Considering everything you do in and for your store and all of the time you devote, if you closed your store and went to work for someone else and did the exact same thing, what would you expect to be paid?
I would imagine it’s a pretty high figure. So why are you not taking home that amount as your own boss? The answer is pretty simple and most retailers are (sadly) unwilling to embrace it, but your mega salary is sitting in your bloated inventory depreciating. Simply put, you are buying the wrong quantities of merchandise.
Because of this, you are always in a cash crunch, so you try to cut corners on personnel, limit promotion, take markdowns and do anything and everything other than correct your buying.
When you see the error of your ways and want to start paying yourself what you’re worth, you’ll get working on an open to buy system. Once set up, you’ll see where your current inventory and future orders are out of whack and taking action to correct those situations will greatly improve your cash situation.
Once you are buying guided by an accurate open to buy plan, you’ll be able to start paying yourself what you’re worth and your life will be much better in every imaginable way. Why wait?