As a retailer, you should be thinking about your open to buy plan. If you don’t have one, you should be thinking about getting one. Don’t waste your time with your own system or spreadsheet because you won’t get it right – there are just too many variables.
Once you realize that you need open to buy planning (and every retailer does), you need to figure out what to do. There are lots of systems and services available but really only one that will give you everything you need to easily develop a plan that will keep your inventory leaner, better balanced, turning faster, with your buying more on target, your markdowns reduced and your cash flow improved – guaranteed!
But let’s quickly look at the advantages and disadvantages of a large organization vs. a one man band. While a large organization sounds good, consider why they are large and who’s paying for their size. Large operations need more people, more space, advertising, and consequently more income – from you. In order to justify their cost, they offer a personalized visit once a month, reports that are of little value (but sound good) and advice based on their projections which are not always the best.
With a one man band, you know when you call, you are going to get to talk with the developer who has the answers to any question you can think of about open to buy (and retail for that matter). Not being under any time constraints, he will talk with you for as long as you need so you are confident to continue after the call. And he welcomes your call 10 hours every day of the year. Obviously, I’m talking about myself and myotbplan.com. I’m an ex-retailer and have been helping retailers since 1985. The program is easy to use, accurate, accessible, affordable, has no contract and is guaranteed (see above)!
You must have an open to buy plan! If you have one and you want better, consider myotbplan.com. If you don’t have one, sign up today or call the “One Man Band” (Mort) and let’s talk!