While the retail business is not exactly Formula 1 auto racing, the two certainly have similar characteristics – close competitors, treacherous curves, loyal fans and always a surprise around the next corner – with big rewards for the winner in the end. Taking the pole position is what every driver and team dreams of in order to get a leg up on the competition, but getting there can be challenging.
In this article, JustEnough outlines several tactics companies should consider to get on the right track to improved financial performance.
- Develop a single, overarching financial plan and set of targets
- Make reconciliation to the financial plan part of the workflow
- Use Open-to-Buy to drive purchasing
- Have one plan for all seasons – pre, in and post
- Don’t be held back by outdated systems or Excel spreadsheets