Back when I was a retailer, every year I imagined that business would grow to a thundering crescendo and at 6 PM on December 24th, I would lock the doors and never come back. My business back then was constantly growing and December was truly madness.
It always worked out exactly as I imagined except I was back early on the 25th to try to put the store back together before we opened again on the 26th and the returns, gift certificates (I said it was a while ago) and the holiday money reignited the madness.
Now don’t get me wrong, that wild commotion and frantic buying was what I lived for, but it takes it’s toll as you all know. And before I had a chance to take a deep breath and figure out what to do next, I was off to the January shows to secure the newest offerings from my favorite manufacturers to flood the store in the spring and summer. You know the drill.
Fortunately, I had an open to buy plan. I’ll admit it wasn’t much. I had created it over the period of a year, but it worked. It gave me a clear plan of what to buy in each merchandise department to support my planned sales at the turn rates I wanted. Buying without this plan, especially considering the craziness of December, would have left me in ruins – too much inventory, too many invoices, and not enough sales to cover my wide eyed buying.
But with my open to buy plan I was able to go to market, survey what was there, take notes on the winners, and then go back and buy the best of what was available IN THE RIGHT QUANTITIES. And that was the key to success. The right amount of merchandise in the right areas at the right time. Sales continued to grow, turnover continued to grow, markdowns continued to shrink and my banker was always smiling at my deposits.
I know far too many retailers who neglect their planning and suffer for it year after year when they don’t have to. Now, my system (about 1,000 times better than what I used back then) is on the internet. It’s easy to use, affordable, accurate, portable, supported 10/7, and guaranteed to improve your buying, inventory position and cash flow. Think about it!
So, as your holiday business reaches it’s crescendo, try to look ahead to the January shows with a solid open to buy plan like MYOTBPLAN.COM. You’ll be able to hear the sweet sounds of profits all year long.