Hey, no one wants to pay taxes at all, but to keep government working to provide all of the services we’ve come to expect, we should all try to pay even more than we do right now.
The way to pay more is to make more (not just sell more). You’re probably wondering how that can be accomplished, so here’s how:
Every time you sell a product (at full price), you take in enough money to pay your vendor, contribute to overhead, and make a profit. If you don’t sell everything, you will take markdowns, which will limit your ability to pay overhead and profit. So, you need to determine how much you will sell before you plan your buying to support those sales.
Before constructing a buying plan, you must account for turnover. Sales bring in the cash (important), but turnover is the key to making money (more important).
Retailing is a constant juggling act between sales and turnover. You want to maximize sales at the highest possible turn rate. Increasing your turnover means you are working with less inventory and extracting additional contributions to overhead and profits from the same invested capital. When you do that, you’ll make more money… and pay more taxes.
No matter what you’ve heard, it’s a relatively complex process to come up with a buying plan that will support your anticipated sales at your desired turn rates. The process is called “open to buy” and no one does it better than MYOTBPLAN.COM.
You have so much to do running your store, why not put your numbers into a plan that is guaranteed to give you a buying plan that will improve your inventory position, raise your turnover, reduce your markdowns and increase your cash flow?
You owe to yourself to call us, let us answer your questions and get you on the road to paying more taxes. More for Uncle Sam means more for you!