Time Management Tips For Retailers

Often, I am asked by both new and seasoned retail business owners: How can I stay organized, get everything done which needs doing, and not fall behind and lose control?

It all boils down to better time management, and continually developing your time management skills. Here are a few tips for better time management:

1. The store may be open from 10 till 6, but management’s hours are more than that. Key management on duty for any given day should plan to be there at least one hour early, and plan to leave at least one hour late.

2. Remember, as management, there are two types of time which are invested in the business: (A) the time you spend working IN the business; and (B) the time you spend working ON the business. Of the two, (B) the time you spend working ON the business is by far the most important.

Unfortunately, most retail business owners find themselves spending most all of their time working IN the business, and hardly any time working ON the business. By default then, they find that often the business is running them, rather than them running the business.

It happens naturally, just because there is a point at which it seems there just isn’t enough time during the day or the night to get everything done which needs doing. Normally, this happens not because we don’t have enough time (there is no person living who has ever been able to truly create more time- we all are given the same 24 hours per day). It happens because at some point, we simply mis-spent the time we had. Once we misspend anything, we are in the hole, or behind, until we get caught up. Using a finite amount of time wisely is the same as using any finite resource like good health or money. When we take a mis-step, it takes working harder, faster, and focusing better on exercises to get us back to good health, whether physically or financially. It’s the same with time, and catching back up, so that we can learn to make better use of it.

3. Coming in an hour early may initially involve coming in two hours early, if you are behind. After you begin to get caught up, you can reduce it to just the one hour. However, this fresh, first hour of the day should be spent on that part of your time expenditure which will yield the most fruit: working ON the business.

Normally, you would do your daily administrative work at this time. What you see as you do this detailed administrative work, are the issues you need to recognize in order to make better decisions regarding what you spend the rest of your time doing during the day. Also, you want to use part of this time organizing your own mind, and focusing on the general strategy of the business.

Plan your marketing themes or messages that are in sync with your vision for the business; look at cash flow projections and make notes of the things you need to do that day to manage your cash. Once you have jotted down the things which need to be done that day, prioritize them. Then, decide which tasks can be delegated and to whom, and which tasks will need to be handled by you, and when. Then, comes that Nike moment, when you "just do it"!

ABOUT THE AUTHOR: James Hallman has over 40 years in retail management, both corporate and entrepreneurial. For the last 18+ years, he has operated The Hallman Company, a retail consultant agency based in Atlanta, Georgia. The Hallman Company specializes in bringing best-of-class services to best-of-class specialty retailers. Services include inventory planning with pre-calculated open to buy, and team management training.