Some things are completely optional for your retail business. Casual Friday? Optional. A neon sign that lights up the night? Optional. A smooth jazz soundtrack that plays all day? Totally optional. One thing that is not optional for your business, however, is having a team that is committed to your business vision.
Simply put, few factors are as critical to the success of your retail business as ensuring that your team members fully buy into your vision of success. A motivated, committed team will get you closer to your goals faster, and be a pleasure to work with as well. The bottom line is a more committed team means more money in your pocket. Your success is their success, sure, but it works both ways. If you want to boost your revenue, you’re going need your team’s help to achieve.
So, here are a few tips for getting your retail team to fully commit to your ideas, with a particular focus on consumer finance, an area where retail business owners sometimes struggle to get their employees to fully latch onto.
Tip #1 – Communicate, Communicate, Communicate
We repeated that word three times, but it really can’t be said enough: communication is absolutely the key to getting any team engaged and keeping them that way, in nearly any endeavor. People want to feel respected in general, and they also want you to respect their intelligence and tell them what they need to do and why.
As an example, if you are newly implementing a consumer finance program, or simply updating an existing one, you should absolutely let your employees in on the reasoning behind your decision, and explain to them why it makes business sense. This will also be a great opportunity for you to set clear expectations for them when it comes to your consumer finance program. A little communication will go a long way in setting you up for success on this front, and many others.
Tip #2 – Train as Needed
When you have a problem you need to resolve with your retail team, you should scale the solution to the size of the problem. If you have a hotshot salesperson who always hits their goals, you don’t need to take them off the sales floor to give them the same training as an employee who is falling behind on their sales metrics.
When it comes to consumer finance, there’s a simple solution for this. FormPiper provides detailed reporting via single convenient dashboard, and even multi-location for retailers with several stores. This easily-accessed reporting will allow you to target your remedial training to the employees who can actually benefit from it, while freeing up time for those who are already excelling. It lets you train as needed, rather than trying to use a one-size-fits-all solution for a highly specific problem.
Tip #3 – Show Them the Money
We don’t mean raining raises on everyone. Your employees understand that their financial success in terms of staying at your business in the long run and growing their careers there is directly tied to your revenue fortunes. But often, team members at retail operations lack insight into what is driving revenue ups and downs. By giving your team members a view into how their actions directly impact customer purchasing decisions, you can create a more informed, effective team, especially in the area of sales.
Locking in on consumer financing again, this means ensuring they know the importance of offering financing to every customer, every time. It’s simply a numbers game; a customer who doesn’t hear about your financing options doesn’t have the chance to take advantage of them. Even an occasional lost sale due to this knowledge gap means less revenue for your business over time.
Show your employees the numbers and give them the opportunity to see for themselves how pitches that lack a mention of financing hurt revenue, and how offering financing to every customer, every time, will boost it. With FormPiper making the finance application process a breeze, your employees won’t hesitate to implement this simple strategy.
The Best of Both Worlds
With a more informed, committed team, and FormPiper enhancing your consumer finance program, you’ll enjoy both a better team environment and more satisfied customers. A robust consumer finance program bolstered by FormPiper truly helps you enjoy the best of both worlds and empowers you to keep your team locked in and committed for years to come.
Interested in enhancing your consumer finance program with FormPiper? Schedule a demo today!