Course details
Financial competence is a critical skill for retail managers to effectively manage the various business functions to achieve profitability. Driving Retail Profitability (previously known as Finance for Retail Managers) is designed to improve the financial competence of retail managers and to provide a good foundation for managers who have financial responsibilities within an organisation, whether in buying, stores or head office. Key measures of financial profitability are examined as well as the means by which they can be used to improve business performance. Participants will complete practical examples to gain an understanding of how these measures work and to develop the confidence to apply them in their own businesses.
OBJECTIVES
After completion, participants will be able to:
- Use the drivers of profitability in retail businesses
- Interpret statements of financial performance and financial position
- Improve return on shareholders funds
- Evaluate and improve stock, labour and space productivity and profitability
- Benchmark key performances indicators
COURSE CONTENT
Managing Retail Performance
- Principles of effective benchmarking
- Identifying and using key performance indicators
Driving Returns on Inventory, Space and Labour
- The Strategic Resource Management Model
- Measuring and improving inventory productivity
- Pricing and inventory productivity
- Measuring and improving space productivity
- Calculating the ratios for your own business
- Using the model for store comparison
Retail Financial Management
- Understanding profit and loss and the balance sheet
- Markdowns, margins and profitability
- The Strategic Profit Model: Financial structure, how margin management, asset management and financial gearing determine shareholders’ returns
- Application of the model to local public companies
- Critical importance of cash flow management
WHO SHOULD ATTEND
This course is for store and department managers, buyers, planners and trainee managers. It is suitable for those who desire to understand retail finance and profitability.
Updated on 08 November, 2015Course Location
About The Retail Academy Of Singapore
The science and arts of retailing as a business have advanced over the years. Changing customer preferences, business innovations, globalisation, information technology and now, raising productivity, have pushed the boundaries of retail management. To develop leadership capabilities, retail executives have to learn more and faster than before. A formal grounding in retail management is essential for any retail executive; and, continuous professional development is a must for the contemporary retail manager as well as the business owner. A key focus of the Retail Academy is to develop leaders at middle and senior levels of the retail organisation. In a highly competitive global marketplace, retailers need leaders with higher education, deeper insights of the business and wider accessibility to networks.
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