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Retail Process Healthometer: https://mindamend.net/tools/retail-he... Do you have plans to expand your business? Do you want to expand to new markets? (to a new state/ province or a new country) Do you want to give away franchises? Do you want to standardize your customer experience? Do you want to organize your business operations & automate them? Do you want to reduce your involvement in day-to-day operations? If your answer to any of the above questions is yes, your solution is "Implementing SOPs". WHAT IS SOP? SOPs form a bible of your company, which answers all the “WH” type of questions for every process within your organisation, like What? Why? Who? Where? When? & How? Let me explain to you with an example: Imagine if we are writing an SOP for Inventory Audit at Warehouse •What is the process? •Inventory Audit •Where will it take place? •At Warehouse •How will it be conducted? (This should consist of a list of smaller procedures that go into carrying out the entire process) For example: Step1: Collect the Inventory report from the software Step 2: Scan the handheld scanner to check the inventory in each shelf/ bin/rack Step 3: Take “Photos of their observations” Step 4: If the inventory is short, the next process is ABC Step 5: If the inventory is excess than the software quantity, the next process is XYZ. Step 6: Mention the time & date of the Audit etc. (Any SOP has an average of 12-15 steps to be carried out) •When will it happen? •Every month •Who is responsible? •Warehouse Manager •Why do we conduct this audit? •Performance Appraisal And here goes the Inventory Audit SOP of the Warehouse. "Why do you need SOPs? Who will benefit from SOPs ?" You need SOPs for your: Internal Stakeholders, who are your employees, investors, etc External Stakeholders, who are your vendors, government, etc Most importantly, your Customer (& we all know what one happy customer does. He spreads it to 10 other people and so on.) And last but not the least, the Company. SOPs shall Increase brand loyalty, company valuation, standardization, enhanced customer experience & so on. Whether it’s a retail chain global player, a regional player, or a small & mid-size player, SOPs have helped every format and size of the retailer to grow and take the next leap at every stage. The objective of SOPs shall be different at each stage, based on business challenges. Thus, designing customized SOPs which are best-fit for your growth is of key importance. Example: HR policies adopted by an American retailer shall not work with Asian or MENA region retailers. Customer behavior also changes across various regions due to differences in culture, festivals, etc. Thus, there is no industry standard when it comes to adopting ready-built SOPs. Custom-build it as per your employee and customer preferences, otherwise, it shall fail to give benefit your stakeholders To know more about "SOPs for Retail & Ecommerce" stay tuned to the YRC channel by clicking the Subscribe button. If you want to get SOPs developed for your organization, Reach out to us & our experts can guide you. For any other queries, questions or feedback, feel free to put it in the comment section, & we will try and answer them all. TAT for this video: A free tool that will help understand the operational health of your business. Retail Process Healthometer:- https://mindamend.net/tools/retail-he... The Healthometer will help you understand the scale at which SOPs are implemented in your company. Follow Us: LinkedIn - / your-retail-coach-yrc- Twitter - / tweet_yrc Facebook - / youretailcoach Instagram - / your_retail_coach ________MUSIC USED_______ Alec Koff - @YouTubeMusicLibrary ___________________________________ Thank You! ______________________ Timestamp 00:00 - Introduction 00:34 - What is SOP 1:52 - Why do you need SOPs 3:29 - TAT