In the retail sector, inventory is considered one of the main financial assets. However, according to a survey by HSR, a market research firm, less than 40% of retailers invest in inventory management systems. The importance of adopting efficient management and process automation has proven to be essential solutions to minimize errors, optimize resources, and prevent financial losses.
"Effective management is essential for the growth and stability of a company. Investing time in recognizing and correcting the most common mistakes can optimize services and make daily operations easier, avoiding unpleasant surprises and even ensuring more opportunities for business," says William Santos, commercial director of VarejOnline, a company specializing in technology for store, franchise, and point-of-sale (POS) management.
VarejOnline serves networks such as Grupo L’occitane, Decor Colors, Petland, among other major operations; the experience in the segment allows William to bring insights on the subject. The specialist highlights some simple actions that can transform your retail reality and prevent financial problems. Check it out
1. Have daily cash control
Many franchisees neglect daily cash control, which can lead to discrepancies and significant losses in the medium and long term. William emphasizes the need to record all transactions, from large sales to minor expenses, including in-person sales and e-commerce.
“A disorganized cash register can snowball. Setting aside time every day to focus on this management is essential. To make things easier, the solution is to implement a cash register system and ensure that it is followed and updated constantly,” he explains.
2. Separate personal and business finances
It is common for some retailers to mix personal finances with business finances, especially when they manage more than one point of sale.William warns that this practice can obscure the true view of the unit's performance and create serious fiscal and cash flow problems. The solution is to establish separate bank accounts for the company and personal use, ensuring a clear separation.
3. Ensure that seasonal expenses are anticipated
Seasonal expenses, such as quarterly taxes, license renewals, and stock replenishments during holidays, often catch franchisees off guard. If there is no planning, these expenses cause hardships that could be avoided. William recommends creating a detailed payment calendar that considers these seasonal expenses and helps to allocate funds appropriately.
4. Value the analysis of financial data
Regularly analyzing the company's budget data can ensure franchisees identify patterns, trends, and areas for improvement. Therefore, keep your control up to date and monitor carefully.
“It is important to dedicate time to periodically reviewing reports and seeking insights to optimize the franchise’s financial management. Today, management systems, the famous ERPs, can present key data to retailers, or even connect with APIs to customize operations according to the needs of each business,” explains the specialist.
5. Invest in training and financial education
It's not enough to have management tools and not know how to use them, or even understand the subject. William encourages owners to constantly seek courses, workshops, and resources that help them improve their financial skills and those of their team.
“Knowledge is a powerful tool. Some ERP companies even include employee training when offering the solution. This makes management smarter and reduces business vulnerability,” he concludes.
