Running a retail store is extremely difficult work, and it’s possible to get so caught up in daily operations that your store team has little time for general maintenance and upkeep. However, reference guides and resources can make your work significantly easier. Having resources like sales tax rates, support phone numbers, and case studies on hand can reduce the amount of time you spend maintaining finances and conducting transactions. Make these resources easy to access on paper or digitally.
Sales Tax Rates
Business owners need to be acutely aware of their local sales tax rates. Keeping these posted in an area that is easy to access can help you manage taxes and avoid trouble with the IRS. Check out your state government website for these resources – they’re often posted in a special area for business owners. Calculate and pay local taxes on time to avoid penalties.
Transaction Processing and Support Numbers
Say your point of sale system goes down in the middle of a big transaction. Who are you going to call? Make sure your sales associates have access to important support numbers, so that your store can get transactions back on track right away. Make note of special phone tree key presses or extensions, so that callers don’t need to waste time listening to automated messages. Some help lines assign retail stores special ID numbers, so make sure that these digits are accessible to all of your employees.
Another list of numbers to have on hand are card and check processing numbers. These support lines can protect your company from fraud. If a customer’s credit card does not work, contact the credit card company directly. Don’t allow the customer to personally dial a credit card or check verification phone number, because they might be contacting a fraudulent third-party.
Expense Case Studies
Your store can’t succeed in a vacuum. Business owners who learn from the mistakes and triumphs of other retailers can apply key principles to their own retail stores and succeed. Case studies of other national retailers can help retail leaders see how managing expenses can guide a business to success.
Retail leaders can improve the overall quality of store experiences and internal operations by making key resources available to their employees. Case studies, support numbers, and current tax information all play a crucial role in running a retail business. Make this information easy for employees to access, and watch your store flourish.