Can too much cash can be a bad thing?

 

Too much cash is bad? Absolutely, when it’s sitting idle in your stores. Cash is essential in a retail store, but striking the right balance of cash on hand and cash in corporate’s bank account is a never-ending challenge. If stores have too little cash, they can’t operate properly. But fear of running short often causes retailers to keep too much cash on hand, creating a costly problem — idle cash.

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11 important things retailers could be doing instead of managing store reports

 

When I was a district coordinator in a major retail chain, I was — as all retail leaders are  slammed. All the time. If I wasn’t forecasting sales or monitoring operational results, I was managing vendors and department heads. My favorite part of the job was being in stores and seeing how things were going day to day, but it felt like I was only there if there was a problem to solve. And, of course, I only heard about these problems when I’d spot them in the daily and weekly data deluges that flooded my email.

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Most-clicked topics reveal one of retailers’ top concerns

 

Our most-viewed blog posts of 2017 tell us quite a bit about what’s been on retailers’ minds this year. An overall theme seems to pop up when you look at the topics that had readers clicking — process improvement.


The retailers who read our blog are looking for ways to make the “have-tos” of retail more efficient so that their employees can be more productive. After all, spending time on tasks and processes doesn’t build customer loyalty or boost profits  spending time with customers does.

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8 silly things retailers do with their cash

 

Retailers don’t always give their cash the attention it deserves. Whether you take a little cash in your stores or a lot, it can still present a challenge if it isn’t managed properly.

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10 steps to making data-driven decisions in retail

 

Too often, retailers – especially those who have been in the business for a while – continue operating in the same way they have for years. But in today’s retail landscape, “the way things have always been done” just doesn’t hold up.

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Identifying and avoiding retail blind spots

 

For a careful driver, there’s little as frustrating as an accident caused by an object or vehicle in your blind spot. You’re watching the road distraction-free, you checked your side and rear view mirrors — everything looked clear. But then, crunch. It was an impact you weren’t expecting.

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Improving your retail payroll productivity

 

With the breakneck speed of change in the retail industry, you can’t afford to not give shoppers what they want. And what they want is your employees’ time.

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Would your business stop accepting cash for $10,000?

 

Visa is offering restaurants $10,000 if they stop accepting cash payments from customers. It’s called the “Visa Cashless Challenge,” and it would force patrons of restaurants that accept the challenge to pay with a credit card or digital payment method.

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Currency management best practices | How to avoid store balancing blunders

 

Last week, I shared some of the store balancing manual processes and reporting I see in the retail space when I perform back-office observations. Those manual tasks create a lot of headaches for retailers of all types and sizes — even ones that don’t take much cash.

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Better store information starts with proper store balancing

 

How much cash on hand does Store 1527 have right now? Why has Store 386 been $100 short the last two weeks? What happened to last Tuesday’s bank deposit for Store 190? And why on earth is Store 2116 always late with their reports?

 

You can probably come up with all this information with a little – or a lot – of research. But the answers to all these questions start with store balancing procedures. If you get those right, you’ll find yourself armed with information that lets you govern your currency operations more efficiently.

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