Have you ever understood the concepts of store departmentalization and centralization? This enables allocation of duties to different individuals in a company or an organization. In a store, a retail manager maintains the money management as well as staffing. This person holds a responsible role in the business as a whole. Did you know the store opening in the morning as well as money handling is in the hands of retail or assistant managers? Let’s look into various money management aspects.
Who is the daily money manager in a store?
The answer is a retail manager. The duty of this individual might vary in its complexity from one store to another. The main two responsibilities carried by a retail manger are:
- Store security
- Banking aspects
This is important in analyzing the orientation and changes in a business. The performance of the store is easily understood from the records maintained by such managers.
Store manager duties
Most of the stores would require the retail manager to see to the secure store lock down every day. This is important to take care of the amenities and products stored. For a better set up, security staffing could be availed. This does not make the retail manager free from securing the store responsibly. These managers should also collect cash from the store and record it down on a daily basis. It is their duty to keep it safe according to the store’s policies. They have to deposit it safely in a bank or other financial institutions. The store manager has the responsibility to keep it safe until it is deposited as well.
Store size doesn’t matter
A retail manager should be flexible to work with the size of the store. The main duty they might need to perform is managing the staffing and allotting them to different departments. He/she also performs the management function in an organization or a store to a certain level. It is not necessary that they always get to control the employees in the store as the store owners might decide this. In small stores, retail managers would have more power over the employees. In large organizations, better departmentalization distributes such power among team leaders.
Now, it is an undisputed fact that a retail manager act as a daily money manager in an organization. To play the role of a retail manager efficiently, one might need experience as well as insight in solving emerging financial crisis.