Are You Hitting Your KPI Targets?
Key performance indicators (KPIs) are the retail metrics that help you keep your chain on the right track for success. The reason you track your KPIs is so that you can tell whether your business is on target. ChainDrive has a module to help you do that better. It’s called Store Budgeting software.
Some of the important KPIs include:
- Average Dollars per Transaction
- Average Units per Transaction
- Average Dollars per Hour
- Wage Cost Percentage
- Weekly Workforce Hours
And that’s just a few.
By measuring these performance indicators, you can tell how profitable your business is. You can look at each of your inventory items to tell whether they are making your company money or causing you to lose money. By the same token, you can look at each KPI per store in your chain and determine its profitability.
You’re monitoring sales, but you’re not just monitoring sales. Keeping tabs on your point of sale transactions is important, but watching your expenses is equally important.
With ChainDrive’s retail budgeting software you get visual graphs that show you at a glance how each of your stores is performing.
The store budgeting solution also helps you manage other areas of your retail chain. For instance, you can keep logs of important events that happen in your retail stores. If it snows, for instance, you can log that information to allow your staff to look back months later and see why you had a dip in sales. If the store across the street was running a special, you can annotate that.
With retail budgeting software you can manage your KPIs better and make better decisions for your chain long term.