According to the Statistics of U.S. Businesses (SUSB), there are over 1.8 million multi-location businesses in the U.S. In contrast, single-location business establishments are said to be over six million.
If you own a home décor business or a furniture store, it may be time for you to finally expand and open a new outlet. But if you’re haunted by the challenges of running a multi-location business, we have you covered.
Read this blog to learn a five-step strategy to streamline your multi-location business.
Think Twice Before Expanding
Yes, you read that right! If you think you’re ready to expand to a new location, think again. Or better yet, ask yourself these questions:
- Is your current furniture store showing steady profits for at least three years?
- Do you have trust in your existing employees to efficiently run the current outlet while you’re at the new location?
- Have you picked the right location for your new business?
- Do you have the tools and technology in place to effectively run a new store?
Start Designating Responsibilities
Micromanaging is the worst thing a business owner can do. While you’re enthusiastic about setting up a new store, it’s time you start designating responsibilities to your existing and new store’s staff. You can either hire new resources or promote your existing employees to managerial positions. In any case, free yourself some time to overview the business as an owner and stop being the manager.
Standardize Your Operations
Instead of opting for ad-hoc practices, standardize the operations and protocols. This means that all your stores must have uniformity in customer experience, the same return and exchange policies, and standard protocols to facilitate complaints. This will help you establish your identity as a brand and offer ease in running multiple locations.
Use Technology for Efficiency
Small businesses have no choice but to leverage technology to become efficient and relevant in today’s business world. If you’re expanding your business, it’s time to get hold of the following tech tools.
Inventory Management Software
Inventory management software is essential for your multi-location business. An inventory management system will ensure all your locations have adequate supply and you’re never short on products.
POS software is another must-have technology for multi-location businesses. Use POS software to keep a record of sales, invoices, and procurement at all your store locations.
You may also want to invest in e-commerce software at this time and establish your online store alongside the new location.
Employee Management Software
You cannot be present at all the locations to monitor your employees, but an EMS can. Use this technology to keep track of all your employees across all locations.
Ready to Open a New Store? Talk to Us
Are you excited to expand your business? Get in touch with us at Althea Suite. We have a wide range of cloud-based inventory management software, POS software, inventory system for small businesses, and e-commerce management software. Start with the right technology; start with us.