52% of your business’s cash goes to inventory, making it the most important aspect for success.
Creating an Inventory Management plan or an Open to Buy plan is going to not only help you stop winging it at market, but it can also help you understand your customer, your inventory patterns, and start making you more money with maybe even less inventory.
Dane Cohen is the Director of Sales and Business Management at Management One, and he is sharing some serious tips and advice for retailers who might be weak when it comes to inventory and the data that comes along with it.
The biggest takeaway I want you to have from this episode: Get Started.
You have to take action and start understanding how your inventory is performing. Get granular and start tracking by category. Dane calls every different category of inventory its own “mini business”.
Do you have old merchandise sitting around? Never let it celebrate a birthday. Dane’s tips like markdowns, visual merchandising, and marketing are key for busting those inventory trouble zones.
You’re not going to want to miss the breakdown of Dane’s 3 tips to get focused.
1. Track your purchase orders
2. Facts over Feelings
3. Take Action
There are so many factors when it comes to sales, so dig in and really get a full picture of the data to make a plan.
AND stop thinking your POS will be the catch all for these important aspects of your business.
I’m rooting for your success.
What’s Inside:
Mentioned In This Episode:
Management One
dane@management-one.com
EVOLVE 2024 in Denver, CO - Crystal Media
Crystal Media Insiders
Crystal Media
Crystal on Instagram
Crystal Media on Instagram
Crystal Media Co - YouTube
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