Awesome, right? The merchandise, the shows, the glitz, the hype, the parties – phew, what a rush!
Did you see everything? Or just your favorite suppliers? If you did your job right, you looked at everything in every site before writing your orders. Did you do that?
Did you buy according to your open to buy plan? Or did you just “wing it”? If you had an open to buy plan and followed it, you’re set for the coming months and the coming inventory. If not, you’re going to be chasing your tail trying to deal with excess inventory, excess invoices, markdowns and cash flow problems. And what’s sad is that you’ve done all this before.
But when you get into the shows, it’s intoxicating. So much good stuff and you want it all. So you buy it all. But your customers will only buy so much. And you’ll have to pay for all of it. And that’s the problem.
If you have an open to buy plan, it’s built around YOUR anticipated sales and YOUR desired turnover – the two things that drive your store. If you bought according to your open to buy plan, you’ll have the right amount of merchandise in the right area at the right time and your store will run like a well oiled machine. You’ll satisfy your customers, your creditors, and yourself.
Without an open to buy plan, it’s a whole other story.
But it’s never too late! Set up your open to buy plan NOW and you’ll be able to evaluate your current inventory and all the merchandise you bought. Once you do that, you’re in a position of knowledge and can make adjustments to what you bought to bring your orders into line with your needs.
I hope you went to Vegas with a great open to buy plan, but if not, we’re waiting to help you with the best system available. Hope to hear from you soon!