What Happens When You Don’t Use an Open-to-Buy Plan?
- Poor cash flow and profitability problems
- Supplier problems when bills aren’t paid on time
- Declining sales when the shop is too full of old merchandise
- High markdowns due to non-producing merchandise
- Higher insurance costs to cover the older merchandise
- Higher interest expense if your inventory is financed by short- or long-term debt
- Lower initial markup from lack of cash available to take advantage of promotional buys
- Lower net profit
Learn four steps to creating a simple, effective OTB plan. Each can be accomplished with a point-of-sale system, on a computer using a spreadsheet program, or by using a pencil, paper, and a calculator.
The first three steps are usually done once a year and, once completed, give you a comprehensive OTB plan for the upcoming year. The final step, use the OTB plan to adjust for monthly sales and merchandise flow.
With this on-demand webinar, you receive an example of the OTB spreadsheet that can be customized for your shop!
Sign up at fabshopstore.com
Not a Member? Sign Up Here