Retail companies are expanding in the U.S., and if recent stock market activity is indicator of future growth, more companies will look to expansion soon. Managing each additional facility inherently adds costs to an organization, but a few best practices in retail facilities management can effectively reduce overhead and boost profit margins.
Think About the Small Stuff in Retail Facilities Management
Minor changes or improvements in retail can add up to significant savings over time, reports Facility Executive magazine. Small changes, such as using LED bulbs or water-efficient toilets, reduce energy consumption in companies. So, the small stuff really does add up to big benefits when applied throughout your enterprise.
Fix It Before It Breaks Down
Equipment failure and downtime is another major drain on your company’s resources. But, what if you could know when something is going wrong before it breaks down? This is where the Internet of Things (IoT) enables preventative maintenance. Essentially, operating reports allude to possible issues in equipment, and maintenance reminders ensure weekly filter replacements or quality checks are completed on time. Thus, you can fix things before they break, allowing you to keep working on serving customers.
Use Analytics Software to Enhance Future Expansion
The expansion of the IoT has created an age of analytics software for use across any type of enterprise, but in retail, they can be leveraged to reduce energy waste and improve operation efficiency. Consequently, this means future expansion can be achieved with less stress over equipment selection and facilities management in the long term.
Retail is built on selling more products to more customers, so every reduction in employee responsibilities through automation translates into more time for closing sales. Meanwhile, cost savings from building automation can lead to more money for marketing and advertising purposes, generating greater sales forecasts and response from your target markets. In other words, automate anything and everything that can be automated.
Establish Strong Key Performance Indicators
Next, retail facilities management professionals need to establish strong key performance indicators(KPIs). These metrics indicate the overall success, or occasional failure, of essential functions in your building. However, strong KPIs reflect the generalized scores of areas of facilities management. For example, HVAC average daily work, which is the amount of heat pumped into or removed from a given room, should be documented and kept as low as possible.
Use Dashboards For Quick, Comprehensive Views of Operations
Using KPIs in retail facilities management is great, but if you do not have easy access to the most important KPIs, they lose value. Dashboards can meet this demand by giving facilities management professionals a quick, comprehensive view of a building’s or series of buildings’ operations. Thus, changes can be made more quickly, leading to better management across an enterprise, explains Jaimie Leeper of LinkedIn.
What Does It Mean to You?
Retail facilities management best practices give you the tools and resources to achieve better profitability, which leads to better sales margins and cost savings across the retail spectrum. Ultimately, this results in less overhead and reduced costs for customers, promoting your retail enterprise via word-of-mouth advertising and customer feedback loops. So, start working to implement these retail facilities management best practices today.