Small businesses tend to have more trouble with inventory management than large-scale businesses. And that’s not because they have more goods to deal with but more specifics to deal with, i.e., management tips and procedures. A lacking here will be causing more damage to their [...]
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 [...]
Good budgets don’t need to be complicated, but they do need to be thorough to make sure they cover your short, medium and long term financial requirements. The main driver of an attainable sales budget increase is a clear understanding of the required/desired profit [...]
NEW PURCHASING 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 [...]
In all industries and especially in retail jewelry, efficient Working Capital is essential. Working Capital is defined as the difference between Current Assets and Current Liabilities. One measurement of a Company’s health is the Current Ratio, or Ratio of Current Assets to Current Liabilities. [...]
There is very little that is more important than managing your most valuable asset — your inventory. You can achieve unprecedented metrics for your company by paying special attention to the three critical areas of inventory management: Replenishment, New Purchasing and Aged Inventory. Replenish [...]