December 29, 2016

Your 2017 resolution: Improve currency management

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If you love the thrilling, motivating feeling that comes with a New Year’s resolution – that fresh start, a new beginning, the extra chance to get things right – you’re in luck because it’s that time again.

After coming down from the high of a whirlwind holiday season (and this year’s is predicted to be the busiest yet), you’re generally left with a bit of a post-holiday slowdown. This lower-stress time offers the opportunity to analyze your practices and focus on how to improve operations for the year ahead.

Last year we asked if you were ready to stop doing things the way they’ve always been done when it comes to currency management. It’s a hard resolution to make because you might wonder where to start. If you’re still looking to change your ways in 2017, here are a few suggestions of how to get going:

  1. Reduce the time you spend on manual tasks: As many states prepare to raise their minimum wage beginning next year, the way your employees spend their on-the-clock hours becomes more crucial to your bottom line. Many retailers spend too much time counting, reconciling and otherwise managing their cash in stores and at corporate because they’re still employing the same manual processes and reporting they’ve had for years.  There’s no reason to spend so much time managing cash – your team’s hours could be spent on tasks that contribute to customer experience and boost the bottom line, like fulfilling omnichannel orders, merchandising, selling and managing front-end operations.

  2. Spend more time with your customers: When you spend more time with your customers, they’ll spend more money with you. Twice as much, in fact, the InMoment Retail Industry Report 2016 found. And they’ll have a better overall impression of your store, as well – the US Total Retail 2016 Survey by PwC found 40 percent of shoppers said associates with deep product expertise were an important factor in enhancing their shopping experience. Customer experience is always a top priority, so look for ways to keep your employees front and center and ready to help, instead of stuck in an office.

  3. Examine your currency operations: As you head into a new fiscal year, it’s important to look for ways to improve your procedures and reporting so you can beat last year’s numbers and stay ahead of the competition. If you’re exploring new technologies for 2017, make sure any systems you consider can communicate with your existing systems and offer solid corporate reporting to help you make the most informed decisions about your business. When your systems are connected, you also see benefits like labor savings, optimized cash handling, minimized cash exposure, fewer errors, reduced bank fees and more.

Don’t let another year go by without really looking at your currency management practices and employee labor allocations. 2017 is the year to stop doing things the way you’ve always done them and start doing things in a way that can transform your enterprise.

Cheers to a new year and new opportunities!

 

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Image: iStock