If you have a surplus of aged inventory (and most retailers do), recognize that you did not acquire this problem in one day. And it won’t get solved in one day. But, to free up dollars for new purchasing and replenishment, you need get [...]
The road to selling a product online is long and full of obstacles. You could lose customers with a slow website, customers may abandon their shopping cart midway through a purchase, or your competitors may offer better deals. We’ll help you remove impediments and [...]
The community you're situated in, is the lifeblood of many businesses. They sell and provide services to the people within that area, and so they rely on their patronage to keep business alive and well. But, many businesses are unknowingly making at least one [...]
Before you start purchasing, dive into reports to build a foundation for your buy plan. Look at what percentage of your total inventory is over 12 months of age. That is your report card on buying in the past. Depending on what it shows, [...]
Ebbs and flows are a natural part of running a retail business, and it’s not uncommon for your cash flow —or encounter a downturn–at certain times of the year. Managing these dips and upswings can be a challenge: making sure there is enough cash [...]
Creating an open-to-buy isn’t difficult, but it is time consuming. It is also essential. A monthly open-to-buy acts as the foundation for disciplined purchasing. STEP 1 One of the most important parts of an open-to-buy is the projected sales for the month by department. [...]
In the competitive world of E-commerce business, entrepreneurs always try to find techniques, tips, and tricks in order to increase the branding of the business and the customer's loyalty. There is a wide variety of strategies that helps in marketing and increases the visibility [...]
You're a business owner and cash hasn't been a problem, but delinquent customers have put you in a bind and you don't know if you can meet the payroll. If you find yourself in a cash crisis there are ways to generate the money [...]
The mechanical aspect of buying and inventory management is critical to the success of your business. Whether you are engaging in new purchasing, replenishment, or aged inventory management, there is a detailed, rigorous aspect to it. On hands and sales trends need to be [...]
Nowadays, accepting credit cards is the best choice for any business. If you only accept cash, you are saying goodbye to dollars that could be in your pocket. Studies show that more impulse sales, and higher sales, occur when your customer is using a [...]