Are you really in control of your store? Do you know where you stand with your inventory? With your outstanding orders? With your turnover? With your markdowns? With your cash flow?
That’s a lot to control and a lot to think about. If you want to make money in your store, you have to be in control of all of these things… and more. But I’m going to stick with the items I just reeled off for the purpose of this post.
When you opened your store, it was all about the build out, the décor, fixtures and displays. All of the dollars you invested in getting open are gone. They will continue to serve you, but will not be working for you. The only working dollars are your inventory dollars and so it is critical to your success that you control your inventory dollars and push them to higher turn rates so they produce more income.
When retailers fail to control their inventory dollars, they fail. It’s that simple. Every store will attract only a certain amount of customers and produce a certain amount of sales. Every retailer thinks that their draw and sales potential is unlimited, but it’s not. Realizing these limitations and working within them is the secret to success.
It all begins and ends with your buying. And your buying must be predicated on a buying plan – an open to buy plan – that is based on your anticipated sales and desired turn rates. Sales and turn are the two elements that drive your store and are also the two elements that drive an open to buy plan. If you work with a good, accurate open to buy plan it will give you control over your buying, inventory and cash flow. Once you control those elements, you are free to take the time to control all of the other elements of your business – advertising, display, personnel, etc.
So, how do you know which open to buy system or service will give you the control you need at a price you can afford? There are many options, but only one that is the complete package, MYOTBPLAN.COM. We are affordable, easy to understand and use, sequential, accurate, and accessible from your computer, tablet or smartphone, supported 10/7 and the only open to buy that is guaranteed to improve your buying, inventory position, and cash flow. We are the ones that will give you the control over your store that you need to succeed.