Showing posts with label Target. Show all posts
Showing posts with label Target. Show all posts

Thursday, 18 July 2013

White Classroom Boards are now in showrooms !

A College Class Room!
For many of us, the last time we saw a black board was probably in our highschool or college !  Maths was probably one of the most difficult subjects and we often tried to learn maths by reading and hoping to remember how to solve problems ? Do you remember ?


Now, let us discuss how targets, incentives, schemes are being explained to us by our store managers, company managers ! We all seem to listen to them, think we understand, but when we are asked to explain what we have understood, we find it very difficult. Why is it so ? Then, at the end of the month, we dont understand why the incentives were not as per our own calculations ! Then we feel upset !

Hearing about maths and seeing and doing it are very different things.When we see the calculations on targets, incentives, discount calculations etc on a board, we understand the details better ! 
                                                                    
Morning Class at a Store
Hence, some smart retailers, have introduced the  “White Board” in a store for the meetings ! The notice board, typically shows the target for the store for the month, the names of the Salesmen, thei r individual targets ex. Kumar 5 lakhs, Krishna 4 lakhs etc their achievements so far (MTD ) and balance target to be achieved. This then makes each and every person in the store responsible for not only achieving his own target but also ensuring that the store achieves the full target as well.

PS: Some smart store managers, have made a modification to this model . Instead of showing the store target, the individual target etc, the language that is easily understood is the incentive. They have now displayed the amount of incentive a Salesman can achieve in that month vs the Amount Of Incentive AOI that has already been earned ! This motivates the staff, when they begin to compare their own incentives ! This will give an opportunity to the staff, to write down and understand the structure in our own way !

Call for action:- Try out this “white board” in your store and share us your experiences with us !

Remember to remove the board and keep it away from the public area after the meeting !

Tuesday, 15 May 2012

Mumbai Indians snatch a life from the jaws of Death at the Bangalore Match !

The Mumbai Indians were some 51 for 5 chasing a total of 172 in this match, when Pollard and Ambati Rayudu started their onslaught.
Look at the “symbolic surrender” of the Mascot of the Royal Challengers Gayle ! at the Bangalore Airport Security Checkin on Tuesday night. Abject surrender of the match . It is not to say, the RCB did not fight valiantly to win the match. It is only that the MI teams determination to succeed was higher.


What are the lessons for we mere mortals at the Retail Store ?Many a times, the sales target seems unreachable ( 51 for 5 chasing a 172 ).
Many a times, the stars have not performed ( Sachin out at 0 )
Many a times, the responsibility will fall on a guy who has not done well before .( Rayadu was never their star, yet scored his highest runs here and helped MI to win this match.)
If we believe, that any situation is worth a fight, then there are good chances, that with determination, it is possible to win, even a hopeless  case like what the Mumbai Indians must have faced.

What are the lessons from the RCB point of view ?Many a times, the sales target seems very reachable ( with 172 on the board, 51/5 by the opposition, winning is just a matter of time )
Many a times, some one becomes the fall guy ( 2 overs and 34 runs in the 17 and 18th over changed the match completely ). You could lose a large and important order in the last stage of the “Sale”. How many times, have we faced this problem at the store, due to the inability of the inexperienced staff to close the sale ?
Many a times, when the situation can turn either way, and you can become a hero or a villan, some one has to take the responsibility. ( Gayle bowled the last over  and MI covered the required few runs)
Yet, when we saw the RCB team at the Bangalore airport just a few hours ago, none of this loss appears to be on their minds, and what mattered seemed to be to get to the next destination for the next match.
Wins and losses are part and parcel of every effort. You win some surprises, when everything was appearing lost and you lose something,  when you have every thing going for you.

The magic is the team spirit ! Every body contributes !

But there is always something to look forward to , and that is “TOMORROW is another day “.
Best of luck to whichever team wins this IPL 5 series, but each man and the few women in the teams would have learnt lessons that they will not forget in a hurry. And the fans, would have got their money’s worth of entertainment. But I wish we all learnt lessons even in the Cricketing Madness called IPL 5.


 

Thursday, 22 March 2012

Morning Meetings @ Stores


Store Meetings for Retailers
It is one of the better management practices that we have begun to see in the more successful stores. Increasingly, if you were to ask the Store managers, if they had been doing this in the past, when they were young and in junior positions like most of us, then they will say no.
What is this “new thing”, that we are discussing now ?
What is a “meeting in the store” ?
Typically, a store meeting is a place where all the relevant employees of the store get together to discuss various opportunities and problems that are faced by the store .
Prayer, For a country that has so much of religion, it is quite normal for staff to start the day with a silent prayer.
In some stores, it is normal to end the meeting with a prayer. The choice is that of the staff and a silent prayer , a huddle in the style of the Indian Cricket team at the centre of the pitch or holding hands together are all different forms of team building.  As the staff at the store often come from different faiths and a silent prayer allows each person to pray to his faith.
staff huddle.jpg
What is the time when the store meeting should be done ?
Ideally, the store meeting should be done, before the store opens for the its customers .
In fact for a restaurant that is opening for dinner, then a meeting at 6.30 PM is perfectly the right time.  For such a meeting, who all should attend. ? From the door man, the waiters, the steward, the Chef and the restaurant manager.
For a Mens Section in a large department store? Surely the sales staff of the mens section should attend and the meeting can be conducted by the Section Head. In fact, it is a good idea to get one person from another section say the Ladies section to attend this meeting in turns, so that the customers who are done with their shopping their can then be directed to the mens section for some additional shopping. Similarly, the new things in the ladies section whether merchandise or ideas can also be shared, which can be used in creating new opportunities for sales.
Who conducts the meeting ?
Ideally, a person like the store manager should conduct the meeting, and one who has the authority and responsibility to take decisions.
Who all should attend the meeting ?
All the store staff, responsible for the day to day operations of the store should attend the meeting. In large stores, multiple meetings can be conducted , one each for each Category or section of the store, for example, separately for Ladies Section, Gents section , Kids Section etc.
Then, the section managers, can then attend a section managers meeting with the Senior Store Manager.
What are the kind of topics that should be discussed in the meeting ?
Topics such as the sales target, ways of achieving it are obviously on the top of the list. Among the other best practices are reviewing the customer feedback forms , discussions on customer complaints and how they have been solved and specifically, if there are customer complaints that are still not resolved. Yet another area of keeping the relevant people informed are any special deliveries that are due for the day, etc . Some topics to start this off …
·         Customer Service
·         Loss Prevention
·         Policies & Procedures
·         Business Goals

Sales Training :-
It would also be a good opportunity to also demonstrate any good practices of the store and also reward the staff for their good work. In fact, the value of the reward is much less important than the fact that the staff have been rewarded in front of their peers.
Additional Motivational opportunities and team building.
In large stores, a number of support staff whether from House Keeping, Security, Cashiering are common resources to the entire store. Hence, it would be a good initiative to invite the people and ask them to share some of their challenges and good things about our department. For example, we might find that many of the products that go for billing might not be having price tags. In situations where the customer is in a hurry, they often ask the product to be dropped from billing. This is a big loss of sales to the team.
A wonderful example :-
In a jewellery store on a High Street, that I know, the security staff was also invited to attend the meeting. Initially, such an invitation itself was a big thing for the “slightly old security man” who hardly any body cared about, whether it was the staff or the customers, except to leave their belongings when they entered or pick them up on their way out.
Since the meetings were held in English, the man could not understand much, But over a period of time, he began to ask questions and understood the business better and the impact of the customers on the business. Since the store was located in an area with a lot of mosquitoes, a lot of them used to enter when ever the door was opened.
Imagine the surprise of the staff, one day, the Security Man, brought a mosquito repellent liquid like Good Knight, saying that he had seen the mosquitoes coming in and disturbing the customers and he had gone and bought this repellent to be kept in the store. The rest of the staff were speechless at his gesture.
Your next step:-
After having learnt about the benefits, will you start a meeting to discuss the benefits ? Let us know too…

Best of luck from Retail Gurukul

Wednesday, 21 March 2012

Will you volunteer to have a BOSS :) :(

Yes, The question is correct. If you had a choice between having a Boss and not having a Boss, will you still have one?

It is said, that in life, you cannot choose your parents, and in your company::_-  your Boss, your subordinates, your peers etc . At home too, after  you have had some choice in choosing your spouse, what are the other spaces where you can get yourself a "BOSS" if you want.?

There are still a few things in this world,  that you would have started to do something on your own for your own sake. Not for the sake of your parents, company, spouse, kids, friends etc.
For example, stock market investment , Gyming as part of your new year resolution , even a small time business on your own.

Now is the choice for you to either learn and do it on your own with all the trial and errors and costs associated with it.. After all, you want to do it and no body pushed you. Right ?

But then, is it the right thing ? Finally, what does a Boss typically do ? Help you set a target, monitor your progress, push you when you are sticking to the mutually agreed target , be a shoulder to sometimes at least go and cry / crib/ complain etc. And, kick your  @#$% sometimes if you failed ...

Now compare all these benefits of not having a BOSS . Ex. A Gym. The coach there is there to help you, yet if you skip your schedule, he at best can ask you couple of times. At best, he might send you some messages etc. But ultimately, it is you who has to decide whether to go to the gym or not. All this after having paid the full 3/6 /12 months fees in advance, running in thousands of hard earned rupees. Yet, finally, you give up half way through, saying you dont have time !

Now let us see if you had instead got a BOSS at the same gym. He would ensure that, ( you have paid up the 1000's of Rs ), that he will sit with you and set a target of say loosing 10 kgs in 12 months. He will then ask and get you to come to the gym every second day, and an average of 4 days in a week, including week ends. Then he will set up a schedule of workouts , monitor your workouts, your diet,  sit with you with your performance report, about the attendance, target vs achievement ( why have you been missing the classes, why and what have you been eating, you are short of your target by 300 gms for the month etc etc ).

At the end of the quarter, he would have applauded you in front of your other colleaques for the achievements, given you a gift , and pushed you to the next higher target of say 1.25 kgs next month.

So, net , net would you like to have a Boss ? or not ?

I certainly would, considering that it was my money, my target . All I need is sometimes , a kick in my @#$% so that the target is achieved and it is all for my benefit.

What say ? 

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