So you’ve made the difficult decision to close the doors of your business for good.
Perhaps the decision has been a long time coming, or perhaps it has been a rough couple of months.
Maybe COVID-19 has made business difficult, or perhaps it’s just time to hold a retirement sale.
But whether you have a handful of employees or many, you will need their help as your business approaches the end.
Hiring a going out of business sales consultant like Silverman Consulting & Retail Services is a good way to maximize your profits as you sell off your remaining inventory.
But don’t be in a rush to bring your employees up to speed until you have decided how to handle things properly.
Let’s have a look at some of the issues you may face once you have decided to close your business.
The Double Edged Sword
No one like to hear the bad news that they’re losing their job.
Facing the fact that your business is closing is hard enough without losing your community too, so you want to get this right.
You don’t want to catch your valued employees off guard by keeping the store closing a secret.
You care about your employees and want to give them time to find new jobs.
An open and honest workplace is always one you have been proud to support.
But by telling them too soon, you run the risk of them jumping ship at the time you need them the most.
There may be a number of factors about a store closing sale that you may need to consider.
There are ways to strike a balance, but timing is everything.
When Should You Tell Your Employees?
So how, and when, should you be telling your employees that the end is near?
Obviously, if you are planning a closing sale, they will find out eventually.
But you will need all hands on deck to deal with a potential boost in traffic once your inventory goes on sale.
So it’s best to keep your plans to yourself until you have completed your preparations.
Keep in mind, however, that your province or state may have regulations around the amount of notice you need to give your employees, especially for long time employees.
You might want to hire an independent retail consulting firm to help you.
If you have more than one location, you need to decide which inventory to sell off and which to relocate.
If you are completely shutting down, you might want to sell store fixtures, furniture, and equipment as well.
If you tell the employees, even those closest to you, that you are making plans, then you run the risk of them finding new employment before the sale even begins.
So have a plan in place for what exactly how to tell your staff, and don’t do it before you are ready.
How To Get Your Employees To Stick Around During A Store Closing Sale
The moment has come for you to tell the employees that you are closing up shop and that they will be losing their jobs.
This is best done in a full store meeting, so that everyone hears the news at the same time.
Be prepared for a lot of questions and be ready with the answers.
Make yourself available to them – if you are there to listen to their concerns and answer their questions, they will empathize with you as well.
After all, they may be losing their jobs, but you are losing your business.
Keep things simple: you have to close the business, but you need their help.
Let them know how much you value their service come up with an incentive for them to stay to the very end.
An incentive will give them something to hold onto.
It will also convince them to stick it out until the final days of your sale.
It could be as simple as an hourly bonus that they get if they are able to stay and help with the sale, or maybe a commission pool that will be split with all those that can stay to the end.
Let them know you will be happy to provide them with references.
They may start to look for other employment, but they will, most often, plan to help you with the sale before beginning elsewhere.
How To Schedule During A Store Closing Sale
You may lose some of your employees during the final weeks of your store closing.
Be prepared to put in long hours yourself, and budget for overtime for your top performers.
This can be an opportunity to work extra hours and make extra cash, but be aware of potential burnout for you and your staff.
Make a list of the employees that you trust to stay with you, and schedule them accordingly.
Keep It Fun
This time can be stressful, and it should be your busiest time.
Think of how to reduce the stress and have a bit of fun.
Maybe you can relax the dress code, buy lunches and coffee on busy days or even have a potluck once a week.
Ask your staff how you can make their job easier during this busy time.
And expect your store to have more traffic because of the sale.
Book Your Appointment With Silverman Consulting & Retail Services Today
You might consider bringing in a specialist to help you to close your business properly.
This will let you focus on your employees and the emotional aspects of closing down your business.
If you make this time for your employees, then they will reward you by staying loyal to you until the end.
Let Silverman Consulting & Retail Services help you through this difficult time.
Contact us today.
Silverman Consulting & Retail Services229 Yonge St suite 400,
Toronto, ON M5B 1N9, Canada
1 (888) 955-1069