We’re working on autonomus cars, so what’s next? Many retailers are already there mentally. They go to a show and cruise around buying everything they like. No need to figure anything out, fill up with gas or plug into an outlet, they just cruise.
It really is fun. They are treated with kid gloves by the reps and their orders are put in line for shipment, if and when the goods are made. As the merchandise rolls into the store, excitement is abundant from the staff and the customers. But what rolls in today doesn’t sell out today and there’s more rolling in behind it. And all of it is rolling in with invoices.
So, you see the problem. In fact, you’ve been seeing the problem for as long as you’ve been doing your buying without an open to buy plan. It’s the same situation over and over again. But open to buy planning is soooooooooooooooooo much work, right? Not really!
A good open to buy will guide you through the setup to establish your store’s sales projections, turn rates, and beginning inventory. It will show you where you’re overstocked and under stocked. After you run the open to buy calculations, you will have your buying plan in each department for the next 12 months. Put in your outstanding orders and you know exactly where you stand with your future buying. Bought too much, fix it. Bought too little, fix it.
Using an open to buy plan will put your buying on cruise control. Use the numbers to guide your buying and use your creativity to make your store special.