While it might seem logical to stay open as many hours as possible, the truth is there is a diminishing return on the investment. I have counseled many retail store owners and even cafe or coffee shop owners who are so stressed about the one customer that might come in between 9am and 10am or the one who might come in early on Sunday morning. The truth is, planning for the one who “might” come in costs you more many than it is worth.
Here are 3 Tips to help you determine the best store hours for you business.
1. Check your POS Data.
If you are using a point of sale system, then it will generate reports for you that will help you make a wise decision. Print out your sales and transactions by hour report. This is a report that will list your total sales and total number of transactions by hour for your business. The transactions (or number of tickets) is the more important metric. Sales can be deceiving. It may appear like you need to be open earlier, but the reality is, it may be 1 large sale that skews the data.