Everyone has their opinion on how to run a retail store and how to raise cash. The truth is there is only one correct way to run a store AND to raise cash – open to buy planning.
Every problem in retailing comes back to your buying. Buy the right items in the right quantities and retailing is a dream. Buy the right items in the wrong quantities and retailing is a nightmare. Too much of a good thing is a bad thing!
It’s not hard to pick the right items – you know your customers, your store, your community and have your pick of items at trade shows and merchandise marts. Where things get tough is knowing when to stop buying. It’s almost impossible to stop buying if you have been placing orders without seeing all of the vendors.
What needs to be done is two-fold. 1) Go to market with an open to buy plan that tells you how much to buy in each merchandise department each month for the next 12 months. 2) Go through the show or mart and make notes of the best available items. Then go back and look again at the best you’ve seen and then buy the correct quantities of the best merchandise to meet your dollar (open to buy) plan.
Buying the right quantities will increase your turnover and reduce your markdowns and leave you with cash in the bank. Don’t you just love that idea? And it’s not just an idea – it’s real.
Your retail dreams can come true with myotbplan.com!