store manager business plan

How to Write a Business Plan For a Retail Store: Complete Guide

• August 3, 2022
• Small Businesses

Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your retail store, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in your retail store business plan. Use this template to create a complete, clear and solid business plan that get you funded.

1. Executive Summary

The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors.

If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.

Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire plan.

Why do you need a business plan for a retail store?

The purpose of a business plan is to secure funding through one of the following channels:

• Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
• Obtain private investments from investment funds, angel investors, etc.
• Obtain a public or a private grant

How to write your retail store business plan’s executive summary?

For any retail business, the following information must go into the executive summary:

• Business overview : include your business name and model (independent retail store or franchise model), the products you intend to sell (and whether you want to expand with additional product offerings), the legal structure of your business, etc.
• Market analysis : how many retail stores operate in your area and what do they sell? The estimated number of visitors your customers receive per week, target audience demography (the products you sell must fulfill their needs), purchasing power, etc. must also be included
• People : organizational setup and the management hierarchy along with retail store experience of the key people in the management
• Financial plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? It is ideal to include a chart depicting your key financials such as revenue, gross profits, and net profit
• Financial ask : what loan/investment/grant are you seeking? How much do you need? How long will this last?

2. Business Overview

The business overview is essentially the company description. The second section of your business plan, it should cover the following for a retail store:

• The products you will sell in your store
• The price range of the products
• The company structure
• Target audience information

Let’s look at different subsections that you must include:

Give a brief explanation of why you want to open a retail store. It must display two things:

• Your passion & interest for this type of business
• Feasibility of the business

There may be other retail stores in your area, but they don’t fulfill certain needs of the potential customers. Your business may fill in that gap. 

For example, there may not be any retail store in your area addressing the needs of cyclists. Even if there are competing retail stores, are they offering everything like electric bikes, mountain bikes, touring bikes, BMX, folding bikes, etc.? Do they offer spare parts and customizations?

b) Business Model

This is where you will explain the following:

• Is your retail store independent?
• Are you buying an existing retail store?
• Are you settling for a franchise store of an established bike brand?

c) Products

Your retail store can sell various products. Lenders or investors must get a clear idea of the products you intend to sell. If you want to focus on one or two specific products, you must clarify that, too.

For instance, if you are opening a retail bicycle or bike store , do you intend to sell only assembled bikes or do you intend to sell spare parts, too? What about toolkits? Do you have plans to sell supporting products for cyclists such as helmets, pants, shorts, gloves, eyewear, etc.?

If you have plans to specialize in something (for example, mountain bikes with shock absorption, gears, disc brakes, etc.), mention that.

d) Pricing Strategy

It is important that you add a pricing list here. You don’t need to go into extreme details. Just an average range will be more than enough. 

For instance, mountain bikes can cost anywhere between $400 and $800 . Depending on the components used, the average price can increase or decrease.

A pricing chart for all major products you are offering can help the investors or lenders to tie your pricing strategy with your financial projections.

e) Target Audience

Knowing your customers is very important. That will give you an edge over your competitors. For example, if you are opening a retail bicycle store, you must know whether your potential customers will be enthusiasts, hobbyists, or professionals.

Another important aspect is to understand the type of cyclists you will focus on. The products you sell will depend on that.

Knowing your customers well help in two things:

• You can better retain your customers
• Lenders or investors will be more confident about your business strategy

f) Legal Structure

Finally, your business overview section should specify what type of business structure you opt for. Is this a corporation or a partnership (LLC)? Who are the investors? How much equity percentage do they own? Is there a Board of Directors? If so, whom? Do they have experience in the industry?

3. Market Analysis

The market analysis is the next most important aspect of your retail store business plan. You must demonstrate to the potential investors that you know your market. Investors must be confident that the retail store you are trying to open (or you are already operating) makes sense.

For example, if you want to open a retail store specializing in mountain bikes, it’d be better if you’re located in states like Utah, Arizona, Arkansas, Colorado, North Carolina, Michigan, etc., because these states have ideal mountain bike destinations. Similarly, Texas isn’t really popular for mountain biking.

Again, you will never want to sell high-end bikes in a middle class neighborhood because they will most likely not be able to afford those items.

a) Retail Market Trends

You must also focus on the market size and growth opportunities . For example, if the location of your retail store doesn’t have enough cyclists, your bicycle business will probably not make enough profits. Again, if there are way too many competitors, the growth opportunities may be stifled.

Find market data for your city / area

It is always a good idea to get city-level data to get a clearer picture of the market size in addition to any national-level data you are providing.

Getting city level data might not be an easy task. In fact, you may have to get out and collect the necessary data. You may have to do some math. For example, if there were 30 bicycle retailers in your city in 2019 and the number grew to 33 in 2020, the annual growth rate will be 10%. 

You may want to investigate the factors leading to such growth. For instance, median income may have increased, there may be an influx of population, growing environmental consciousness, increased health awareness, etc., can be some of the factors.

However, you may actually notice a drop. In such a case, you must investigate the reasons. There can be varied factors like drop in income (and hence, sales that led to closure of businesses), decrease in population (may be younger popular moved out of the location), etc.

If there is a drop, you must explain the rationale behind opening a business, the industry of which is showing a gradual decline. It may also happen that the market may rebound back after a temporary decline.

b) Competition

Your competitor analysis is very important. Here are a few questions that you must answer:

• How many retail stores are there?
• How many of those stores are your direct and indirect competitors?
• What type of products do your competitors sell?
• What is the price your competitors are charging for the same or similar product?
• How many employees do your competitors have on an average?
• How many customers do they receive per month?

Some of the answers will end in approximation of data. That’s totally fine. For example, you may not be able to get the exact number of customers your competitors receive.

Draw a strong conclusion for your competitive analysis

Your competitive analysis must bring out the reasons why you are trying to open a retail store. For example (related to the retail bicycle store example):

• There are no specialised mountain bike retailers in the area despite a high percentage of mountain bikers
• Existing bike retailers offer only bikes and spares. No retailer offers clothing and protective gear

c) Customers

You already spoke about the target audience in the Business Overview section. Here, you must provide hard data that establishes the existence of your potential customers in the area.

This section must answer the following questions (with reference to the bike store example):

• What is the age group of the cyclists in your area?
• What percentage of the cyclists are women vs. males?
• What type of bikes are they mostly interested in?
• Do the customers also look for related accessories?
• Do they prefer online shopping or offline shopping?
• What is the average household income per month (and also their average disposable income)?

Much of this hard data will come from your competitor analysis. Also, the data must support your decision to open a retail store. For example, if people have a tendency to buy online, you may be better off opening an online retail store instead of a physical store.

4. Sales & Marketing Strategy

The 4th section of your retail store business plan is where you outline your customer acquisition strategy. Try to answer the following questions:

• What is your USP ?
• What marketing channels will you use (online or offline)?
• Do the marketing channels aptly grab the attention of your target audience? For instance, young adults will most likely not pay attention to TV ads. Instead, use social media
• How do you intend to track the success of your marketing strategy ?
• What is your CAC or customer acquisition cost?
• What is your marketing budget?
• What introductory promos and offers do you intend to provide for attracting new customers?

Let’s expand a bit on a few questions below:

a) Marketing channels

A few marketing channels retail stores typically use are:

• Email marketing
• SMS marketing
• Social media
• Pay-per-click campaigns (e.g. Google Ads, Amazon Ads)
• Partnerships (e.g. with companies to offer employees coupons, discounts, etc.)

b) What is your unique selling proposition?

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors.

A few examples of USPs are (with reference to retail bike store example):

• Price : you may have cheaper prices than competitors
• Specialization : you may be specializing in some specific product
• Additional products : you sell additional accessories and safety gear that your competitors don’t
• Freebies : you may offer freebies like helmets or tail lights

Your USP will definitely depend on the products you are selling.

5. Management & Organizational Structure

You must address two things here:

• The management team and their experience / track record
• The organizational structure: what are the different teams and who reports to whom?

a) Management

Your store’s management will vary depending on the business type and size. For instance, if you are opening a franchise store, you may have to give a lot more details compared to an independent store.

You may have co-founders and/or senior managers. You must explain their roles, too. Apart from that, you must also explain their industry experience and why they are suitable for those positions.

b) Organizational structure

Note that even if you have not already hired senior managers and other team members, you must include the details. 

You must define their roles and the hierarchy of reporting. This will demonstrate to the potential lenders and investors the solid management plan you have in place to operate your business efficiently and successfully.

Create and attach an organizational chart for a visual understanding of your store’s staff and their reporting lines.

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any retail store business plan.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your retail store is an attractive investment.

There should be 3 sections to your financial plan section:

• Your historical financials (only if you already operate the business and have financial accounts to show)
• The startup costs of your project (if you plan to open a new retail store, renovate your store, etc.)
• The 5-year financial projections

Historical Financials (if any)

In the scenario where you already have some historical financials (a few quarters or a few years), include them. A summary of your financial statements in the form of charts e.g. revenue, gross profit and net profit is enough, save the rest for the appendix.

If you don’t have any, don’t worry, most new businesses don’t have any historical financials and that’s ok. If so, jump to Startup Costs instead.

Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For a retail store, startup costs are all the expenses you incur before you open the space to your customers. These expenses typically are:

• The lease deposit for the space you rent
• The design and renovation of the existing facilities
• The equipment and furniture

The total startup costs depend on a number of factors, such as the size of your store, the quality of the building (whether there is a lot or remodeling to do or not), the quality of the furniture, etc.

Financial Projections

In addition to startup costs, you will now need to build a solid financial model over 5 years.

Your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

• How much revenue do you expect to generate over the next 5 years?
• When do you expect to break even?
• How much cash will you burn until you get there?
• What’s the impact of a change in pricing (say 5%) on your margins?
• What is your average customer acquisition cost?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

• The number of customers over time ;
• Your expected revenue ;
• Operating costs to run the business ;
• Any other cash flow items (e.g. capex, debt repayment, etc.).

When projecting your revenue, make sure to sensitize pricing and the number of customers, sales as a small change in these assumptions will have a big impact on your revenues.

7. Use of Funds

This is the last section of your retail store business plan. Now that we have explained what your retail store sells and to whom, the industry, management and your marketing strategy, this section must answer the following questions:

• How much funding do you need?
• What financial instrument(s) do you need: is this equity or debt, or even a free-money public grant?
• How long will this funding last?
• Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

• What percentage of the total funding the loan represents?
• What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

• What percentage ownership are you selling as part of this funding round?
• What is the corresponding valuation of your business?

Use of Funds

Any business plan should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in paying your employees’ salaries and the inventory? Or will it cover mostly the cost for the lease deposit and the renovation of the building?

Those are very important questions you should be able to answer in the blink of an eye. Don’t worry, this should come straight from your financial projections. If you’ve built solid projections like in our retail store financial model template , you won’t have any issues answering these questions.

For the use of funds, we recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

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Retail | How To

Store Management: Managing a Retail Shop for Success

Published March 9, 2023

Published Mar 9, 2023

REVIEWED BY: Meaghan Brophy

WRITTEN BY: Brigitte Korte

This article is part of a larger series on Retail Management .

• 1 Build & Maintain a Great Team
• 2 Manage Your Inventory
• 3 Create Data-driven Sales Goals
• 4 Establish Procedures for a Clean & Organized Store
• 5 Lead Your Team
• 6 Initiate Marketing & Outreach Campaigns
• 7 Consider Expansion
• 8 Bottom Line

Store management is all the processes involved in running your store, including building your team, sourcing and managing inventory, driving sales, creating store policies and procedures, leading by example, and marketing your business. Effective retail shop management is one of the most important parts of ensuring your business’s success.

Here, we will look at all the hats an owner must wear to manage their store, keep everything running smoothly, and position their business for growth and expansion.

A point-of-sale system is one of the best ways to streamline your store management operations and keep everything running smoothly. Square for Retail is free for a single location and offers all the tools you need to run a retail store. Visit Square for Retail to learn more and open a free account.

Build & Maintain a Great Team

Retail shop management starts with building and maintaining a great team that can support you on the sales floor and help your business flourish. As a retailer, you will likely see high turnover among your employees. While this is a natural part of the industry, losing a staff member is costly for your business, so your objective is twofold:

• Recruit a large team that will be a good fit for your business and the available roles.
• Create a work environment that will help retain employees and maximize their potential.

Recruit a Team That Fits Your Brand

When recruiting your retail team , you should hire people who can represent your business well. Often, this means the ideal employee has interests that align with what your store is selling—they will be able to sell your products better and genuinely connect with customers on their interests.

The staff at my boutique was full of individuals interested in fashion. I can think of a few examples of where you may have seen this:

• Christy’s Sports: Its staff is made up of winter athletes with tons of knowledge about equipment for anyone from beginner to expert.
• Sephora: Every employee is interested in makeup and beauty and uses cosmetic products in their personal lives.

As you conduct job interviews and hunt for the perfect employees to work at your store, I suggest having a list of attributes that a perfect candidate possesses. This does not mean that you can only hire people with all these qualities, but having a list of ideals can be a great way to guide your interview process and help you find candidates that will represent your brand well. You might want to include these categories in your list:

• Product knowledge: You want someone who knows about your products or industry so that they act as an expert when selling and answering questions.
• Enthusiasm: You want someone who cares and is genuinely interested in your brand and the products you sell.
• Experience: If you own a higher-end retail location, you will want someone with sales experience, preferably within your industry.
• Customer interactions: You want a salesperson who can talk to shoppers, assist them, and treat them with care. People skills will play a huge role, so I suggest using a floor interview to see how prospective hires work with your customers .

A floor interview is an interview stage that typically comes after a spoken interview. It is when a candidate gets the opportunity to work with customers during a mock shift. This allows you to observe how they might be on the job and how they interact with customers.

• Personal interest: Ideally, the people you hire will be interested in your products or industry in their personal lives. This will show in their passion for the work, improving the customer experience and employee retention.

Consider Scheduling

Another key thing that you will want to account for when hiring your team is availability. Unlike the typical nine-to-five corporate role, retail stores are open later in the evening, weekends, and many holidays. Before bringing anyone on, you need to be clear about your availability expectations and ensure that you will have enough staff to cover your store at all times.

Not sure what your store hours should be? Check out our article How to Determine Retail Store Hours to learn more. Also, consider offering holiday pay to ensure coverage during hard-to-fill shifts.

My suggestion here would be to draw out a weekly schedule so you can see how many people you need in your store for any given shift. For example, you might want only one person on staff for the Friday morning shift, but for the evening shift, you expect your store traffic to pick up, so you need three people on the schedule. For holidays, sketch out your staffing needs months in advance and nail down staff members as soon as possible.

With Square, you can create schedules straight from your POS account, assign roles for each shift, and see how much each person is set to make throughout the week. (Source: Square)

You will get a better idea of when you need more and less staff as time goes on, and your needs will change seasonally. When starting out, you can use the standard formula of 2.5 employees for every 1,000 square feet. However, this can vary based on the type of shop you have. Use store traffic as a cue for scheduling and ongoing hiring initiatives.

Square for Retail has built-in scheduling and team management, so you can set access permissions, build schedules, create staff roles, and delegate tasks. Plus, if you upgrade to Teams Plus for $35/month, you get shift management and an employee app where they can manage their own time.

Onboard and Train Your Staff

Once you have selected the people you want for your team, you want to set them up for success with strong onboarding and training. To do your training well and reach a point of trust with your staff, you must approach onboarding in an organized manner. I suggest making an onboarding training plan with checklists for everything you need to teach your new hire each week.

For example, at my store, I covered all computer operations in week one. This was the most technical part of the associate role, so I wanted to give lots of time for that particular task. From there, I would train on store organization and processes in week two, and use week three as a chance for the new employee to practice everything with me in-store. At the end of week three, we would do a check-in to review anything and assess whether the new employees are ready to work solo shifts.

Keeping an organized checklist not only ensured I didn’t miss any training topics but also offered a point of reference for associates as they were going through onboarding. Areas you should include in your checklist are:

• Customer service: Return policies, complaint policies, how to speak to customers, etc.
• Store operations: Opening and closing duties, new merchandise procedures, contact references, how everything is organized, etc.
• Sales: Making suggestions, upselling and cross-selling, best-selling products, product knowledge, etc.
• Computer/POS operations: Ringing up customers, conducting returns, printing tags, running reports, pulling daily numbers, etc.
• Loyalty program : Acquisition of new members, what the program includes, signing people up, etc.
• Perks: Parking, overtime rate, employee discounts, commission structure, events or odd hours, etc.

Typically, onboarding training will take between two to three weeks for retail jobs; by that time, you should have reviewed all the topics in your training plan, and associates should feel ready to work solo. Obviously, you should still be available to your staff for questions at any point, but they should have baseline confidence by the end of their initial onboarding to handle the store on their own.

The most successful retail operations incorporate ongoing training well after employees are onboarded. Regular staff meetings to train on new products and initiatives, on-the-floor coaching and feedback around customer interactions and sales opportunities, and role-playing customer service scenarios are all part of growing a stellar and cohesive retail team.

For example, at my store, we would have a monthly, company-wide training session an hour before opening to review an area of training with our managers. This was great because it allowed shop managers to review areas that were lapsing, go over key customer service initiatives before big events, and keep staff fresh and on their toes.

Manage Your Inventory

In addition to building a team, managing a retail store also includes responsibility for inventory. Inventory management includes all the processes that keep the right amount of product on your shelves at all times. This means spotting stockouts before they happen, placing reorders in a timely manner, and budgeting accordingly.

I would suggest adopting an integrated POS system, like Square for Retail, to track your inventory levels in real time, run reports, and send low-stock alerts.

Otherwise, you can track your inventory levels manually using a spreadsheet. Below, we offer a free inventory management workbook you can use to track stock levels.

Download Free Inventory Management Workbook

Conduct Regular Inventory Counts

A major part of inventory management is conducting regular inventory counts. Inventory counts help you spot shrinkage problems and provide an accurate look at the inventory you actually have on hand at that time—not just what the computer says you have. Typically, you will use a barcode scanner to do inventory counts. For this, you will either need to purchase a standalone scanner that is compatible with your POS or, if you are using the Square app on a mobile device, the camera becomes a barcode scanner.

Scan and log your inventory counts straight onto your POS system with Square for Retail. (Source: Square)

In general, there are two major kinds of inventory counts:

• Cycle Counts: This involves counting a small portion of your inventory each day, week, or month to make the counting process more manageable. This method also allows you to count products with a high sell-through rate or value more frequently.
• Annual Counts: This is when you do a yearly count of all of your inventory, typically for tax purposes.

The first step in an inventory count is figuring out how much of a product you should have. This will be based on how many items you originally ordered minus what you have sold. If you use a POS system, inventory levels are tracked live with each sale, so your expected quantity is calculated for you. Otherwise, you will have to do the math yourself.

From there, all you do is count the number of products you actually have in stock and determine if there are any discrepancies between your projected and actual quantities. This discrepancy is known as shrink, and you should seek to find its source as soon as it is identified.

If you need more guidance on establishing a full process, read our guide to retail inventory management .

Source Your Shrinkage

As mentioned above, inventory shrinkage refers to any discrepancies in the number of products you thought you had and the number you actually have, based on your inventory counts. Any time you detect shrinkage, you should determine where it is coming from so you can take steps to prevent it in the future.

Typically, you will investigate three potential shrinkage sources:

• Employee theft: To uncover this, you would look at your transaction history for any faulty sales or your security footage for any evidence of employee shoplifting. Employee theft typically results in immediate job termination, setting a precedent for your staff.
• Customer theft: To uncover this, you should look for any signs of theft in your fitting rooms or around your store (removed security or price tags, empty hangers, out-of-place merchandise), as well as security footage. If you find the person who stole from you, be sure to provide a visual of them for your staff, so they know who to keep an eye on. Typically, it is not worth it to press charges for shoplifting offenses.
• Clerical errors: This is when there is something wrong in your inventory records, so you don’t have an accurate image of what your inventory levels should be. To uncover this, you should look at all your receiving counts and transaction history to determine where there was a miscount and what that miscount is.

Once you identify where your shrinkage is coming from, you should either take steps to create a more accurate inventory management system or take security measures to reduce retail theft .

Organize Your Stock Room

Another important part of inventory management is organizing your stock rooms so products are easy to find and nothing gets lost in confusion. This will also make it easier for your employees to find things and let you store more merchandise in less space.

Organized stockrooms will prevent loss and make your employees’ lives easier. (Source: EZR Storage)

The first thing you will want to do is purchase fixtures for storing merchandise. Once you choose your fixtures, it is time to choose an organizational system. This can look many different ways, and no two stores will have the same system—it really depends on your store operations and what system makes sense to you. My biggest pieces of advice for organizing your stockroom are to:

• Label everything.
• Create a system flexible enough to work as your inventory changes.
• Create a system that is intuitive so that you can teach it to your staff.

For example, at my boutique, we used floor bins with removable labels for any foldable pieces and pants. We had a hanging system for the rest of our stock based on color, sleeve length, and type of garment. Removable labels and broad organizational categories made this system easy to update and adaptable to all kinds of merchandise. Additionally, the system was pretty simple and well-marked, so my associates could maintain it perfectly!

For more on how you can make your inventory management more efficient, check out our article on inventory management software .

Maintain a Strong Product Sourcing Network

When it comes to good inventory management, another component you should consider is your network of product suppliers. Having a directory of dependable suppliers will ensure that you can get the products you need when you need them. This means finding online marketplaces and attending trade shows.

For sourcing online, I would suggest using Faire or Tundra (both among our recommended wholesale suppliers). They offer a wide host of products and easily navigated websites for retailers.

If you are looking for other great wholesale suppliers, check out our guide to the Best Wholesale Suppliers for 2023 .

Tundra lets you shop from thousands of wholesale suppliers. (Source: Tundra)

Faire offers a host of artisan brands and one-of-a-kind goods for your store. (Source: Faire)

Tradeshows are another great way to source products and they let you see items in-person before you buy. (Source: Displays2Go)

While online sourcing is a convenient and easy way to source products, you should also attend trade shows. This is where a group of wholesalers, typically related in the type of products they sell, gather so retailers can shop their merchandise. This is a great opportunity to see products in person and form relationships with your suppliers.

If the last few years have taught us anything, it is that the supply chain is unreliable. The best way to ensure you always have suppliers to stock your shelves is to connect with as many as possible. Numbers will ensure that you have backup plans and aren’t reliant on any one source. This is especially true for your best-selling and staple items.

You can use this trade show website to find relevant trade shows near you or use our guide to the Best Retail Trade Shows in 2023 (+ Calendar Download) .

Create Data-driven Sales Goals

The best way to keep your store on track and ensure that you are managing it well is to set sales goals. I would recommend making your goals granular , providing daily, weekly, monthly, and annual goals that you and your staff can aim to achieve. Keep these goals visible to all and make sure you emphasize them daily. This is a great way to motivate your staff and keep everyone on the same page.

If you are just starting and have no sales data to base your goals on, I recommend using your annual retail budget as a guide. Your budget should include all of your outgoing expenses, giving you a picture of just how much you need to sell to yield a profit.

Otherwise, you will want to use past sales reports to set your sales goals. You can set your goals however you like, but you generally want to see growth year over year, so setting your sales goals 5%–10% higher than your previous year’s sales number will help you see if you are hitting that growth.

You can access and run reports about past sales data using Square for Retail’s reporting tools, including day-of-week reports, time of day, and daily, monthly, and annual views. (Source: Square)

Another important factor to consider when setting daily goals is the day of the week. Typically, you can expect Thursday-Sunday to yield higher traffic and sales versus the beginning of the week. Be sure to set daily goals that are attainable and match traffic patterns and sales opportunities.

We recommend using a 4-5-4 or 4-4-5 retail calendar to help you make accurate and attainable sales comparisons and goals year over year.

Write Weekly Sales Reports

A key part of creating and monitoring sales goals is keeping weekly sales reports. It is a great practice to take a detailed look at every week and address problems as they arise. Weekly sales reports are also useful if, as a store owner, you decide to take a step back and hire a manager.

At my store, for example, the manager of each location would send weekly status reports to the business owners. This would help them keep tabs on their stores even when they weren’t there and gave managers the opportunity to give more insights into individual stats and figures.

As your business grows, you may find that you have enough revenue to hire a manager and need more time to focus on your role as the owner. Weekly sales reports from your acting manager will allow you to maintain oversight over your storefront and keep your store on track.

The types of things you should include in your reports are:

• Sales targets: Take a look at where you stand in terms of your daily, weekly, monthly, and annual sales goals.
• Inventory feedback: Note any low-stock items or pieces that have been remarkably popular or unpopular.
• Staffing feedback: Note any scheduling problems you might have had, if a staff member was exceptional, or any problem areas.
• Supply needs: Note any store supplies that you went through that week or anything that might be running low (cleaning supplies, employee snacks, hangers, tags, etc.).
• Event reports: Analyze the success of past events and look forward to how you will prepare for others in the future.
• HR notes : Leave a place where employees can leave anonymous feedback for store management and/or ownership.
• Ideas : Leave room for your managers to pitch event, promotional, or partnership ideas. Your managers work in-store every day, so they will have a pulse on their buyers and the surrounding community.

Establish Procedures for a Clean & Organized Store

While maybe not the most glamorous part of your job, one of the biggest aspects of retail shop management is keeping your store tidy and organized. This means properly maintaining any merchandise and store design elements, putting products away as they get used, and implementing a cleaning routine so that everything stays sanitary.

Keeping your storefront clean and tidy will make it more inviting to customers and easier to shop. (Source: Pinterest)

Daily Task Lists

The best way to ensure that your store stays clean is to create daily task lists. For example, at my boutique, we had two to four cleaning and organizational tasks each day of the week. Mondays would include cleaning mirrors, dusting tables, and restocking our shopping bags and other checkout supplies. On Tuesdays, we would sweep the floors and clean the glass exterior of the store.

This system made it so we never had more than 45 minutes of cleaning each day and accomplished everything we needed to stay on top of the space each week. As you look at your store, think about all the things you would do to give your space a deep clean. List everything and then divide those tasks among the days of the week.

Depending on your space and traffic volume, you may need to perform some tasks, like sweeping the entrance or wiping the checkout counter, at least daily.

Remember, Fridays and Saturdays are going to be your busiest days in terms of foot traffic. You will likely want to limit or completely omit deep cleaning tasks on those days. The days following your busy days, Sundays and Mondays, will likely need more elbow grease.

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Opening and closing procedures lists.

Opening and closing procedures are also part of good store management. These are essentially lists of everything you or your associates should do before opening each day and closing each night. These tasks should prepare your store for customers each morning and then offer a reset at night.

You can also download our free opening and closing procedures checklists below. We recommend printing these lists and laminating them for your store binder. Then associates can use expo markers to check things off each day, and then erase the list at the end of the week for a fresh start.

Opening Procedures

For opening procedures, you are waking up your space and readying it for customers before the door opens. Opening duties should take about 30 minutes, so staff should arrive early to complete them. These are the areas you should focus on for opening procedures:

• Start all systems: Open your register, start your computer, get the music going, open your POS software (if applicable), and turn on all lights and heat/AC.
• Cash logs: Count all the money in your register and spare change bag. Record your cash amounts daily so that you can spot and source any discrepancies.
• Entryway cleaning: Sweep and clean the entrance of your store and wipe down the checkout counter. This area gets the most foot traffic and brings in the most outside dirt, so it will need daily maintenance before opening.
• Goal check: As you know, you should be displaying your daily goal. When opening, be sure to swap out your daily goal from the day before and display the new one.
• Big sweep: Walk through the entire store once and look for anything that might be out of place before you open the doors.

Closing Procedures

Closing procedures reset your store for the following day, undoing any messes that may have arisen, and recording your sales activity. As with opening duties, closing duties will take about 30 minutes and should be done after store hours. Here is a list of the areas you should focus on for closing procedures:

• Restock sold merchandise: You can do this during the day as well, but at closing, you should check your sales floor and ensure that any sold merchandise has been replaced.
• Theft check: Be sure to check fitting rooms and other concealed areas for signs of theft, such as removed tags or security vessels, or swapped packaging.
• Record daily sales: Record your daily sales number and compare it to your daily goal. If an employee is closing, they should report these numbers to the manager and/or owner. If you use a POS system, you can schedule automated emails to be sent at the close of business. This is also when you will reconcile your POS system and transactions.
• Cash logs: Count all the money in your register and spare change bag. Remove any money from cash purchases, so all that remains is your cash float. Record your cash sales amount daily (and recount the float cash every morning) so that you can spot and source any issues.

Cash float (also known as cash register float or cash drawer float): The amount of cash kept in the register for making change. It’s common for retailers to keep $50–$200 in small bills and change in each register. It’s important that this number stays consistent and is tracked diligently, at least at every closing and opening, to spot any potential theft. Learn more about cash float .

• Big sweep: Walk through the store once before you leave for the night and look for anything that might be out of place.

Lead Your Team

Part of managing your retail store is setting the work environment and ethics for your space. How you interact with your customers, take care of your store, and present yourself each day will massively impact your staff and their performance.

Additionally, leadership in retail store management includes making your staff excited to be a part of the team and ensuring they feel heard and respected. A good leader inspires by setting a strong example and creating a positive environment. This will make things more pleasant for everyone and motivate your associates to perform better for your brand.

Motivate Your Staff With Rewards

You can create a positive work environment and motivate your staff by creating a rewards or commission structure . From my experience, using a blended approach that rewards both team and individual performance works best. For example, individuals could earn a sales commission, while there is also a team bonus for meeting a monthly sales goal.

Less formal rewards like gift cards, small treats for your highest-performing associate of the week, or a dinner or get-together after a big sales day can also be effective. Whatever you can do to motivate your employees and demonstrate your appreciation for their efforts will pay off and make working for your store all the more fun.

You can use Square for Retail’s team management tools to track individual performances and see which employees are excelling and deserve recognition.

Proactively Listen to Your Staff

Advocate for your staff and be open to any discussions, questions, and even complaints. As the owner of a small business, you will also likely play the role of an HR person for your staff. Be sure that you create an inviting environment where employees feel like they can talk to you and expect their feedback to be addressed. You might even consider incorporating a place where employees can leave anonymous feedback or sending out employee surveys to get a pulse of your employees’ workplace satisfaction.

Check out our rundown of Company Culture Ideas To Engage Employees & Drive Results to help you foster a happy and productive workplace.

Creating this space where employees feel safe is a huge part of retaining your staff. Treat your staff with compassion, respect their needs, and offer an open discourse about store policies and job satisfaction.

Did you know?

Replacing your employees is expensive. Studies show that replacing an employee can cost from half to twice their annual pay. Read more employee retention stats .

Lead By Example

Show your employees what you want from them through your actions. As part of managing your store, you set the overall tone for everything that happens. How you lead makes a significant impact on how your staff performs and understands their job expectations. You should be the best salesperson, the most helpful customer service agent, the most meticulous cleaner and organizer, and the most motivated person on the floor.

Initiate Marketing & Outreach Campaigns

An essential part of growing your business and revenue is to retain your existing customers and expand your customer base. Both of these objectives depend on good marketing and customer outreach. Retail marketing can help you to foster customer loyalty, reach new audiences, and drive your bottom line.

Plan for the year ahead and stay on top of all your goals with a retail marketing calendar. Check out our retail marketing calendar guide to download our free calendar to get started.

Here are a few ways to incorporate retail marketing strategies into your day-to-day store management tasks:

Get Involved in Your Neighborhood

Get out and get to know your neighbors. If you can build relationships with your neighboring businesses, there is a great opportunity to share your customer bases and mutually benefit. Do partnered events, host pop-ups in each other’s spaces, share marketing materials, and work together to refer and help each other grow.

At my store, each month, I would schedule someone (or myself) to go to all the neighboring businesses around our store and deliver $10 coupons. My storefront was in a busy outdoor shopping center, so these coupons helped drive foot traffic to our store and build relationships with our neighbors.

Try a Loyalty Program

Another thing that you can do is introduce a loyalty program . You can customize your loyalty program with different features and structures, but these programs generally have the same basic system: For access to exclusive discounts and information, customers offer their contact information, typically both phone and email. This allows you to reach out to your loyal customers with these exclusive offers, fostering their loyalty and incentivizing them to spend with you.

Two-thirds of consumers say that offering a loyalty program is critically important to winning their lasting loyalty .

The best way to get people to sign up for a loyalty program is to engage with them at checkout. At this stage, customers are already engaged and ready to purchase from your store, so they are the best candidates to become loyalty members.

Train your staff to tell every customer checking out about your loyalty program and what it offers. To ensure they include all relevant information, create a loyalty program spiel checklist. It should include items like:

• Your sign-up offer
• The exclusive deals for loyalty members
• What members can expect from your communications
• Sign-up process

To get started with a loyalty program , you have a few options. Either, you can integrate a loyalty program software into your existing POS system, create and run a loyalty program manually, or you can use the loyalty program already integrated into your POS.

Square for Retail, for example, has a loyalty program you can customize and manage for all of your members straight from your POS account.

SMS & Email Marketing

Even if you do not have a loyalty program to help you collect customer information, you should still work to gather emails and phone numbers to utilize SMS and email marketing strategies .

Create acquisition procedures similar to those used for loyalty members:

• Train your staff to ask for contact information in a way that lets customers know what benefits they will reap for sharing.
• Keep a sign-up sheet by your register where people can leave their information.
• Create an email portal on your website where people can register their emails.

From there, you will want to either adopt an SMS/email marketing software or send out messages manually. When starting, sending weekly emails to your subscribers is a safe cadence. You can experiment with more or less frequent sends to see what will work best for your business. Even better, you can segment your lists to email your VIP customers and those most engaged with your content more frequently, while maintaining a more moderate cadence for your occasional shoppers.

Square for Retail offers SMS and email marketing add-on that allows you to store contact information and then send and manage messages straight from your POS accounts.

In terms of what your messages should include, the goal here is to keep people up to date and maintain your brand’s top-of-mind recognition. Let shoppers know about events, sales, new arrivals, discounts, partnerships, or other exciting things going on at your store. Anything that you think might spark interest and drive traffic is worth sharing—just don’t flood your customers with too many messages! One to two texts or emails per event and no more than two messages a week are good rules of thumb.

Your Social Media Presence

Times are changing, and, more and more, social media is how people discover new brands and shop for products. To compete in this market, your brand needs to have a social media presence, as well as shoppable storefronts, on Instagram , Facebook , and even TikTok . This will not only give you additional sales channels for customers to shop but will expand your reach and help new customers find your store.

US social commerce sales are set to grow 34.4% this year, rising to $53.1 billion. You definitely don’t want to miss this revenue opportunity.

This brand uses social media to showcase its products and advertise its sales. (Source: Rustic Thread via Instagram)

The Doggy Deli showcases its products with content from real users. (Source: The Doggy Deli via Instagram)

A home workout equipment brand uses its social media to show how its products can be used and to showcase inspiring content. (Source: Bowflex vis Instagram)

Consider Expansion

As part of managing your store, your eyes should always be on the horizon for new opportunities. As the business grows under your leadership, you should look to expand. At first, this might look like holding more inventory and investing in marketing to grow your customer base. There is even the possibility that, as time goes on, you outgrow your original storefront and are ready to open a new location.

Read more with our guide to opening a second location .

Bottom Line

Ongoing management of a retail store is a massive undertaking with tons of ground to cover. It includes everything from daily operations to staffing to product sourcing, and even expansion. Effective management keeps your store marching forward and aligned with business goals. To make your life easier, we recommend using a POS system like Square for Retail to help streamline all your management operations and stay on top of everything you need to manage.

Visit Square for Retail

About the Author

Find Brigitte On LinkedIn

Brigitte Korte

Brigitte is a retail specialist and staff writer with brick-and-mortar management experience. Before joining FSB, she managed a storefront for several years, working in everything from merchandising, to buying, to sales analysis. Brigitte also has a background in writing, research, and publishing, with an undergraduate degree in writing.

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Home >> #realtalk Blog >> Manage a business >> How to create a reta…

How to create a retail store business plan

By Homebase Team

A successful retail business starts with a well-thought-out retail business plan. While you may think you have your business ideas all figured out in your head, putting them down on paper in the form of a business plan is crucial for several reasons. 

In this post, we’ll explore what a retail business plan is, why it’s different from other business plans, what to include in it, common mistakes to avoid, and how to make your plan stand out.

What Is a Retail store business plan and why do you need one?

A retail store business plan is a comprehensive document that outlines your business model, identifies your target customers, and lays out a roadmap for turning your retail store or online shop into a profitable business. 

It’s a planning and forecasting tool that provides clarity and direction for your business. With a good business plan, you’re more likely to achieve success. 

Here’s why having a retail store business plan is essential:

Planning and forecasting

A retail store business plan helps you plan and set clear goals for your business’s short-term and long-term success.

Planning helps you set goals, allocate resources wisely, and stay on track. It ensures that day-to-day operations run smoothly. Forecasting, on the other hand, helps businesses anticipate future trends and challenges, allowing them to make informed decisions and adapt to changing circumstances. 

Together, planning and forecasting help you avoid costly mistakes, reduce labor costs , seize opportunities, and achieve both short-term and long-term objectives. In essence, they’re like a GPS for your retail business, guiding it towards profitability and sustainability.

Securing investment

A retail store business plan helps secure investment by demonstrating a clear and well-thought-out strategy. It shows potential investors that you’ve done your homework, understand your market, and have a solid plan for success. 

The plan outlines your business goals, target market, competitive analysis, and financial projections, instilling confidence in investors that their money will be used wisely. It also highlights your commitment and professionalism, making you a more attractive investment opportunity. 

Essentially, a strong retail business plan reassures investors that your venture is a sound investment with a higher likelihood of delivering returns on their capital.

Guiding business operations

A retail store business plan serves as a roadmap for guiding business operations. It outlines your business’s goals, strategies, and tactics, providing a clear direction for daily activities. 

It helps you make informed decisions about product offerings, retail staff scheduling , pricing, local business marketing , online marketing and staffing. The plan also includes financial projections and budgeting, ensuring you manage resources effectively. 

Regularly reviewing the plan allows you to track progress, identify areas needing improvement, and adjust strategies accordingly. Overall, it keeps the business focused, organized, and aligned with its objectives, making day-to-day operations more efficient and effective in achieving long-term success.

Get your team in sync with our easy-to-use, all-in-one employee app.

How is a retail business plan different from other business plans?

Retail businesses are unique in many ways, and your business plan should reflect that. Unlike other businesses, retail operations involve factors such as inventory management , supply chains, order fulfillment, deliveries, and customer returns. 

Here’s how a retail store business plan differs:

Inventory management

Unlike other business plans, retail plans must handle challenges like seasonal sales variations and predicting what customers will buy. Inventory management in retail business plans is about keeping the right amount of products in stock to meet customer demand while avoiding excess or shortages. 

They also need to explain how they get products, where they store them, and how they restock when items run low. In contrast, many other businesses don’t deal with these inventory issues.

Retail store business plans focus more on handling and controlling inventory to make sure they always have what customers want and don’t waste money on too much stock.

Marketing strategy

Marketing strategy in retail store business plans, compared to other business plans, often emphasizes attracting customers to physical or online stores, creating appealing displays, and running promotions like sales or loyalty programs. 

Retail plans typically prioritize reaching a broad consumer base and enticing them with visually appealing products. In contrast, other business plans might focus on more specialized marketing, like B2B partnerships or online advertising. 

Retailers also consider factors like store location and layout, which are less significant for many other businesses. So, simply put, retail business plans concentrate on tactics to draw in shoppers and make their shopping experience enjoyable and memorable.

Growth strategy

Growth strategy in retail store business plans, unlike other business plans, often centers on expanding to new locations, introducing new product lines, or attracting more customers. Retailers aim to increase sales by opening additional stores, going online, or diversifying their offerings. 

In contrast, some businesses may focus on improving internal processes or targeting specific niche markets. 

Retailers typically rely on broadening their reach to fuel growth, making strategies like franchising, adding new store branches, or exploring e-commerce crucial components of their plans. So, in simpler terms, retail business plans tend to emphasize expanding the business footprint and customer base as a primary path to success.

What to do before you start writing your retail store business plan

Research your market.

T horough market research is essential. Investors look for evidence of a healthy market and an unmet need that your business can address.

You’ll want to gather data on who your customers are, what they want, and where they’re located. Analyze your competition to see what makes your business unique. This research helps investors see that there’s a demand for your products or services and that your business can thrive in the market. 

It’s about proving that your idea is well-informed and has the potential to succeed. So, in simple terms, thorough market research shows investors that your business plan is based on a strong foundation of knowledge and understanding.

Understand your competitors

 Know your competition inside out. Understanding what sets you apart is crucial.

You need to know who you’re up against and what makes them tick. Research your competitors thoroughly: their strengths, weaknesses, and strategies. Identify what sets your business apart – your unique selling points. 

Investors want to see that you’ve done your homework and can explain how your retail store will outshine the competition. Maybe it’s better prices, superior quality, or outstanding customer service. 

This knowledge not only helps you stand out but also shows investors that you’re ready to face the competition head-on, which can boost their confidence in your business’s potential success.

Have a growth strategy

Define a clear growth strategy to demonstrate how your business will expand once it’s up and running. It shows investors that you’re not just focused on starting your business but also on making it grow in the long run. 

You can outline different growth strategies like market penetration (selling more to existing customers), product development (creating new products for existing customers), market development (selling existing products to new markets), or diversification (introducing new products to new markets). 

This helps investors understand your vision and how you plan to increase your business’s value over time, making your retail venture a more attractive investment opportunity.

What to Include in your retail store business plan

Business overview.

Provide a high-level description of your retail business, including your company’s structure, location, and the products or services you’ll offer.

Business goals

Explain your business goals, whether they’re related to market share, product ranges, or online expansion.

It should give a clear, simple picture of your retail business. Explain whether your business will operate in a physical store, online, or both. 

Mention the legal name of your company, where it’s located, and briefly describe the products or services you plan to sell. Keep it straightforward and easy to understand, so anyone reading your plan can quickly grasp what your retail business is all about. 

This section sets the stage for the rest of your plan, helping readers get a sense of your business from the get-go.

Your industry experience

In the “Your industry experience” section of your retail store business plan, it’s your time to shine. Tell the readers about your background and expertise, especially if you’ve held important positions in recognized retail businesses. 

If you’ve previously led successful growth initiatives or managed to open new stores that flourished, this is the place to mention it. Basically, this section is all about showcasing your qualifications and experience in the retail world.

It helps build trust and confidence that you’re the right person to turn your retail business idea into a thriving reality. Keep it concise but impressive.

The “ Marketing strategy ” section of your retail store business plan is where you paint a picture of how you’ll present your store to the world. Explain your store’s image, the strategy for your brand, and how you plan to market your products or services. 

Don’t forget to dive into the 4Ps of retail marketing:

• Product : Describe what you’re selling and what makes it special.
• Pricing : Explain how you’ll price your products and why.
• Place : Tell where you’ll sell your products, be it online, in-store, or both.
• Promotion : Detail your strategies for promoting your store and products.

This section gives a clear roadmap for how you’ll attract customers and make your business a success. Keep it straightforward and compelling.

Financial strategy and forecast

The “Financial strategy and forecast” section of your retail store business plan is where you show the money side of your business. Investors want to see the numbers, so include things like:

• Estimated capital requirements : How much money do you need to get started and keep going?
• Profit and revenue models : Explain how you plan to make money and what your sales goals are.
• Sales volume projections : Predict how many products you expect to sell.
• Financial statements : Include balance sheets, cash flow projections, and any other financial documents.

These details help investors understand your business’s financial health and potential. Make sure your numbers are realistic and based on careful research and planning.

Management structure

In the “Management structure” section of your retail store business plan, you’ll provide details on how you intend to organize your team and manage your business effectively. This section involves explaining several key aspects:

Firstly, you’ll specify the number of team members you plan to hire. This is essential to understand the size and scope of your workforce.

Secondly, you’ll describe the roles and responsibilities of each team member. This clarification ensures that everyone knows their specific duties and contributes to the smooth operation of the business.

Lastly, you’ll illustrate how each team member fits into your overall business plan. This section helps investors and stakeholders comprehend how your team will collaborate and work together to achieve the business’s goals and objectives. 

A well-defined retail management structure assures potential investors that you have a competent team ready to execute your business plan effectively.

Homebase offers user-friendly employee management tools to streamline team communication , time tracking, and scheduling , helping you refine your management structure. 

Common mistakes to avoid when making your retail store business plan 

A successful business plan is as much about what you leave out as what you put in. Here are some common mistakes to avoid:

Too much detail

Avoid long, rambling text. Use visuals and graphics when possible and attach heavy content as appendices.

Poor financial planning

Account for growing expenses, taxes, and market influences in your financial projections.

Poor spelling and grammar

Basic errors can undermine how partners and investors view your plan.

Strengthening your business plan

To strengthen your business plan, consider your audience, which may include potential investors, business partners, and financial institutions. Be transparent, avoid exaggerations, and demonstrate the value of your idea.

Conclusion: Finishing your retail store business plan

A well-crafted retail store business plan is more than just a guide; it’s a tool to attract investors, secure funding, and set the foundation for a successful retail business. Leveraging tools like Homebase can help you stay competitive and efficient in the retail industry.

Don’t delay writing your plan—it could be the first step towards realizing your retail business dreams.

FAQs about writing a retail store business plan

What is a retail store business plan, and why is it important.

A retail store business plan is a comprehensive document outlining your retail store business’s model, goals, and strategies. It’s crucial as it provides clarity, attracts investors, and guides daily operations for success.

How does a retail store business plan differ from other business plans?

Retail store business plans are unique due to their focus on inventory management, marketing tactics to attract shoppers, and growth strategies centered on expanding customer reach.

What should I include in my retail store business plan’s business overview section?

In the business overview, provide a concise description of your retail business, including its structure, location, and the products or services you intend to offer.

How can a retail store business plan help secure investment?

A retail store business plan demonstrates a well-thought-out strategy, outlining business goals, target market, competitive analysis, and financial projections. It reassures investors, making your venture a more appealing investment opportunity.

What common mistakes should I avoid when creating a retail store  business plan?

Common mistakes include excessive detail, poor financial planning, and grammar/spelling errors. To avoid these, focus on clarity, accurate financial projections, and proofreading.

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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Retail Store Business Plan

Retail store is a competitive business as competition is intense in this segment. Moreover, many big giants are investing more in e-commerce and digital marketing, making this business even tougher day by day.

Having a physical retail store that offers a shopping experience along with products is a dream for many. It is not only because of the size of a business but the potential and opportunities such a business offers.

And if you are an individual who likes to interact with people, constantly improve your way of doing business, and form communities that work towards something, then you might have thought of having your retail store business.

Now, a retail store has great potential for success, but it is also a very competitive business. You’ll need a retail store business plan to help you stand apart from your competition and have a thriving business.

Industry Overview

Research suggests total retail sales in the United States were projected to amount to 6.03 trillion U.S. dollars in 2022, up from around 5.4 trillion U.S. dollars in 2018, according to the National Retail Federation .

Retail businesses come in many forms such as grocery stores, restaurants, and bookstores. There are around 4 million retail businesses in the United States alone.

The domestic retail market in the United States is very competitive, with many companies recording strong retail sales. Walmart, a retail chain giving low prices and a wide selection of products, is the front-runner in the United States. Amazon, The Kroger Co., Costco, and Target are a selection of other notable U.S. retailers.

Now, to have any genuine hope of getting noticed in such a jammed industry, you need a solid business plan to get success.

Say goodbye to boring templates

Build your business plan faster and easier with AI

Plans starting from $7/month

Things to Consider Before Writing Your Retail Store Business Plan

Build a brand image.

A brand image goes a long way for any business, especially for a retail store. It is crucial to pay attention to what people think about your store, what emotions they associate your brand with, and how they perceive your products in general. Above all, what qualities make you different from your competitors?

Pick the right location

A retail store’s location can make or break the deal. Hence, it is very important to pick a location that is both convenient and accessible for your customers. As people are always running short of time, they prefer a store that is on the way and takes less time to get to. It can also act as your USP over the bigger retail stores.

Plan a good store design

A good store design that follows the major principles of consumer psychology is essential for a retail store. The strategic placement of products influences a customer’s buying decisions. Hence, you need to pay attention to it and design your store in a way that maximizes your sales.

Build communities that promote your brand

Building communities that stand by and promote the idea of your brand can be extremely beneficial for your retail store. Hence, ensure that you work towards building one. These communities can be driven by anything from a common belief to a certain cause that your brand stands for.

How Business Plan Can Help?

Regardless if you’ve been operating for a long time already, by writing up a business plan for your retail store, you can get an overview of what you want to achieve with your business, and guidelines for how you’ll achieve your goals.

A retail business plan is a solid foundation for the success of your business, whether you seek funding or not. It helps you see clearly what your business looks like and how it’s positioned in your target market.

If you need to get funding, your retail business plan will work as proof that you and your business are good for investment. Studies suggest you can double your chances of securing a loan with a business plan and grow your business.

How to Write a Retail Store Business Plan?

Writing a retail store business plan requires a good amount of research, a thoroughly competitive and customer analysis, and a little bit of extra help.

You can get help for writing your plan either through a premade template on the internet or through an online business plan software which will help you write a customizable plan anywhere and at any time.

Before you start writing your business plan for your new Retail store business, spend as much time as you can reading through some examples of retail & e-commerce-related business plans .

We have created this sample business plan for you to get a good idea about how a perfect retail store business plan should look like and what details you will need to include in your stunning business plan.

Retail Store Business Plan Outline

This is the standard business plan outline which will cover all important sections that you should include in your business plan.

• Company Profile Summary
• Market Research Summary
• Marketing Summary
• Finance Summary
• Business Overview
• Company History
• Legal Structure Vision & Mission
• Industry Profile & Market Size
• Local Market
• Target Market
• Competitor Analysis
• Keys to Success
• Customer Survey Summary
• SWOT Analysis
• Products and Services
• Pricing Strategy
• Marketing Strategy
• Primary Marketing Activities
• Positioning Statement
• The Sales Process
• Strategic Alliances
• Location(s)
• Legal Issues
• Insurance Issues
• Human Resources (Or Team)
• Process/Production
• Risk Assessment
• Startup Funding & Capital
• Start-Up Costs
• Sales Forecast
• Projected Profit & Loss

What to include in a Retail Store Business Plan?

A retail store business plan consists of several different aspects. The major ones are as follows:

1. Executive Summary

The executive summary gives an overview of what your business stands for the reader. It should be written in such a way that even an outsider could get an idea of what your business is all about.

This section mainly comprises your business summary, your vision and mission statement, and your financial summary.

2. Company Profile

The company summary or company profile section of your business plan would consist of everything about your company, ranging from its location to information about your team.

While the executive summary section consists of information about the functional aspects of your business, a company summary consists of information about the structural aspects of your business.

While writing a company summary, it is a good practice to take suggestions from your team, as this section represents you as a team of individuals more than representing you as a brick-and-mortar company.

3. Market Research

Conducting market research helps you understand what you are getting yourself into. It helps you understand your target market, your competitors, and the working of the industry in general.

You can conduct thorough market research by using tools like PESTEL analysis or SWOT analysis . These tools help you conduct research specific to your business and prevent you from wasting your time on vague data.

4. Marketing Plan

As a retail store, it is your primary job to let your customers know about your existence. And to retain them once they start coming to your store.

A good marketing plan would help you do just that.

Based on the information you have gathered about your target audience through market research you can design your marketing campaign and promotional offers that’ll appeal to your customer base.

5. Operations

As a retail store, a proper operations plan can prevent your business from turning into a chaotic mess. An operations plan consists of your business’s logistic and functional information. It helps an outsider see what a typical day at your business looks like.

It also consists of your long-term and short-term goals. As well as the milestones you’ll have to reach for achieving them.

As a retail store business, your operations plan would consist of your supply renewal cycles, your backup distributors, a plan for the working of your store, your daily sales targets, and your long-term expansion goals, etc.

6. Financial Plan

A financial plan ensures that your business sails smoothly through tough times and also generates maximum profits.

It would consist of your funding requirements, cash flow projections, and profit forecasts.

As a retail store financial plan would consist of the funding requirements for setting up your store, buying supplies, and hiring people. It would also consist of your projected profits and break-even analysis.

Download a sample retail store business plan

Need help writing your business plan from scratch? Here you go;  download our free retail store business plan pdf  to start.

It’s a modern business plan template specifically designed for your retail store business. Use the example business plan as a guide for writing your own.

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Retail Store Business Plan Summary

In conclusion, a retail store business plan helps you organize and manage your store better. It takes care of everything that goes behind the scenes of running a retail store, so you can greet your customers with a smile.

From angry customers to poorly stocked supplies, a business plan can save you from all of it.

After getting started with Upmetrics , you can copy this retail store business plan template into your business plan and modify the required information and download your retail store business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

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Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Business Plan Template for Store Managers

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Running a successful store requires careful planning and strategic thinking. As a store manager, you need a business plan that encompasses everything from financial projections to marketing strategies. That's where ClickUp's Business Plan Template for Store Managers comes in.

With this template, you can:

• Clearly outline your store's goals and objectives
• Develop a comprehensive financial plan to track revenue and expenses
• Create effective marketing strategies to attract and retain customers
• Implement operational tactics to optimize store performance

By utilizing ClickUp's Business Plan Template, you'll have all the tools you need to drive your store's success. Start planning your way to growth and profitability today!

Business Plan Template for Store Managers Benefits

A business plan template for store managers offers a variety of benefits, including:

• Strategic clarity: Clearly outline goals, objectives, and strategies for your store, ensuring everyone is on the same page.
• Financial planning: Develop a comprehensive financial plan that covers budgeting, revenue projections, and expense management.
• Marketing strategies: Create targeted marketing strategies to attract and retain customers, boosting sales and brand awareness.
• Operational efficiency: Streamline operations by defining processes, roles, and responsibilities, leading to enhanced productivity.
• Effective decision-making: Make informed decisions based on data, market analysis, and industry trends.
• Resource allocation: Allocate resources effectively by identifying key areas of investment and cost optimization.
• Business success: Increase the likelihood of achieving business goals and driving overall store success.

Main Elements of Store Managers Business Plan Template

ClickUp’s Business Plan Template for Store Managers provides the essential elements to help store managers create a comprehensive and strategic business plan:

• Custom Statuses: Track the progress of different sections of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring each aspect is properly addressed and completed.
• Custom Fields: Utilize custom fields such as Reference, Approved, and Section to add specific details and attributes to your business plan, making it tailored to your store's unique needs.
• Custom Views: Access different views like Topics, Status, Timeline, Business Plan, and Getting Started Guide to organize and visualize your business plan from various angles, ensuring clarity and easy navigation.
• Collaboration: Collaborate with team members, assign tasks, set due dates, and discuss ideas directly within the template, fostering teamwork and efficient plan execution.
• Goal Tracking: Set goals and milestones in the Goals feature, track progress, and align your business plan with your long-term objectives.

With ClickUp's Business Plan Template for Store Managers, you can streamline your planning process, improve decision-making, and drive the success of your store.

How To Use Business Plan Template for Store Managers

Running a successful retail store requires careful planning and strategy. By using the Business Plan Template for Store Managers in ClickUp and following the steps outlined below, you can create a solid plan to drive your store's growth and success.

1. Define your objectives

Start by clearly defining your goals and objectives for your store. Are you looking to increase sales, improve customer satisfaction, or expand into new markets? Identifying your objectives will help guide your decision-making and ensure that your business plan aligns with your overall vision.

Use the Goals feature in ClickUp to set specific and measurable objectives for your store.

2. Analyze the market

Conduct a thorough analysis of your target market to gain insights into customer preferences, demographics, and trends. This will help you identify opportunities and challenges that may impact your store's success.

Use the Table view in ClickUp to organize and analyze market research data, such as customer surveys, competitor analysis, and industry reports.

3. Develop a marketing strategy

Create a comprehensive marketing strategy to attract and retain customers. This should include a mix of online and offline marketing tactics, such as social media campaigns, email marketing, in-store promotions, and partnerships with other local businesses.

Utilize the Calendar view in ClickUp to plan and schedule your marketing activities, ensuring that you have a consistent and targeted approach.

4. Monitor and adjust

Regularly monitor your store's performance against your business plan and make adjustments as needed. Track key metrics such as sales revenue, customer satisfaction, and inventory turnover to identify areas where you can improve.

Use the Dashboards feature in ClickUp to create visual reports and track your store's performance in real-time.

With the Business Plan Template for Store Managers in ClickUp, you can easily create a comprehensive plan to guide your store's growth and success. By following these steps and regularly reviewing and adjusting your plan, you'll be well-positioned to achieve your objectives and drive your store forward.

Get Started with ClickUp’s Business Plan Template for Store Managers

Store managers can use the ClickUp Business Plan Template to streamline their planning process and ensure that all aspects of their store's operations are well-documented and organized.

First, hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you'd like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a comprehensive business plan:

• Use the Topics View to organize your plan into different sections such as goals, marketing, operations, and finances.
• The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do.
• Utilize the Timeline View to set deadlines and visualize the timeline of your plan.
• The Business Plan View provides a holistic overview of your entire plan, allowing you to see the big picture.
• Create a Getting Started Guide View to outline the steps needed to implement your plan effectively.

Additionally, customize your business plan template by adding these custom fields:

• Use the Reference field to link relevant documents or resources to each section of your plan.
• The Approved field can be used to track the approval status of each section.
• The Section field allows you to categorize each section based on its importance or priority.

By following these steps and utilizing the different views and custom fields, store managers can create a comprehensive and well-structured business plan to drive the success of their store.

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Keys to Planning in Store Management

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Goals of Inventory Management

How to fight shrinkage in a grocery store, examples of liquor store business plans.

• What Is a Ladder Plan in Merchandising?
• Methods for Tracking Consigned Inventory

Store management requires you to develop relationships with customers, workers, store suppliers and other parties key to store operations. If you're managing a store, the core of your job is to ensure that employees serve their purpose, that store merchandise meets standards and that customers leave satisfied. To do so, you need a plan and the means to achieve the goals of that plan.

In-Store Management

Managing a store requires high-level organizational skills and the ability to strategize. You need a plan in place not only to maintain order at the store location but also to optimize the way the store operates. In-store management requires you to monitor the floor, perform data research, communicate with others and resolve issues quickly. An effective manager is always on the lookout for ways to improve the store and boost the company’s profits.

Input from Others

One key to planning for a store is input from relevant parties. For instance, the workers at the store can provide you with advice regarding day-to-day issues, such as best-selling items and customer feedback. As another example, upper management provides you with instructions regarding the goals of the store so that you can plan effectively.

Inventory Software

An inventory software system is also key to planning in a store. A store inventory system uses barcoding technology and computer software to monitor activity throughout the store. It tracks data regarding the movement of inventory, from incoming shipments in the storeroom, to the sales floor and finally to the register. It allows the store manager to run reports to analyze trends and make decisions regarding the short- and long-term strategy for the store.

Task Management

You and your employees must take action to keep the wheels turning every day. More specifically, you must prioritize task management. Creating and maintaining daily task schedule is key to planning for store managers. The task schedule should include routine activities, such as opening and closing the store, and activities required to stay compliant with quality standards or regulations. It also should include a process for how employees can handle unexpected occurrences at the store, such as a shoplifter or a sudden large influx of customers.

• DMS Retail: Store Management Process
• Wipro Technologies; Task Management – Optimizing Customer In-Store Experience; Amit Dhal and Sanjay Agara

Louise Balle has been writing Web articles since 2004, covering everything from business promotion to topics on beauty. Her work can be found on various websites. She has a small-business background and experience as a layout and graphics designer for Web and book projects.

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9 key store management skills your business needs to succeed

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Managing a store involves multiple aspects including inventory, customers, employees, reporting, etc., thus requiring a diverse set of store management skills. This article will cover retail manager’s duties, the key 9 skills for a store manager, and how to succeed as a store manager. Let’s jump in. 

What does a retail manager do?

9 essential store management skills, how to become a successful store manager.

A retail manager has to supervise the day-to-day operations of a store to make sure all activities run smoothly and effectively. Retail managers work on the shop floor and are constantly in contact with their customers and employees. Therefore, this position requires multiple responsibilities including:

• Make sure popular products are always in stock to prevent missing out on sales
• Determine efficient reorder points and reduce warehousing costs
• Prevent thefts or losses
• Plan the store layout and organize products logically to help customers find the products they need
• Prepare promotional materials and displays to boost store traffic
• Deal with customer queries and complaints
• Assign staff shifts and monitor their performance, making sure that they are serving customers properly
• Motivate staff to meet sales targets and set an example
• Liaise with head office for a consistent business strategy
• Manage the store budgets
• Report statistical and financial records of the store
• Ensure compliance with health and safety legislation

Store management is a vital and complex job to ensure the health and efficiency of your store and employees. Here are the key 9 skills of a store manager:

Multitasking

The long list of retail manager responsibilities requires managers to have good competency in a wide range of aspects. This makes multitasking skills a must for store managers to complete their work on time. They should arrange their time with a to-do list for each day to finish their tasks while also keeping an eye on their team’s performance.

Time management

Together with multitasking, time management is also a crucial skill for managers. Managers should divide their tasks based on priority and urgency to take proper action. Here is the Eisenhower decision matrix that store managers should apply:

In addition, store managers should set clear objectives for the workload that must be completed within the day and block time for each task. They should also be able to eliminate distractions and deal with interruptions for themselves and the team.

Decision making

A good manager can evaluate and identify the crucial factors to the success of their store. Since the retail environment is changing quickly, managers must make prompt retail decisions to not miss out on opportunities. However, to avoid mistakes, a manager must consider all information thoroughly and select what is important and what isn’t.

Leadership abilities

Leadership skill is one of the most essential store management skills. You need to lead your team, not only manage them. A good leader processes excellent interpersonal skills like people management and problem-solving to unlock their team’s full potential. If you have this trait, you can encourage your staff to achieve more goals and sustain employee engagement.

Organizational skills

Store managers need organization skills to identify aspects or procedures that can be improved. This skill helps you streamline processes, manage schedules and budgets, recognize problems, reduce costs, and boost sales. Managers with good organization skills can also hire the best associates, give them good training, assign the right tasks to each staff, and help them grow their strengths.

Effective and impactful communication

Communication is the key to building a strong and efficient team. Retail managers should be able to communicate the points, as well as truly listen to employees’ ideas and issues. True communication skills will create trust and comprehension between managers and employees, making sure everyone understands each other and heads toward the same goal.

Motivational skills

Having motivational skills allows managers to inspire their employees to work harder and improve themselves. Good managers can provide constructive feedback and advice to their team members. From the employees’ perspective, having an inspiring manager will increase their job satisfaction, therefore they’re more likely to stay loyal to the company.

Efficient customer service

A manager should have strong customer service skills to set the strategies and train employees on how to serve customers. Excellent customer service will create a memorable shopping experience and keep customers coming back to your store. To do this, managers must understand customers’ needs, behaviors, and preferences.

Adaptability

Adaptability refers to flexibility and mental steadiness in facing everyday variations and changes. In the retail industry, you have to deal with many different issues, either stimulating or stressful. Therefore as a manager, you must be ready and able to prioritize, schedule, and tackle them quickly. Adaptability is a vital store manager skill to react promptly to changes. To be well prepared, you can plan the solution for any issues you think can happen, and follow the guide to solve them.

According to a study from Mood Media, the money and time spent by US shoppers in-store has gone up swiftly by 11% between 2020 and 2021 . This trend indicates customers’ readiness to return to in-person shopping, and emphasizes the importance of retail managers handling store operations. To become a better manager, you should follow these best practices:

1. Set SMART goals

As a store manager, you must set goals for yourselves and the team. Using SMART goals and a stimulating reward to inspire the team to do the best: S: Specific – What exactly are you trying to gain? M: Measurable – How can you know if you’ve achieved it? A: Attainable – Is it genuinely possible to achieve it? R: Relevant – Does it contribute to your values and long-term growth? T: Time-based – When do you want to accomplish this? In addition, before finalizing the goals, you should talk to your staff to ensure they agree with the goals and how to achieve them. Furthermore, you should track the progress and guide employees if they need help. Great retail managers don’t put unreasonable pressure on their staff. Instead, they provide guidance and encourage their team to keep going.

2. Focus on data

Retail managers have to deal with lots of data to make decisions. Data offers a large picture of how the store is performing, and managers must be able to interpret the data into actionable insights. Some questions you may ask yourselves when analyzing your store data include:

• Which products have the highest sales?
• When should you reorder a product?
• How much are you paying for storage?
• Which channel has the highest traffic and revenue?
• How much does it cost to get a new customer?
• What is the forecasted trend of products and customers’ preferences?
• Are your employees meeting KPIs?

3. Adopt new technology

To become a better manager, you should take full advantage of technology to boost efficiency in operation, marketing, and management. Adopting the right retail management software will help you reduce manual tasks, standardize all procedures, and complete your tasks more quickly, giving you more time for important jobs. Here are some aspects that technology can help enhance and automate:

• Inventory management : Sync data of sales and inventory level for accurate stock counting, receive low-stock alerts, create purchase orders, communicate with other warehouses for stock transfer.
• Omnichannel sales : Control products and sales via multiple channels apart from the physical store, such as website, social media, or app.
• Marketing campaigns: Generate campaigns targeting specific customer segments, create loyalty programs , promotions for holidays, and measure the results.
• Employee scheduling: Plan and assign schedules to employees, including notes like time, position, instructions, and send reminders.
• Employee management: Create training sections, manage the clock in and out, check employee sale performance, control sick leaves.

4. Encourage feedback

Managers should create a comfortable environment for employees to voice their concerns, opinions, or suggestions to improve the business. Since your staff talks directly to customers every day, they understand customers’ common challenges and expectations best. Encouraging employees to share their ideas will make them feel motivated and empowered to contribute to the company’s success. Make sure you have a regular schedule for feedback, this isn’t a one-time task.

5. Become a mentor

Being a good mentor is how you separate a normal manager from a dedicated one. Good managers will help their staff develop skills, thus building a strong team for success. Sharing your knowledge and experience with your mentees to help them learn from successful case studies and avoid mistakes.

Furthermore, you should spot talents who have the potential to become good leaders and offer special guidance to them. Since you may not have enough time to mentor every team member, pick the best ones and help them grow a long-term career in the retail industry.

Store manager is an important position in any retail business. Mastering the above 9 store management skills will help you enhance the performance of the store’s employees and improve productivity. A good manager can also identify bottlenecks in dealing with inventory, customers, and staff, and give solutions to streamline the process. As the retail market constantly changes, this role becomes more important to the success of your business.

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1. what is magento.

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Lock in the best price before any changes by signing up immediately, ensuring you get the most favorable deal for our powerful and efficient Magento POS system.

Project Plan 3

Plan and execute projects with Copilot in Planner (preview) 1 and advanced project management capabilities. Includes the Project Online desktop client and Project Online.

• Leverage Copilot in Planner (preview) 1 to generate new plans, set goals, track status, and react to changes as projects evolve.
• Use rich planning and status tracking capabilities, with features such as advanced dependencies with lead-lag, critical path, and task history.
• Manage scheduling and costing and allocate resources with resource management capabilities.
• Each subscription license allows for up to five concurrent installations of the Project Online desktop client.

Talk to an expert

To speak to a sales expert, call 1-855-270-0615 , Monday–Friday 6:00 AM–6:00 PM Pacific Time.

Originally starting from $30.00 now starting from $30.00

$30.00 $30.00

Try free for one month

See trial terms 2

Collaborative, powerful project management enabled by Copilot in Planner (preview)

Get started quickly with Project Plan 3 and have powerful project management capabilities, assisted by Copilot in Planner (preview), to plan and manage your organization’s projects from anywhere.

Copilot in Planner (preview)

With simple, natural language prompts, you can generate and add tasks, goals, and buckets or create a complete plan. Then, use Copilot to break down the work into actionable steps and analyze progress, risks, assignments, and more.

Rich task management capabilities

Create advanced task dependencies with lead-lag, identify progress and changes with task history, and leverage critical path to prioritize resources and assignments.

Ready-made project templates

Use prebuilt templates available in Planner and Project for the web or go to Microsoft365.com for access to ready-made project plans.

Collaborate in a simple, unified experience

Manage all your tasks, to-do lists, plans, and projects across Microsoft 365 apps in a single, familiar experience. Use Planner, Project, and Microsoft Teams 3  to collaborate on projects with file sharing, chat, meetings, and more. *

Visual, interactive roadmaps

Visualize progress across projects, programs, and portfolios by connecting different projects within a single view. Choose the initiatives you want to see and add phases, milestones, and key dates.

Make informed decisions

Use baselines to help you track and compare actual progress to the original project plan.

Create reports

Get insights, communicate information to stakeholders, and achieve results with help from powerful built-in reports.

Tailor your project management

Leverage the Microsoft Power Platform to customize your project management needs to best suit your organization.

More about Project Plan 3

Manage all your tasks, to-do lists, plans and projects across Microsoft 365 apps in a single, familiar experience. Seamlessly share project plans, manage tasks, chat, and meet without switching between apps.

Flexible and scalable

Use your preferred view and create plans with powerful scheduling and resourcing tools. Improve resource assignment based on dependencies. Get big picture views and leverage Power Apps to automate and extend.

Intelligent

With Copilot in Planner (preview), use next-generation AI and natural language prompts to generate new plans, set goals, track status, and react to changes as projects evolve.

• [1] While final pricing for Copilot in Planner has not been announced, users with a Project Plan 3 or Project Plan 5 license will be able to preview Copilot in Planner capabilities once it is rolled out to their organization.
• [2] A credit card is required to begin a one-month trial. The duration of the trial varies by the month you sign up. The expiration date will appear on the trial subscription details page within the Microsoft 365 admin center. Upon the expiration of your one-month trial, you will be charged the applicable subscription fee. Cancellation can be done at any time to stop future charges.
• [3] Microsoft 365 apps, such as Microsoft Teams, are sold separately. Prices shown are per month. If you are a global or billing administrator, an annual commitment is required to purchase online. You can choose to pay monthly or annually. Within the Microsoft 365 admin center, global and billing administrators can choose either annual or monthly commitment plans.
• [*] License sold separately.    

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4 Common Types of Team Conflict — and How to Resolve Them

• Randall S. Peterson,
• Priti Pradhan Shah,
• Amanda J. Ferguson,
• Stephen L. Jones

Advice backed by three decades of research into thousands of team conflicts around the world.

Managers spend 20% of their time on average managing team conflict. Over the past three decades, the authors have studied thousands of team conflicts around the world and have identified four common patterns of team conflict. The first occurs when conflict revolves around a single member of a team (20-25% of team conflicts). The second is when two members of a team disagree (the most common team conflict at 35%). The third is when two subgroups in a team are at odds (20-25%). The fourth is when all members of a team are disagreeing in a whole-team conflict (less than 15%). The authors suggest strategies to tailor a conflict resolution approach for each type, so that managers can address conflict as close to its origin as possible.

If you have ever managed a team or worked on one, you know that conflict within a team is as inevitable as it is distracting. Many managers avoid dealing with conflict in their team where possible, hoping reasonable people can work it out. Despite this, research shows that managers spend upwards of 20% of their time on average managing conflict.

• Randall S. Peterson is the academic director of the Leadership Institute and a professor of organizational behavior at London Business School. He teaches leadership on the School’s Senior Executive and Accelerated Development Program.
• PS Priti Pradhan Shah is a professor in the Department of Work and Organization at the Carlson School of Management at the University of Minnesota. She teaches negotiation in the School’s Executive Education and MBA Programs.
• AF Amanda J. Ferguson  is an associate professor of Management at Northern Illinois University. She teaches Organizational Behavior and Leading Teams in the School’s MBA programs.
• SJ Stephen L. Jones is an associate professor of Management at the University of Washington Bothell. He teaches Organizational and Strategic Management at the MBA level.

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