Meaning of Store Management
Store management is the systematic method of handling the materials maintained in the stores of a business. Its primary objectives are to ensure availability at nominal costs, calculation of restocking period, and protection against any possible cause of damage to such materials. Therefore, store management requires keen attention to detail and is essential to the normal functions of an organization.
Functions of Store Management
Store management performs certain vital functions to maintain the standards of the stores of a business.
- Inspection- The authenticity of goods and their expiration period, if any, must be verified regularly. There must also be frequent inspections to prevent any chance of theft, damages, and fraudulent activities.
- Stock Taking- Contacting suppliers and arranging for the arrival of stock is an important part of store management. It also includes verifying the fresh stock to see if it meets the standards and if the expected amount of stock has been delivered.
- Safety Stocks- The formulas of economic order quantity must be utilized to derive the frequency and number of purchases to restock the inventory. The safety stock and the danger stock levels must also be determined to maintain the former and avoid the latter.
- Accounts Maintenance- In the regular inventory cycle, some goods may either be the closing stock from the previous cycle or freshly arrived stock for the new cycle. The pricings of these stocks may vary. Some stocks may also offer discounts. There may even be stocks that are a work-in-progress. Store management is required to maintain proper records of these particulars and their quantitative details.
- Delivery Services- The store provides delivery services to its customers to have better control over their supply chains. Reliable deliveries also help in easing the process of purchase for customers, thereby leading to better sales.
- Training- Store management is also involved in the function of training and development of store personnel. The employees must be made aware of the targets and the system of inventory management that the store follows.
- Planning– The system of purchasing, supplying, and restocking must be well-planned. This is to ensure that the necessary stock is available at the right time and at the lowest cost possible. This also prevents stockouts, delays, and wastage.
- Customer Retention- The function of store management also includes attracting new customers and retaining existing customers. One method of doing this is by setting sales targets that are to be met by respective store managers.
Who is a Store Manager?
A store manager or a store supervisor is the head of a store assigned to overseeing the functioning of that store. They are responsible for meeting sales targets, cost management, employee management, and performing daily administrative functions. They must have strong leadership and communication skills. They regularly track and facilitate the inventory cycle. Therefore, the job profile of a store manager is extremely complex as they are accountable for almost all the functions of a store.
Duties and Responsibilities of Store Manager
Based on the job profile of the store manager, the following duties can be established.
- Sales Targets- The primary goal of a store manager is to meet the number of targeted sales. They usually receive commissions and other monetary incentives based on how well they perform at convincing customers to purchase from their store. The other duties of a store manager are just the subdivisions of this fundamental objective.
- Customer Satisfaction- Store managers must have the ability to understand the needs of a customer and should be prepared to meet the same. They must be well equipped to deal with customer complaints regularly and try to solve any issues as quickly as possible. They must also set up strategies to attract new customers and improve service quality.
- Employee Management- The supervisors are also responsible for their subordinates and their engagement within the store. They are in charge of recruiting and training these employees. They also set up targets for the employees and manage conflicts.
- Coordination- There are different departments and multiple stores within the business organization. The job of coordinating with other departments and communicating with other stores falls under the purview of a supervisor’s job profile.
- Administration- Store managers perform administrative duties such as managing the store environment and updating the store’s records. They also track daily sales, communicate with customers, contact suppliers, and monitor schedules.
- Budgeting- The budgeting and cost monitoring task of a store is entrusted to a supervisor. They forecast the expenses, track the revenues, and attempt to raise the profitability of the business. They plan activities that will minimize costs. Moreover, they keep the financial records updated.