Most businesses are very clear about what their goals and focuses are for operational efficiency at a corporate level. However, there are many challenges to implement and achieve these objectives when you look at the day-to-day challenges faced by employees within the bricks and mortar locations. Overcoming inconsistencies, errors and confusion among employees are challenges that many firms face – but there are proven approaches you can apply to ensure your business reaches its true potential.
We hear talk about operational efficiency and standard operating procedures, but what do they actually mean for your business?
Standard Operating Procedures (SOP’s)
A standard operating is the setup of step-by-step instructions compiled by an organization to create processes that help employees carry out routine operations. These are included as part of training, and in retail, means employees can easily move from store to store without being retrained to carry out any of their day-to-day tasks. It makes businesses more competitive because they are able to easily evaluate their strengths and weaknesses and find areas where they can improve.
Operational Efficiency
Operational efficiency is primarily a metric that measures the efficiency of profit earned as a function of operating costs. The greater the operational efficiency, the more profitable a firm or investment is.
By creating consistent processes within your business, you in turn drive operational efficiency throughout.
So, why is this important to retail stores?
Many stores in today’s new reality must be able to function with even further reduced staff levels and larger day-to-day to-do lists, meaning your teams will be busier than ever! And, with your staff being busier, any tasks that are inefficient or laborious are very likely to be rushed - and that is when mistakes are far more likely to be made.
Investing in automation technology, and the creation of consistent processes across your daily operations will greatly impact a number of business metrics such as profitability, productivity, improved staff morale, fewer mistakes and general operational excellence.
Great! Where do I start?
Cash handling and cash management are where many businesses can find a quick win. Automating your cash management process can enhance accuracy, improve efficiency, increase security, drive loss prevention and provide a simpler method for your employees to carry out the daily task of balancing their cash drawers and preparing bank deposits.
Cashmaster provides a highly cost-effective cash management solution, that on average will demonstrate an ROI of only a few weeks and can be trialled for free across your locations before implementation. We know one size doesn’t fit all, so our pilot process is to find the right solution for your business.
Our Cashmaster One range is the market-leading solution within the count-by-weight industry and can greatly improve how your business manages cash and cash flow.
To find out more about the products available to you, visit our solutions page.
With cash still be used across the UK every day, cash handling and cash management will be a key task that takes place in every store and therefore businesses should ensure their store locations have a consistent process for their intake of cash. Have an automated solution for managing your cash won’t only be a quick win with operational efficiency, it will also be a quick win with your employees.