give them an in-depth view of franchisee management, negotiation tactics, etc.. that will enable your cluster/area managers to influence your channel partners to buy and sell goods that lead to improved growth and profitability.
Your cluster managers spend most of their time on the field. A lot of them are unaware of the goings on in other departments like warehouse, design, buying, merchandising, corporate office, etc.. Help them develop an all round view of your business and appreciate the key levers and constraints of other functions and how their action/inaction impacts their colleagues elsewhere.