What are the OWNER-ONLY responsibilities?
SURVIVAL of the business
Define COMPETITIVE EDGE
ASSET Management (Yes, all three kinds of assets!)
see more in The HUB and the "What COULD we do?" Owners Resource Collection.
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Most retailers know their average inventory over the year. But the question is this: "Is that enough inventory for the sales you expect? Or too much?"
Quickly compare your inventory productivity to the median performers.
"Hmm. That shows that, for the amount of inventory we carry, our sales are lower than the average performer.
For your stores to operate like the median performers, consider the two drivers: annual sales; inventory levels.
Then decide: Is it better to try to grow sales?
Given your present annual sales, how much would annual sales have to grow?
Or focus on controlling inventory?
Or looking at your average inventory, how much inventory would need to be trimmed over a 12 month period?
Which is more plausible for your stores?
More likely to be achieved?
Every retailer will have different answers to those questions. Do not bog down at this stage!
Make a choice, and make it happen. The goal: take advantage of the lead time!
Take this online quick quiz for retailers. Just ten questions. All online, all at your own pace.
Just click the GO button, and you're on your way!
Test yourself as often as you wish. Immediate feedback, too, of how well you did. Get your overall score, and can review each question, see your answer, and the correct answer.
How ready are you to be a true merchant?
Take the quiz!
The Retailer's Open-to-Buy Center
Do your own monthly inventory buying (Open-to-Buy) plans online, in just minutes!
Automagically! For as little as 41¢ a day!
See MORE INFO here • 5-Day FREE Trial • No risk!
There is no better or faster way for retailers to guide and monitor inventory control!
from The Library for Owners
Specifically for Retail Situations | Practical, Proven, Timeless | Used and Loved by Thousands of Retailers
Merchandise Planning: Back to the Basics
Sound merchandise management is crucial for the survival and prosperity of your retail business.
It’s not just another “paper exercise”—it can mean the difference between strong, positive cash flow or a constant battle to pay your bills.
It can keep your operation profitable even in times of less-than-robust sales.
How to Shape Up Your Inventory? Manage Inventory Turns
If your store is like many other independent retailers, it’s probably overstocked much of the time.
This excess inventory is like excess fat:
If you’d like to time your inventory flow so you always have fresh merchandise and a healthy turnover rate, consider this shape-up plan.
It will help trim away excess inventory without cutting into the muscle of your stock.
The Diamond of Doom
The High Costs of Excess Inventory
As a retail owner, one of your primary goals is to boost profit margins—right?
You know that good inventory management is essential to producing top-notch profits.
You also know that bad inventory management can cause big problems with profit.
However, you may not know the actual cause-and-effect of bad inventory management.
read full article here
How to Cut Inventory – Fast!
Is excess inventory threatening your store's survival?
Here are 10 tips to turn your inventory into cash – quickly!
Sometimes retailing doesn’t quite turn out as you had planned.
Did last year fail to live up to what you predicted—and budgeted for?
Did you overestimate the popularity of your generous order of a particular product?
Are there areas of your inventory brimming with overstock?
Relax! There is a way out of this mess!
If you find yourself long on inventory and short on profits—whether from overbuying, expanding lines too quickly, or overestimating sales, don’t panic.
You still can whip your inventory back into shape before it devours your profits.
Getting Through the Retail Maze with GMROI
(Gross Margin Return on Inventory Investment)
One of the best tools for measuring and managing the productivity of your inventory investment is GMROI - Gross Margin Return on Inventory Investment.
It's fast and easy to calculate.
It is dynamic (some call it the "earn 'n turn" measure.)
Best of all, it provides powerful insights specifically for retailers.
That's why The ROI calls GMROI "the #1 measure of inventory productivity."
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"