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This scorecard will allow you to clearly define whether or not investment in a new EPOS system is justified.
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Do I Need a New EPOS
System?
Intelligent Solutions to Drive Your Retail Operations to the Next Level
Scorecard
Intelligent Solutions to Drive Your Retail Operations to the Next Level Do I Need a New EPOS System? Scorecard
You may be at a turning point in your retail business and you may be asking yourself:
• Do I really need a New EPOS System?
• Do I need to upgrade my existing EPOS system?
• What do I need in an EPOS System?
• How will an EPOS System grow my business?
Before making any decisions on an investment in your business, like an EPOS System, it is important to make a full assessment into how you and your staff will use an EPOS system and what an EPOS system will deliver that you currently cannot.
All retailers are not the same and each retailer may have different priorities in driving their business forward. In order to determine the “drivers for change” in your retail business, we have created a scorecard to help you assess what your current situation is and what you want or need to change to drive your retail business’s growth in five key areas:
These are The Five Fundamentals of Retailing:
• Controlling My Retail Stock
• Managing My Retail Staff
• Controlling My Retail Cash
• Managing My Retail Customers
• Managing My Retail Suppliers
2
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Controlling My Retail Stock
Circle the response that best describes your retail stock control prac4ces. Frequently O9en Occasionally Never My retail business holds too much stock. 4 3 2 1
My retail business experiences unplanned stock shortages/outages. 4 3 2 1
I do not have the visibility I need into stock turn. 4 3 2 1
I do not have the visibility I need into shrinkage. 4 3 2 1
I make purchasing decisions without full visibility into the performance of previous purchases. 4 3 2 1
I do not have the visibility I need into how much stock is marked down for clearance vs. sold
under promoAon.
4 3 2 1
My retail business’ stock set up and maintenance process are inefficient. 4 3 2 1
I cannot clearly idenAfy “cash cow” stock items. 4 3 2 1
I cannot clearly idenAfy “dog” stock items. 4 3 2 1
Now, add up your Controlling My Retail Stock score »
Scorecard
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Controlling My Retail Stock
Scorecard» Results
To find out more about controlling your retail stock, check out TRC’s free Controlling Your Retail Stock download.
16 -22 If you scored between 16-22, you need to examine your retail stock handling processes to identify the gaps and talk to an expert about how an EPOS system or other solution can help.
23 + If you scored 23 or over, you have some critical gaps in your retail stock handling procedures which are negatively impacting the profitability of your retail business. An EPOS system could be the solution for you.
1 -15 If you scored under 15, you have a pretty good handle on controlling your retail stock.
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Managing My Retail Staff
Circle the response that best describes your retail staff management prac4ces. Frequently O9en Occasionally Never My retail staff has access to areas of systems / operaAons I would prefer they didn’t. 4 3 2 1
I do not have the visibility I need into how many refunds, discounts, void sales, and credits
each staff member carries out. 4 3 2 1
I do not have the visibility I need into the acAons of each of my staff members in order to hold
them accountable for their acAons. 4 3 2 1
I do not know the hours actually worked, as opposed to rostered, by each employee. 4 3 2 1
I do not have the visibility I need to measure the performance of each staff member in terms
of upsell percentages, average transacAon value, Ame at All, transacAons completed, and
other key metrics.
4 3 2 1
I do not have the ability to systemize suggested up sells and incenAves offered by staff to
customers. 4 3 2 1
I do not have the ability to incenAvize staff through carefully measured staff promoAons, e.g.
loyaltysignups, top sales assistant, best up-‐seller, beat sales target etc. 4 3 2 1
I mistakenly hire new staff who don’t have the best interests of my retail business at heart. 4 3 2 1
Now, add up your Managing My Retail Staff score »
Scorecard
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Managing My Retail Staff
Scorecard» Results
To find out more about managing your retail staff, check out TRC’s free Managing Your Retail Staff download.
15 -21 If you scored between 15-21, you need to examine your retail staff managing processes to identify the gaps and talk to an expert about how an EPOS system or other solution can help. .
22 + If you scored 22 or over, you have some critical gaps in your retail staff managing procedures which are negatively impacting the profitability of your retail business. An EPOS system could be the solution for you.
1 -14 If you scored under 14, you have a pretty good handle on managing your retail staff.
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Controlling My Retail Cash
Circle the response that best describes your retail cash control prac4ces. Frequently O9en Occasionally Never I do not have the visibility I need into all types of payouts from the retail cash drawer. 4 3 2 1
I do not have control over ensuring that only authorized staff can carry out floats, liKs, and
reconciliaAons.
4 3 2 1
I am not immediately alerted or I do not have the immediate visibility I need into red flag
transacAons. e.g. voids or excessive discounts.
4 3 2 1
I carry out cash reconciliaAon rather than cash declaraAons. 4 3 2 1
My retail business does not have the ability to quickly and accurately measure cash / sales
discrepancies.
4 3 2 1
I do not have the visibility I need to quickly find and audit a dubious transacAon. 4 3 2 1
Now, add up your Controlling My Retail Cash score. »
Scorecard
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Controlling My Retail Cash
Scorecard» Results
To find out more about controlling your retail cash, check out TRC’s free Controlling Your Retail Cash download.
11 - 16 If you scored between 11-16, you need to examine your retail cash control processes to identify the gaps and talk to an expert about how an EPOS system or other solution can help.
17 + If you scored 17 or over, you have some critical gaps in your retail cash control procedures which are negatively impacting the profitability of your retail business. An EPOS system could be the solution for you.
1 -10 If you scored under 10, you have a pretty good handle on your controlling retail your cash.
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Managing My Retail Customers
Circle the response that best describes your retail customer management prac4ces. Frequently O9en Occasionally Never I do not have the visibility I need to idenAfy my best customers in terms of recency of visit,
frequency of visit and the value they add to my business over a given period.
4 3 2 1
I do not have the visibility I need into customer fooNall and customer conversion metrics, eg.
percentage of customers who enter store that make a purchase.
4 3 2 1
I do not know the contribuAon to profit of my top spending customers. 4 3 2 1
I am not able to communicate with carefully selected sub groups of my overall customer base
with Amely, relevant and segmented markeAng offers.
4 3 2 1
I am not able to measure my customer turnover, e.g. idenAfy customers who have moved on
from my business.
4 3 2 1
I am not able to communicate with lapsed customers in order to provide them an incenAve to
return to my business.
4 3 2 1
Now, add up your Managing My Retail Customers score.»
Scorecard
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Managing My Retail Customers
Scorecard» Results
To find out more about managing your retail customers, check out TRC’s Free Managing Your Retail Customers download.
11 -16 If you scored between 11-16, you need to examine your retail customer management processes to identify the gaps and talk to an expert about how an EPOS system or other solution can help.
17 + If you scored 17 or over, you have some critical gaps in your retail customer management procedures which are negatively impacting the profitability of your retail business. An EPOS system could be the solution for you.
1 -10 If you scored under 10, you have a pretty good handle on managing your retail customers.
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Managing My Retail Suppliers
Circle the response that best describes your retail suppliers management prac4ces. Frequently O9en Occasionally Never I am not able to clearly idenAfy if one supplier delivers beOer profitability than another. 4 3 2 1
I am not able to clearly idenAfy which suppliers are adding value (outside of profitability) to my
business and those who are not.
4 3 2 1
My retail business does not negoAate trading terms from our suppliers. 4 3 2 1
I do not have the visibility I need into when the purchases my business has made has met the
agreed upon trading terms with my suppliers so that my business can take full advantage of
bonus stock, rebates etc.
4 3 2 1
I do not have the visibility I need to track orders due to arrive so that I can take this into
account when ordering addiAonal stock.
4 3 2 1
My retail business’ ordering process means that I have do not have the visibility I need into
supplier orders which are different to agreed quanAAes and prices.
4 3 2 1
Now, add up your Managing My Retail Suppliers score.»
Scorecard
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Intelligent Solutions to Drive Your Retail Operations to the Next Level Managing My Retail Suppliers
Scorecard» Results
To find out more about managing your retail suppliers, check out TRC’s free Managing Your Retail Suppliers download.
11 -16 If you scored between 11-16, you need to examine your retail supplier management processes to identify the gaps and talk to an expert about how an EPOS system or other solution can help.
17 + If you scored 17 or over, you have some critical gaps in your retail supplier management procedures which are negatively impacting the profitability of your retail business. An EPOS system could be the solution for you.
1 -10 If you scored under 10, you have a pretty good handle on managing your retail suppliers.
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Intelligent Solutions to Drive Your Retail Operations to the Next Level So, Do You Need a New EPOS
System?
Now that you have assessed your retail business across the five key areas, carry forward your scores for each sec4on for your final results.
Score Controlling My Retail Stock
Managing My Retail Staff
Controlling My Retail Cash
Managing My Retail Customers
Managing My Retail Suppliers
Total Final Score »
Scorecard Final Score »
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Intelligent Solutions to Drive Your Retail Operations to the Next Level So, Do You Need a New EPOS
System?
TRC Retail Experts Can Help
60 - 90 If you scored between 60 - 90, there is definitely room for improvement. You need to examine these five key areas and their processes to identify the gaps and talk to an expert about how an EPOS system or other solution can help.
90 + If you scored over 90, you have some critical gaps in your retail business procedures and they can have serious repercussions on your retail business’ profitability. An EPOS system that is customized to fill those gaps could be the solution for you.
- 60 If you scored under 60, your retail business is doing well and you have sufficient visibility into all of the key areas which is critical in the growth of your retail business.
Scorecard Final Score » Results
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Intelligent Solutions to Drive Your Retail Operations to the Next Level
Intelligent Solutions to Drive Your Retail Operations to the Next Level
TRC Retail Experts Can Help.
TRC’s retail experts have the experience across the five key areas to be able to guide you. They can review your “Do I Need a New EPOS System?” scorecard and results and walk-through best practices and options available to you.
TRC is now offering another download that can help guide you through the process of evaluating and buying an EPOS system: FREE Download – 7 Essential Steps to Buying an EPOS System
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To speak to an expert about your “Do I Need a New EPOS System?”
Scorecard and Results, please contact us at [email protected]
