Singapore retailers and F&B businesses have been feeling the effects of the COVID-19 outbreak ever since Singapore raised its DORSCON alert to Orange. Here are three key lessons retailers and eateries can take away from this ordeal.
Whether you’re a local start-up or large company every manager abides by a simple rule. Maximise Profit and Minimise Cost.
Many Singaporeans are celebrating their $300 “ang pao” after yesterday’s Budget 2020 speech. However, for local retailers there are even more reasons to be happy. Below are three important takeaways from the 2020 budget statement if you’re a retail owner.
There are numerous aspects when operating a retail or food and beverage (F&B) business. Such businesses call for a wide range of skills, ranging from administrative, management to marketing. No doubt it is a daunting ordeal. Not only will you need to juggle these tasks but your team will need to do it well to ensure the business runs smoothly.
Operating a business require you to take several roles outside of being a business owner. You will need to handle administrative, marketing and operations. To not stretch yourself too thin, you will need to delegate certain tasks to others. Such help does not limit itself to the actual workforce, but it also extends to implementing automated systems.
As a business, your end goal is to increase your bottom line and maximise your profit. Grab any opportunities that offer a chance to get closer to your goal, no matter how small of importance it may be.
No matter the type of business you may run, inventory management is a beneficial skill. Inventory management is the keeping track of your stocked goods and monitoring its movements. Doing so will give you an idea of when to replenish your products and in its exact volume.
Every business has one goal: to optimise sales and maximise profit. There are several tactics to increase profitability, but one of the more essentials is assortment planning. Assortment planning is carefully selecting products and placing them in a specific area of the store, at a particular period. The purpose is to drive the most sales.
For several businesses, they find it hard to not only attract but also retain customers. This is especially so when the competition is so stiff. We’ll delve into some of the ways that you can stand out from the rest and guarantee customers’ return.
Choosing a POS (Point-of-Sales) System for your retail business might be one of the most important decisions. It help your business take a leap to the next level. EPOS considers the most important factors to improving retail efficiency. It focuses on those factors to give your business the best POS system possible. Thus, you can provide the best experience to your customers by using a POS that lets you process point of sale transactions at amazing speeds!