Employees who understand retail profit and loss are more likely to know how they can protect your margins. For example, you can encourage them to be careful when stocking shelves by showing them the effect one damaged product has on the bottom line. Or, show them the role margin plays in pricing when you train on add-on sales.
NRHA has three training courses designed to give your employees a deeper understanding of pricing and profit. Consider working them into your training schedule this fall. Then, to expand your own insights into this topic, read the article on price shopping on Page 64.
Our Three Pennies of Profit
NRHA’s longest-running training program, “Our Three Pennies of Profit,” is a 15-minute video designed to explain the fundamental elements of retail profit and loss. It shows some of the ways employees can help protect your margin, and why that’s good for everyone’s success. This course is available to NRHA Training Members.
Basic Pricing Trainer’s Toolbox
As part of NRHA’s Trainer’s Toolbox series, “Basic Pricing” contains a short video offering an introduction to cost, retail price and margin. It will help employees understand why the profit on some items is higher than others and what they can do to help boost the overall margin. You’ll find this free course on nrha.org/training in the Operations category.
Basic Pricing Online Course
The course “Basic Retail Pricing” offers a high-level view of pricing fundamentals for anyone who wants to understand the connection between a retailer’s pricing strategy and profit. It consists of short videos and interactive segments and can be completed online in less than 1 hour. This course is available to NRHA Training Members. To learn more about how to become an NRHA Training Member, visit nrha.org/membership.