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How Do You Rate As A Retailer?

A new online tool can assess your business for free.

New York’s celebrated Mayor Ed Koch was famous for his signature line, “How’m I doing?”

Now, independent dealers can get an objective assessment of how they’re doing thanks to a new online tool from Lightspeed.

The company, which provides Cloud-based point-of-sale systems to over 50,000 retailers and restaurants, has come up with a five-point (and five-minute) questionnaire to help dealers rate their own businesses, measure their standing among competitors, and identify strengths and weaknesses.

Christened the Retail Success Index, or RSI, the self-assessment tool was developed in concert with a retail advisory board to gauge a dealer’s proficiency in five areas considered critical for retail success:

  • inventory management;
  • employee management;
  • marketing and customer relationship management;
  • data intelligence; and
  • sales sophistication.

The RSI uses an algorithm that assigns points to retailers’ responses, and provides detailed results and actionable tips for each category to help independents grow and become more successful, the company said. Retailers can also re-submit answers every few months to monitor their progress.

“We made a commitment to help independent retailers grow their businesses, and the Retail Success Index is the next stepping stone in guiding them to reach their full potential,” said Lightspeed founder/CEO Dax Dasilva. “By understanding the current state of their business, independents will have the right information to pave a path to prosperity.”

The self-assessment tool is complimentary and can be accessed here at any time.