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TIP OF THE MONTH
Tips for Scrutinizing Your Inventory
Managing inventory is one of the most important business processes for any retailer to ensure the best bottom line possible. Inventory management experts recommend the following to keep your inventories lean:
1. Evaluate every outstanding buying order.
---Do you really need the merchandise?
---Do you really need that many of each item?
---Can you delay delivery and not lose sales?
2. Prepare an aged inventory list, identify and clear out the dogs at any price.
3. Send back damaged items from your stock room for credit or refund.
4. Re-negotiate terms of payment with vendors and see if you can return slow moving items when placing new orders.
How Does Your Store Look to Your Customers?
Are you interested in getting a different perspective on how your store looks to your customers? Here's a great way to do it.
Photograph the interior, aisle by aisle. Print each photo to at least 11" x 14". Look critically at each photo, and mark everything you see that does not contribute to selling or providing a better experience for your customers.
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