When you roster employees in your newsagency, know the cost of labour for each day. This labour cost should include owners time.
If you don’t do this, don’t know and track your labour cost by day, your attention may not be on what is likely to be your highest or second highest business operating cost.
Too often I see retailers rostering for friendship and laziness when some management attention could result in thousands of dollars, even tens of thousands of dollars, added to the profit of the business.
Roster for profit.
The best way to assess labour cost is as a ratio of revenue. There are best practice benchmarks you can track against in retail but none for newsagencies. It is a challenge for our channel given the diversity of our office ranging from convenience through to high end gift.