How Open Are Garden Retailers With Their Financials?
We asked garden retailers with whom they share their various reports, from the Profit & Loss statement (P&L) to slow moving SKUs.
Not surprisingly, considering how often consultants urge retailers to share sales with the staff, garden retailers are most open about their sales reports. A large majority of all staff have access to this report — 81%.
The openness takes a step back, however, with the P&L statement. General managers are given access, but after that, percentages drop off sharply. At conferences, discussions on the topic of openness often turn to the misperceptions among the sales team that a store is rolling in money. They see the sales come in, but they aren’t aware of the costs involved. If the P&L itself isn’t shared, it’s probably a good idea to share the amount of expenses involved.
See if your own openness matches your peers.