Inventory Control 101: Understanding Retail Cash Flow
Retail is a blend of art and science. As the store owner you understand your customers and what they want: you provide a point of view and a taste level, the ART. The SCIENCE involves understanding how to maximize the merchandise you bring in to support your vision. Inventory control is the best investment you can make for your store: Poor inventory management is the #1 reason retailers fail. And 1/3 of stores that fail are actually profitable but don’t have enough cash flow to run the business. We will talk about too much inventory, not enough inventory, gross sales, what percentage most retailers spend on merchandise, and inventory in relation to total assets. This class will walk through the basics of running a retail business and you will come away understanding: • The difference between net profit and cash flow • The 4 Pillars of Retail • How to more accurately forecast your sales • What an Open-to-Buy is and how to create one for your business • How to create a cash flow projection
Speaker(s): Alyson MacMullan, Peak Retail Group
Innosphere has a parking lot directly in front of the building. There is no street parking on Vine Drive due to bike lanes. Parking is limited, so if parking lot is full, please make use of the overflow parking lot located just east of Innosphere behind the wooden fence.
Fee: No Cost