There may come a time we can drive our cars with blindfolds on or while we’re texting or watching a movie, but today, it’s insane. The same holds true about buying for your store.
While you know your customers, your merchandise, your competition, the weather patterns, tourism, and your promotional schedule, without an open to buy plan you’re still going to get into trouble.
No matter how creative you are, everything you do must be based on a solid foundation of numbers if you want to achieve financial success. So, while you feel you have a grip on everything and consequently will know what to buy, you need to rethink your situation.
Consider that most stores will have about 30 merchandise departments, and every year has 12 months, that’s already 360 bits of information to deal with in your head. Now add in turn rates. Turnover is the key to making money in retail and it must be considered if you are to succeed. So each department will operate at a different annual turn rate and since annual turn rates are an average for the year, each month will have a turn rate different from the annual.
Considering this complexity, only an open to buy plan will guide you to buy the right amount of inventory in each merchandise department each month for the next 12 months. Once you know how much to buy the knowledge that you possess about your customer, your store, and your competition allows your creative ability to come into play.
Take off the blindfold with open to buy planning and put the process on auto-pilot with myotbplan.com. You’ll not only wind up with great merchandise, you’ll wind up with a lot more money in your bank account.
You can do it, we can help. Let’s talk!