As soon as the turkey leg is picked clean and the pumpkin pie has been devoured, America will head to the car or the keyboard for Black Friday bargains.
I’m sure you’re already prepared with your “deals”, but I hope they’re not markdowns from regular prices because that leaves you with no money for overhead and no money toward profit. Your “bargains” should have been planned for long in advance and consist of “off price” merchandise that you bought from your best vendors at deep discounts and put on the floor at a huge markup. If you have done that, the discounts you take on your bargain merchandise will still yield your regular margins and you will be in great shape.
You need to allocate a percentage of your open to buy for off price merchandise well in advance of your planned discount sales. If you just thought; What open to buy?, you need to reassess your merchandising program right now. Without open to buy planning, you’re flying blind and when January rolls around, you will no doubt have too much inventory and too little cash in the bank. That’s exactly what you need to avoid and can only do so with open to buy planning.
Making money must be your number one priority. Without doing so, there’s no point in having a store. Sure, it’s fun and keeps you busy, but there are many things you can do to have fun and keep busy. So, now is a great time to commit yourself to having fun, keeping busy AND making money by installing an open to buy plan.
myotbplan.com will be quick and easy to set up and will immediately show you where your inventory is out of balance and your future orders are too heavy. This is a great time to have this information as customers are anxious to buy and you can lead them to the merchandise you wish to reduce. After that, our plan will keep your inventory leaner , better balanced, turning faster with fewer markdowns and improved cash flow… guaranteed! And we have no contract.
So give us a call at 310-829-5148 and make sure that come January, your store is in the black and not in the red.