DAY-TO-DAY FORECASTING
We are forecasted for $4000, but ended the day with $2500. What do we need to do the next day?
We need to cut hours to make up for the sales, and reforecast for the subsequent days.
Why is managing payroll important?
FIP! >1% variance to payroll allowable. If we aren't managing payroll, we are overspending for our budget.
What is sales trend?
An average of our sales are trending over a period of time. Commonly referred as a 4-week sales trend, or 6-week sales trend.
Yesterday we were forecasted for $2000, but we made $3500. What should we do?
Assess the state of the store, and extend shifts as needed.
Is OT allowed?
NO! Unless approved by Matt in very rare circumstances.
How far out are schedules written? What needs to be taken into account beforehand?
Request offs, events, promos, cardmember events, LY sales, current sales trend
It is Monday, and the weather is showing snow predicted for Wednesday. What do you do?
Reforecast sales for Wednesday down, and trim shifts as needed.
SFS, BOPIS, replenishment, shipment, markdowns, callouts.
What are some things that impact sales performance/traffic? (Name 3)
Weather, local events, promos, construction, traffic, competitors, etc.
What time does FEBA need to be saved by in the morning?
9am!
How can you control payroll on a daily basis?
Saving FEBA daily, updating the schedule as changes arise, course correcting as we are over/under budget.
What is SPH? What is the goal?
Sales-per-hour. For each hour, how much money are we making divided by the amount of employees scheduled. The goal is <$250
Ex: 1-2pm $1500, 4 employees scheduled, SPH: $375
How many hours does $1000 equal?
This has actually changed with the new workforce management system!
$1000 equals 3 hours!
At what percent do we lose 100% of our FIP due to payroll? 30%?
We lose 100% of our budget is we are +/-5.01% to payroll variance. If we are 1.01%-5% we lose 30%.
What does FEBA stand for?
Forecast, Edit, Budget, Adjust