The 5 retail functions you actually need to know

“The 5 retail functions you actually need to know”
It all starts with Planning 
Planning is the basic function within every management environment It deals with outlining and forecast a course of action and deciding in advance the most appropriate actions and steps for achievement of goals and targets set in advance by the organization. 
Planning will support any gap analysis, in common terms highlights where the organization is,where it wants to be and how it gets there.

An outlined plan is a future course of actions. It is an interesting exercise in the process of problem solving and decision making. 

Planning is outlining the of courses of action to achieve desired goals. 

Given that planning is a systematic thinking about ways and means for accomplishment of pre-determined goals. Planning is of paramount importance to ensure proper utilization of resources.

A correct and thoughtful planning will support other process and will let the organization overcome with less difficulty times of confusion and uncertainty, will definitely help in taking calculated risks and why not reduce waste on both intellectual and economical terms for the organization.
Let’s get Organized 

Organizing is the process of bringing together the different aspects of the business on the same intellectual level, and the process of a productive relationship between them and let them work as mechanism that aims to one goal : the organization pre assigned targets and long term goal. 
To organize a business involves assessing and providing both human and non-human resources to the organizational structure.

The Organizing process may involves:

  • Identification of needed activities.
  • Classification of activities carried out by groups.
  • Duties assignment.
  • Delegation and creation of responsibility and accountability
  • Coordinating the relationships amongst the groups involved in the process.

Staffing : the art of assigning manpower to the main goal in the perfect way.
Staffing is the function of providing workforce to the organization structure and keeping it manned in the best and more productive and cost efficient way. 
Staffing has assumed greater importance recently this mostly due the advancement of technology, the increase in size and volume of business, the more complexity of human behavior and the more complex needs of the consumer to be satisfied. The main purpose of staffing, is to allocating the right resources to the the right jobs to achieve the company’s long term goals. The function of staffing involves manning the organization structure through proper and effective selection, hiring and development of personnel to fill the roles designed in the organization structure.
Staffing might involves:

  • Workforce Planning.
  • Recruitment and selection process of resources.
  • Training and Development of resources. 
  • Remuneration and benefits for the workforce.
  • Performance Evaluations.
  • Career progression.

It is that side of the managerial function which put into actions the organizational methods to work in an effective way for achievement of organizational purposes.
It is considered the fuel of the whole organization which sets it in motion the action of the workforce because planning, organizing and staffing are the mere preparations for carrying out the work. 
The efforts of the organization need to guided into the right direction. The importance of Direction 
Direction cover those aspects of management which deals directly with influencing, guiding, supervising, motivating and delegating for the achievement of organizational goals. 
Direction covers the following elements:

  • Supervising the workforce.
  • Motivate the workforce. 
  • Lead the workforce. 
  • Establish clear communication channels: Communication is the key.

Supervision 

Implies  overseeing the work of peers and direct reports by their direct superiors. It is the act of directing, observing work and workforce behaviors.
Motivation

Means inspire,stimulate and/or encourage the team.

Positive, negative, monetary, and non-monetary incentives may be used to fulfill this purpose.

Leadership
Could be defined as a process by which manager leads and influence the work of his team in the desired direction.

Communication
Is the process of sharing information, experiences ,feedbacks and data based opinions from one person to another. 

It is a bridge of understanding among the team.

Let’s be always in control: the importance of Controlling

It implies measurement of accomplishment against the performance indicators and correction and actions if any to ensure achievement of organizational goals.
The purpose of controlling is to ensure that everything occurs in line with the standards and following the processed and the procedures outlined by the organization. 

Having an efficient system of control in place will help to predict deviations before they actually occur. 

Controlling has following steps:

  • Establishment of performance standards and benchmarks.
  • Measurement of actual performance vs. targets and benchmarks.
  • Comparison of actual performance with the standards and identify actions for improvement if needed.
  • Corrective actions.

Thanks for reading, 

Interested in knowing more :

www.theretailroom.wordpress.com

www.twitter.com/retailroom

teamretailroom@gmail.com

Author
www.linkedin.com/in/raffaelefelaco

Published by Raffaele Felaco

I am an enthusiastic leader with strong background in direct and indirect sales with an exten- sive experience in both retail and wholesale business. I have been fortunate to have worked alongside teams in structured environments both in Italy and abroad over the last 20 years, en- abling me to develop strong leadership skills, a natural approach in effective communication, the ability of positively influencing others and master complex business negotiations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: