It’s nothing short of amazing how many retailers are willing to commit their buying dollars based on gut instincts and advice from the sales reps. If you’re one of them, it’s time to make a change that will transform your store from a hobby to a money machine.
Sure, you know what your customers’ want and you buy the best items to fill that need, but if you buy the wrong quantities, you’re left with depreciating inventory, excess invoices and markdowns. The only way to know how much to buy is with open to buy planning.
A good open to buy plan will guide you to develop a buying plan based on anticipated sales and desired turn rates, the two elements that drive your store. Anything else is just guessing and that never works. A good system will guide you through the process and build your plan is short order. When you go to market or visit a mart, you can then choose the best available items to meet your buying plan. Only then will you turn your inventory (your invested dollars) as you wish and contribute to overhead and profits.
Retailers tend to thing that open to buy is scary, but what’s really scary buying without a plan.
When you get serious about making money in your store, you need to subscribe to the system that’s easy, accurate, affordable, accessible, supported 10/7, guaranteed and has no contract. You need myotbplan.com