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 [...]
Negotiating with vendors can be challenging. However, we're taking the guesswork out of the equation with these helpful lists and guides. 10 Pieces of Information to Prepare prior to Meeting with a Vendor: Annual purchases last three calendar years YTD purchases GMROI [...]
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 [...]
Like many readers, I always devour the results of several industry surveys of jewelers. Many of the results are to be expected and some are surprising. Sadly, many of the disappointing answers were no surprise and served to reinforce the approach I regularly hear [...]
Your displays communicate a subliminal message to your clients. If you are still using white leatherette, which came out in the 80’s, your store will look dated. Instead your store can have a vibrant, updated look and feel by simply changing out your displays. [...]
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. [...]
“You have to do what others won’t, to achieve what others don’t” (Anonymous). This is a great quote…and one that we all really should think about. A company's ability to deliver an experience that sets it apart in the eyes of its customers ensures [...]
In Part 1 of this series, we talked about The GAP Analysis, calculating your Optimum Inventory Level (OIL), Memo Stock and your Action Plan. To start part 2 of this series, we will next explain GMROI and how to calculate your OIL for each [...]
Most retailers depend on a cost-plus mentality when it comes to setting their retail price on goods. Certainly, it can be a good starting point as without knowing your cost you won’t know what you need to achieve to make a profit...but is your [...]