Right now everyone’s focus is on finishing the year with strong sales – as you should. But while you’re frantically trying to move older inventory to the front of the store, put up more engaging displays, and tweet specials to all of your customers, you need to spend time (a little) getting your plan up to date for the next 12 months.
Once we move into 2014, the shows will start and your new and old vendors will be showing merchandise you can’t live without. How will you know how much to buy? How will you know when to say Yes and when to say No?
Since you’ve been to shows before, you know that once you sit with a vendor, it’s pretty hard to say No. But if you have your open to buy up to date, you’ll know exactly what to say when the reps push you with discounts, dating and more. If your projected sales and desired turn rates don’t warrant buying more, you’ll know just when to stop.
And stopping is key if you want to make money. Remember more inventory does not create more sales! If it did, we’d all be rich. Just buy more and you’ll sell more. But it doesn’t work that way, so you must buy to support your anticipated sales, not to fill space. Your open to buy plan is the only way to determine those quantities. Once you have this planned, you’re set.
The easiest, most accurate way to develop your buying plan and keep it current is myotbplan.com. Our online system develops accurate numbers for your store to insure you have the right amount of merchandise in the right departments at the right time. And since, you are projecting into the future (and no one has a crystal ball, at least one that actually works), myotbplan.com shows how you faired against your projections each month so you can analyze your progress and identify trends. Easy revisions are a part of our process and will keep your future sales projections and inventory number realistic so your buying will always be right on target.
If you’ve been reading these posts, I hope you are getting the message. Nothing is more important to the financial health of a retailer than open to buy planning. Your buying is your bottom line. Now is the time to subscribe to myotbplan.com. It’s easy, it’s accurate, and it’s accessible from any computer, tablet or smartphone. It’s cheap considering the return you’ll see, and it’s supported 10/7 and guaranteed to improve your buying, inventory position, and cash flow. So subscribe today and make more money in 2014.