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www.IndependentRetailer.com MANAGEMENT
Banking Relationships and
Turnover continued from page 114
toward strengthening your banking relationships. Continued uncertainty will
most likely challenge retail- ers throughout 2011. In order to cope with an ever-changing economic and fi nancial cli- mate, there are steps that can be taken. Negotiate the longest payment plan you can with ven- dors. Try to sell at least half of what you are buying before you have to pay the invoice, and buy what you can from vendors that offer you the best terms. Consider the merits of the
Glass Pipes Metal Pipes Grinders Hookahs
following strategy. Assume for a moment that you are able to ne- gotiate 60 day terms with a few key vendors, and that you turn your inventory three times.
Example 3 turns = 121.6 days of supply (365/3)
Approximately half of the
merchandise is sold by the time the invoice is due. Would it ever be possible
to sell all of the merchandise prior to paying for it? If you can get ninety day terms and turn the inventory four times, for all practical purposes the entire in- ventory will be sold by the time the invoice is payable.
B.W. Novelty Inc. 9300B Harwin Drive, Houston, Texas 77036
Email:
unishowinc@hotmail.com
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