There is a greater need, more than ever, to be making good buying decisions for your retail store/company. One of the biggest problems smaller retailers make is not buying right. Companies that do not buy right are either spreading their inventory thin with to many diverse products, or only selling a few similar related products and carrying deep stock, resulting in huge mark-downs to get product sold before the next invoice is due. Does this sound familiar? The goal is always to make good decisions about buying what your customers will want. As a smaller retailer, you can not afford to write product out of stock. You need your product to sell so you can pay the bills. How does a retailer buy right? Large corporations send out an A-List buyer for their company, highly trained and skilled to make those decisions. If a decision on buying is not the best one, these larger companies will host sales, clearance, and mark out what it is they can’t sell. Can you afford that A-List buyer? Can you afford a few bad buying decisions?
Up next, my ideas on Buying Right.