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Retail Greatness Blog

Is It Worth It?: How to Calculate Your Return on Investment (ROI) of a new Software Platform

When deciding on a new in-store execution software, one of the most important steps you need to take is to calculate your return on investment (ROI). Because, in the end, after you've done all of the research, spoken to stakeholders, clarified your needs, and dreamed big about where this new platform could take your business, it will still come down to one, simple question: Is it worth it?

Topics: calculating ROI choosing an in-store execution platform calculating return on investment

The Purpose and Importance of an Action Plan

Having an action plan for a store is similar to being "put on probation" after receiving a less than stellar annual review at your job. Your boss discusses with you exactly what it is that s/he is not happy with and works with you on a plan that, going forward, will attempt to fix whatever it is that you are doing wrong so that when the next review comes around, s/he will be able to give you much higher marks (unless, of course, you don't attempt to make any improvements at all - in which case, out you go, and deservedly so).

So that, in a nutshell, is what an action plan is - a corrective action plan that lays out for the store its issues, how to fix them, and who should be responsible for fixing them. The action plan also usually includes a deadline by which those actions need to be fixed so that, if it is ultimately determined that the action plan didn't work, a new course of action can be charted in an attempt to resolve the same issue. 

Topics: calculating ROI trends performance action plan repeat unacceptables