Connect with us

David Brown

5 KPIs You Should Be Checking Weekly

Checking these figures after the first week can save the rest of your month.

mm

Published

on

LAST MONTH, we spoke about some of the key numbers you should be checking on a daily basis in order to have your business running in top order. This month our focus is on the weekly numbers that can make a difference.

Weekly KPIs can give you a better indication of how you are heading for the month and make for a more telling set of data while still giving you time to correct your course for the month if required.

Here are the five KPI’s we feel you should be checking on a weekly basis:

1. Actual versus Budget: We spoke about the need to track this each day, but in reality, particularly if you are a higher retail value/low volume jewelry store, daily figures can easily distort. Viewing a longer-term trend will start to give you a better perspective on how your month is panning out. One big sale, or the lack thereof, can mess with your daily earnings, but a trend over a week is less likely to lie.

2. Door Count: Again, your longer-term trend is what’s important here. The number of potential customers walking through your door can be easily distorted on a daily basis, but a weekly trend will be much more relevant. If you aren’t getting the foot traffic you need, or you’re getting the traffic but not converting them, then action needs to be taken.

3. Backorders: Once a week is a good time to review your backorders. What product has been ordered but not yet arrived? What orders have you not closed off and sent yet to the vendor? Are there old orders that you now need to cancel?

Advertisement

4. Salesperson reports: Now is a good time to see how your staff are performing and take action to rectify any issues you see. What is the performance of each staff member? What were their sales dollars per hour worked for last week and was this within their target range? What level of discount did they give away?

5. Margin Achieved: A longer-term trend of margin should be starting to take shape. If you’re below target for markup achieved, then you need to ask some questions. Is the issue one of discounting, or is your pricing policy too low in the first place? You should begin to see how this number is shaping up for the month by the end of the first week.

How your key performance indicators are beginning to form after the first week of the month will be a good indication of how your month is going to perform if nothing changes. Now is the time to take action. 

David Brown is the President of The Edge Retail Academy (sister company of The Edge), who provide expert consulting services to help with all facets of your business including inventory management, staffing, sales techniques, financial growth and retirement planning...All custom-tailored to your store’s needs. By utilizing the power of The Edge, we analyze major Key Performance Indicators that point to your store’s current challenges and future opportunities. Edge Pulse is the ideal add-on to the Edge, to better understand critical sales and inventory data to improve business profitability. It benchmarks your store against 1100+ other Edge Users and ensures you stay on top of market trends. 877-569-8657, Ext. 001 or [email protected] or www.EdgeRetailAcademy.com

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular