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Operating a Retail Business - Essay Example

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Most of these artifacts are wildlife carvings and paintings. As a business that deals with attractive and valuable products, it attracts different categories of customers. The main goal of the business is to offer…
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Operating a Retail Business
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Download file to see previous pages The main daily operations management role are cash handling, safety and security, visual merchandizing, customer services, and inventory and stock management (Pinson2004) .
Cash handling is an essential operation of any business .The business involves selling of artifacts on cash basis and so management of cash must have tight internal controls. In addition, since the aim of the business is to make profit, the amount of cash is an essential measure of profitability and a mean of covering operating expenses. The most appropriate cash management technique is computerized (electronic) cash management system (Balkin &Cardy, 2008).
Customers are assets in any business and so a good customer care service is an important business strategy that any organization must prioritize. The customer service include assisting customers when shopping, allowing customer to make their purchases choice without unwarranted influence from the staff, giving customers correct and honest information and feedback, ensuring that the quality of the products is of high standard, and offering appropriate after sales services such as packaging(Pinson2004).
Visual merchandising is a daily operation management that ensures that enhances the ability of the business to attract potential customer once they note the presence and arrangement of its stock. The important visual merchandising include attractive display of products, ensuring that there is enough lamination within the shop, enhancing ventilation, daily cleaning procedures, advertisement charts and portable advertisement boards are to placed in right places, and ensuring that there is enough space for customers to move within the premise(Sullivan &Steven, 2003) .
Stock and inventory management ensures that the business has sufficient stock for its customer. This operation management action also ensures that adequate steps are adopted and adhered to avoid loss of stock (Sullivan &Steven, 2003).
Safety and security ensures ...Download file to see next pagesRead More
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