Inventory Control

I continue to visit with some stores that do not have an inventory control system.

Let me note here ... I am not in the business of selling inventory control systems!

In EVERY situation they were over stocked, over bought and all had much to much
old out of season carry over inventory!

In every situation they had too much in some classifications and too little in
other classifications.

If you are in the retail business you should have an inventory control system -
if you want to be profitable!

You should know what is on hand at all times!

You should know what is selling at all times!

You should know what is not selling at all times!

You should be carrying the necessary inventory in each situation!

You should know what your Open to Buy (OTB) going forward is ... at all times!

You should know what your OTB is by classification.

You should adhere to an OTB like you should adhere to a budget!

There are a number of companies that offer computerized inventory control and OTB!

Some are excellent, some are not!

Much is dependent on the representative you work with.

Some are excellent, some are a disaster!

I have worked with stores that were signed on with respected inventory control
companies and their representative had no clue about what was right for the
store ... their turn was much too low, their markdowns were too low - yes, their
markdowns were too low! Their inventory was not focused on where the customer
was buying! ...and too often the representative took great exception to my
honest analysis of the situation.

Regardless ... not having an OTB is like attempting to build a house without a set
of detailed plans!

And, it's up to you to make sure you are getting the right advice!