Hey, no one wants to pay taxes at all, but to keep government working to provide all of the services we’ve come to expect, we all must cough up some of our hard earned money. Now this post is not on the tax code or how your accountant labors to find loop holes and deductions to lower the amount you owe. This post is about how you can pay MORE next year.
The way to pay more is to make more. And even though it will cost you more in taxes, you’ll be pocketing a great deal more. You’re probably wondering how that can be accomplished, so here’s how:
Every time you sell a product (at full price), you take in enough money to pay your vendor, contribute to overhead, and make a profit. Of course this only happens when you actually sell a product. So, it stands to reason that the more you sell, the more you’ll be able to pay your vendors, contribute to overhead and take your profit. The big question is – how much do you think you can sell.
Once you have determined how much you can sell based on your store’s location, demographics, weather patterns, size, advertising, etc. then you can start planning how much you need to buy. The other factor in your buying plan needs to be turnover. Simply put, the more you turn, the more you make. Turnover is a combination of how fast you can get the merchandise, how long you want it sitting around, and how much you need to be properly represented.
Every retailer strives to raise sales, but there’s only so far you can go with that. So what you are left to work with is turnover. Retailing is a constant juggling act. You want to maximize sales at the highest possible turn rate. So as you increase your turnover, you are actually extracting additional contributions to overhead and profits from the same invested capital. When you do that, you’ll make more money… and pay more taxes.
I’m sure that the above all sounds great, but the question remains – how do we control our buying to yield the highest sales at the best turn rates. The answer is open to buy planning. This process will work with your anticipated sales and desired turn rates to determine your buying plan. Not only do you need to follow the plan, but you need to make revisions as you go as you see trends forming.
The easy way to maximize your sales at the highest turn rates is MYOTBPLAN.COM. This easy to use online open to buy system will guide you to buy the best available merchandise in the right quantities in each of your merchandise categories for delivery at the right times. The results are spectacular. The system is accurate, accessible and affordable and supported 10 hours every day of the week. There’s no contract and our Performance Guarantee has not changed in 30 years. Subscribe today and be set up in a few hours and know where your current inventory and future orders are out of balance. A few corrections to these problems will mean a great deal of additional money in your bank account.
Stay with the system and make more money. Next year the IRS is really going to love you!