Multi-stores such as corporate chains, franchises, buying groups, and networks of stores require particular management that does not necessarily apply to single-store operations. The operational aspects of these businesses may not be so different when observed at an individual level, but as a whole, their scale and variability often call for unique management approaches.
How can you efficiently manage a multi-store structure? Multi-store management requires handling the managerial demands of several operations, each of which is typically very unique in one way or another. Due to this, keeping the operations in all these stores running smoothly can be especially demanding.
It can be a little hard to realize the unique business benefits that proper multi-store management should offer if you fail to use the right approach. However, there are several ways you should manage sales, promotions, inventory, time, and other things differently in a multi-store environment to achieve greater efficiency, reduced costs, and improved profitability. Here are our 10 tips to ensure your multi-store management is top-notch.
1. Improved Inventory Management
Having to run several stores can significantly increase your inventory management responsibilities. You not only have to ensure there is enough inventory within the entire business operation, but that each store has adequate inventory levels as well. However, managing several stores also means having unique inventory management opportunities. For instance, you can always find one store to supply stock to another store in case inventory levels run low.
But for this to work, there needs to be a system that allows for quick communication between these store locations so that the inventory transfers are effected efficiently. As a matter of fact, with the right POS system in place for your multi-store operation, you can get timely minimum order quantity (MOQ) suggestions based on past sales or recommendations from the management so that you can manage your inventory in a way that helps you avoid stock-outs in the first place.
Such advanced systems can also help you come up with special serial numbers that let you keep track of every item that goes through your store. Precise inventory control is very important in a multi-store scenario. Without it, stock control risks being unorganized.