Actually, anytime is a good time to set up an open to buy plan, but right now is especially good. Right now you are headed into your strongest selling season and wouldn’t you be way ahead of the game if you knew right where your inventory should be on January 1st? Wouldn’t you be in a better position if you knew that your Spring orders were correct? Wouldn’t it be helpful to be able to adjust (cancel) them before they were shipped to insure a positive cash flow as you get underway with 2018?
If you said yes to any or all of the above, what are you waiting for? You still have a bit of time before the Christmas Crush and there’s nothing you can do that would be more productive than setting up a system that would tell you where your inventory was over stocked and under stocked right now and by how much. With that information you can rearrange your store and determine which items get pushed with spiffs, promotions, markdowns and displays.
Now is also the time to re-evaluate all of those orders you placed at the late summer shows that will be headed to your inventory soon. Do you really need everything you bought? How will you know? An open to buy plan will clearly point out which departments are over bought and allow you to make corrections. Doing this important work now will save you big dollars in the Spring and make your holiday selling even more meaningful in terms of beginning January with the right amount of merchandise in the right areas.
So, without a doubt, NOW is the best time to set up your open to buy plan!