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Reclosable Ziplock Bags Manufacturer In Taiwan since 1985, In Austin since 2003, In Chicago since 2011
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IS YOUR cash tied up in unsold inventory? If so, the following questions should be addressed: How did it get there? What can be done to get it out? How can you prevent the same thing from happening again? Clearly you are purchasing more than you are capable of selling. The extra inventory is carried on the books as an asset and added to the net profi t, and therefore taxable. The harsh reality, however, is that the store sold a million and spent a million-fi fty on inventory and ex- penses, and is now fi fty grand in the red. A retailer in this situation needs to take immediate action. The
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old saying that, “Cash is King,” couldn’t be truer than it is today. The fi rst step in the process is to generate cash by reviewing all ex- penses. Examples might include renegotiating rents and review- ing payroll, typically a retailer’s two most signifi cant expenses. Secondly, contact vendors to see if payments can be pushed back an extra 30 to 60 days wherever possible. Thirdly, using your POS system, run reports showing which vendors and models are not per- forming up to par, and take action. The action could include returning goods for other merchandise in the future, returning goods for credit, marking slow movers down, or of- fering spiffs to employees. With the dollars that will be freed up by these actions, reorder proven hot sellers, especially in key sizes so sales don’t get missed, and look for off-price goods to build traffi c and margin. In order to keep this scenario
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garveycares@garveyproducts.com LABELERS LABELS LABEL ACCESSORIES KNIVES/CUTTERS SIGNS
114 November 2011
from reoccurring, it is important for the merchant to discover what caused the cash crunch in the fi rst place. Fewer customers buying less obviously translates into lower sales volume, but the real problem stems from the store’s approach to sales and inventory forecast- ing. Your answers to the following questions might uncover some fl aws in the planning process: 1) Are sales and stock lev-
els planned at the classifi cation level by store, from the bottom up, or are they planned from the
continued on page 119 INDEPENDENTRETAILER
TAG ATTACHERS BASKETS/BAGS SUPREME MARKERS STAMPS & MORE
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