Page 33 - GS150701
P. 33
Education
When was the last The right tools for the job
Cash and service offices at retailers like Sears would
time you inventoried also have an inventory period, but it was usually in
July. However, instead of screwdrivers, they would
your tools? count paperclips, pens, paper, note cards, etc. – literally
anything and everything that was used in the service or
cash or service office. It was tedious work, and my mom's
employer didn't hire temps to come in after hours. The
staff was required to complete it.
As a child, I never grasped the importance of this task. As a
teenager, I thought it was just a big company keeping tabs
on its employees to make sure that they weren't stealing
office supplies. When I said this to my mom she would say
that it wasn't like that. "They just want to make sure we
have the right tools we need to do our job," she said.
Time to take stock
It wasn't until I entered the sales world that I fully grasped
this concept. In the payments sphere, this concept is even
more critical. We often talk about having a toolbox and
using newer tools to help sell, but when was the last time
you actually inventoried those tools? When was the last
time you counted the paperclips?
By Jeff Fortney Unlike the practices of a mid-20th century department
Clearent LLC store, a payments inventory can be done anytime during
the year. Indeed, it should be done more than once a year.
tarting in the late 1950s until she retired in the Like a department store, though, there are very specific
1970s, my mother worked for Sears, Roebuck steps you should take for the inventory.
and Co. She started in the service department Basic steps for a tool inventory
S and spent her last 10 years in the cash office at
the local store. The cash office was the in-store accounting These steps are to identify the basics, identify your
department, where employees were responsible for count- ancillary tools, inventory tools that are specific to your
ing money, totaling receipts and making bank deposits targeted market and differentiate yourself by having the
every day. proper tools. Following is an explanation of each:
Each year my parents had a recurring debate over when • Identify the basics: Although it's obvious, we use
we would go on vacation. My father thought mid-summer certain products, services and approaches every
was the perfect time, and my mom would tell him that she day. You must have a satisfactory supply of your
couldn't schedule anything until she knew the dates for essential tools, as well as the most current versions
"inventory." of those tools. For example, business cards are
a common tool, but there is a lag time between
Not a typical retail inventory when you place your order and when your new
As I got older, I was confused by the fact that, for her, supply arrives. It's wise to have a good grasp of
inventory came in the middle of summer. In those days how many of each basic tool you have on hand.
(well before the use of scanner guns and computers) stores
like Sears would start their merchandise inventory shortly Another example is merchant applications.
after the year-end holidays. Although you may have applications on hand,
they may be an old version. Be sure you have the
They would hire temporary staff to work when the store most current version, for you don't want to have
was closed, "counting the screwdrivers," as my mom would to a sale delayed because you used an outdated
say, and entering the results into a ledger. At the end of the document.
month, the ledger would be copied by the cash office and
provided to the corporate offices for both marketing and • Identify your ancillary tools: These are the
stocking purposes. product briefs, applications and informational
33
When was the last The right tools for the job
Cash and service offices at retailers like Sears would
time you inventoried also have an inventory period, but it was usually in
July. However, instead of screwdrivers, they would
your tools? count paperclips, pens, paper, note cards, etc. – literally
anything and everything that was used in the service or
cash or service office. It was tedious work, and my mom's
employer didn't hire temps to come in after hours. The
staff was required to complete it.
As a child, I never grasped the importance of this task. As a
teenager, I thought it was just a big company keeping tabs
on its employees to make sure that they weren't stealing
office supplies. When I said this to my mom she would say
that it wasn't like that. "They just want to make sure we
have the right tools we need to do our job," she said.
Time to take stock
It wasn't until I entered the sales world that I fully grasped
this concept. In the payments sphere, this concept is even
more critical. We often talk about having a toolbox and
using newer tools to help sell, but when was the last time
you actually inventoried those tools? When was the last
time you counted the paperclips?
By Jeff Fortney Unlike the practices of a mid-20th century department
Clearent LLC store, a payments inventory can be done anytime during
the year. Indeed, it should be done more than once a year.
tarting in the late 1950s until she retired in the Like a department store, though, there are very specific
1970s, my mother worked for Sears, Roebuck steps you should take for the inventory.
and Co. She started in the service department Basic steps for a tool inventory
S and spent her last 10 years in the cash office at
the local store. The cash office was the in-store accounting These steps are to identify the basics, identify your
department, where employees were responsible for count- ancillary tools, inventory tools that are specific to your
ing money, totaling receipts and making bank deposits targeted market and differentiate yourself by having the
every day. proper tools. Following is an explanation of each:
Each year my parents had a recurring debate over when • Identify the basics: Although it's obvious, we use
we would go on vacation. My father thought mid-summer certain products, services and approaches every
was the perfect time, and my mom would tell him that she day. You must have a satisfactory supply of your
couldn't schedule anything until she knew the dates for essential tools, as well as the most current versions
"inventory." of those tools. For example, business cards are
a common tool, but there is a lag time between
Not a typical retail inventory when you place your order and when your new
As I got older, I was confused by the fact that, for her, supply arrives. It's wise to have a good grasp of
inventory came in the middle of summer. In those days how many of each basic tool you have on hand.
(well before the use of scanner guns and computers) stores
like Sears would start their merchandise inventory shortly Another example is merchant applications.
after the year-end holidays. Although you may have applications on hand,
they may be an old version. Be sure you have the
They would hire temporary staff to work when the store most current version, for you don't want to have
was closed, "counting the screwdrivers," as my mom would to a sale delayed because you used an outdated
say, and entering the results into a ledger. At the end of the document.
month, the ledger would be copied by the cash office and
provided to the corporate offices for both marketing and • Identify your ancillary tools: These are the
stocking purposes. product briefs, applications and informational
33
