The difference between retail (definitely an investment) and other investments is YOUR ability to turn over your dollars at a rate that YOU determine. Put money into any other investment and you are at the mercy of others. Invest in your store and you have the opportunity to turn over your dollars at an increased rate so you can make more money.
If that sounds good – and it should – hear this. There is only one way to control the turnover of your investment in your store and that is with open to buy planning.
Open to buy will enable you to determine how much to buy so that your inventory will always be correct to support your planned sales at the turn rates you desire. Buying according to your plan will eliminate bloated inventories, excess invoices, profit killing markdowns and cash flow shortages. In other words, open to buy planning will enable you to spend your time being creative and that’s probably why you got into retail in the first place. But no amount of creativity will take the place of proper planning.
If you’ve got an open to buy system, be sure it’s giving you monthly information as to which way your sales are trending and if your turnover is growing or declining. The goal of your open to buy plan should be to raise turnover. There are many services and software programs available, but only one that guarantees that if used as directed will tighten your inventory, get it better balanced, increase turnover, reduce markdowns and improve cash flow or we’ll refund your money.
So, it’s time to improve your turnover and your profits and there’s only one system guaranteed to do that – myotbplan.com!