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Reaching For Star Performer Status: How Do You Rate?

What is a "Star Performer"? A "Star needed.11. Purchase Order
Performer" is a STORE that significantly Managementa. Purchase orders written on
surpasses the generally recognized median vendor's form. Copies are not provided
performance measurements within the to receiving department on timely basis,
industry. A "Star Performer" is also an perpetual outstanding order position is
OWNER or MANAGER of a business who has not maintained by
higher than average expectations and classification.b. Purchase orders written
demands not only for the business but for on your store's own Purchase Order form
the invested capital.We consistently find and a copy or facsimile is given to the
that the "Star Performers" we come in receiving department so they can use it
contact with have certain similarities: to check in merchandise. Perpetual
they manage to do the right things most on-order status is maintained by
of the time and they accept profit as a classification. Purchase orders are
worthwhile goal.To find out how you and deducted immediately from the
your store rate, take the following quiz. Open-To-Buy.12. Receiving &
Each question has two possible answers. Markinga. Treat the receiving and marking
Circle the answer that more closely fits function as a necessary evil, permitting
your store's current situation.FINANCIAL everyone to help out in the receiving,
SYSTEMS AND CONTROLS1. Financial tagging, etc.b. Assign the receiving and
Statementsa. Prepared once a year or marking function to one person as their
quarterly. Or, if prepared monthly, primary responsibility and have written
chronically late, many times several procedures for handling receipts, returns
months late.b. Prepared monthly, using and transfers.13. Achieve Sales
the standard industry format. Ready for Increasesa. Compare this year's sales to
management review by the 10th of the last year's sales and are satisfied with
following month.2. Expense any increase.b. Develop monthly sales
Budgetinga. No expense budgeting plans for each store, classification, and
done.b. Formal budget prepared for year, salesperson and thoroughly develop and
by month. This budget is compared to execute a plan to achieve sales increases
actual figures each month and corrective that consistently exceed the inflation
measures taken immediately when expenses rate.PEOPLE MANAGEMENT AND SALES
get out of hand.3. Payrolla. Reported on DEVELOPMENT14. Sales Traininga. It is up
Financial Statement as a single total.b. to the salespeople to educate
Reported on Financial Statement by themselves.b. Regularly scheduled
function (i.e. Selling, Office, (weekly) selling staff meetings to review
Management, etc.).4. Payroll Budgeting new merchandise and provide sales
and Schedulinga. Everyone comes to work training.15. Marketinga. Direct all
when the store opens and leaves when it advertising expenditures to newspaper,
closes. Payroll expense hopefully is not radio and other printed media, usually
too high.b. Payroll expense for each with little thought or planning.b.
responsibility area is budgeted monthly a Maintain a high level of direct
year in advance and weekly at least three marketing activities with your customers
months in advance; each month the actual and target market by use of direct mail
vs. budgeted is analyzed; weekly advertising and telephone contact.16.
schedules are posted well in advance; Personnel Managementa. Tell each employee
split shifts are used when when he is doing something
needed.5. Shrinkage Controla. Take a wrong.b. During the hiring interview the
physical inventory once a year and make job description was thoroughly reviewed.
little or no effort to reconcile to Each employee is given a written job
perpetual inventory records.b. Take description when hired defining the
cyclical inventories and thoroughly requirements of their job and what is
investigate discrepancies to detect expected of them. All employees are
instances of faulty record keeping, given a formal performance review at
external or internal theft.6. Management least semiannually in the first two years
Information Systema. Either do not have of employment and yearly thereafter.17.
one, or have only a very rudimentary one Organization Structure
that gives a minimum amount of Managementa. Informal organization with
information, or have one that is not family members and other managers doing
used.b. Have a Management Information what they want and stepping on each
System based on the Retail Inventory others' toes.b. Well-defined
Method that gives very detailed monthly organizational structure with a written
information for each merchandise job description for everyone, including
classification (Sales, Inventory, Order family members and
Status, IMU%, MD%, Shrink, GP%, STR) and management.18. Policies and
each salesperson (sales per hour, average Proceduresa. No written policies or
transaction, number of items per procedures or have an outdated and
transaction) and is used regularly to un-used version. Whenever a problem
monitor vital signs of the business.SALES arises; you make a decision and handle it
AND MERCHANDISE INVENTORY based upon early individual
PERFORMANCE7. Marketa. Spend 45-60 days situations.b. Carefully thought out and
per year at market, without advance written policies and procedures that
preparation, taking with you the top 2-3 include built-in internal controls are
salespeople.b. Carefully plan your market provided to all employees and used as
trips. Get buying office/buying group reference materials.Now, give yourself 1
help. If salespeople go with you, let point for each "a" answer and 4 points
them meet you at market for just 1-2 days for each "b" answer and see how you
and never let top 2 go to market at the rate.61-72 points: You are making money
same time.8. Buyinga. Go to market and and having fun.
buy based upon quantities bought last 37-60 points: You are surviving, but
year.b. Use Open-To-Buy by merchandise need to make improvements.
classification to plan merchandise 18-36 points: You are sinking, and you
purchases.9. Merchandise know it. You should get out of the
Classificationsa. Have a minimum number business.If you did not score at least 61
of classifications to avoid record points, there is room for improvement.
keeping and employee confusion.b. Class Go back and review all the questions for
structure is well defined to allow for which you gave an "a" answer as these are
better merchandising the areas you should consider working on.
decisions.10. Markdownsa. When You may find that some of these areas
merchandise is sold below the original will be relatively easy for you to
price, simply record the sale at the correct; for others you may need outside
actual selling price permitting markdowns assistance. The important thing to
and shrinkage to become co-mingled in the remember is that these improvements can
computation of gross margin.b. Include have a positive impact on your store's
planned markdowns in the Open-To-Buy success.This article was written by Linda
process, carefully record them when Carter, President of The Retail
recognized and compare actual vs. planned Management Advisors, a retail consulting
at the end of every season taking firm whose mission is to help independent
corrective action where retailers survive and thrive.




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