When it comes to creating your store’s goal for the week it’s important to keep in mind holidays, weekends, and local events that may cause your store to be busier than normal on certain days.
Established Stores: To calculate an established “Monthly Goal” you will take your sales for the month for the past 3 years and then divide that total by 3 and add 20% to make your store’s goal. If you only have 2 years of sales you would still add those 2 years, divide that total by 2, and add 20% to make your stores goal. These are trend based goals; working with a trend based goal gives you actual traffic numbers and allows you to staff more accurately. By the time you are an “Established Store” you will be able to know when traffic will be in your store, when your busy times are, and be more able to know how to control your payroll by seeing shopping trends!
Newer Stores: You will not have as much information about your area and trends as established stores. You will take your last years (LY) numbers and add 20% on that! A little easier but don’t be too upset/depressed when goals sometimes aren’t reached. There is a different ENERGY in a brand new store, and just the new-ness in general drives traffic that might not be the normal Lotus customer. This is why “TREND” and “AVERAGE” based goals are much more obtainable. Don’t worry you are ALMOST there!
Brand New Stores: Your goals will be supplied by Home Office. These goals are completely based on payroll, cost of goods, utilities, etc. since we don’t know the area we rely on sales projections from local retails like ourselves, population income, and some more generic accounting tools. These goals are completely reachable with the “ENERGY” and “MARKETING” put into a new store!
When Making Goals On Holidays
So for instance, it’s important to remember that if MLK, Mardi Gras, Fourth of July, Thanksgiving, or Christmas Day fall on Monday this coming up week then schools will be out, banks will be closed, and people will be off work. This means these people will ALSO be out enjoying their off day and shopping! You must ensure you have proper floor coverage to handle traffic that would normally only happen on a weekend.
It’s also important to ensure that if you are making your goal for the week with a holiday or special event in it, you need to pull numbers from that same type of week in previous years that contained those holidays or events in that week! If you don’t this will not be an accurate goal – for instance a week with MLK day in it will have higher numbers than a week with no special circumstances. We must ensure our goals are accurate so that your store is staffed efficiently and the company is running at its highest level of productivity.