Retailers Forum Magazine June 2021 EMAG

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FORUM WORKSHOP forumworkshop You’ll Need to Manage the Inventory All stores sell something. Products are your business, so everything related to what you sell and why is your decision. Managing inventory begins with selecting the right product mix. You'll need to respond to trends, seasonal and otherwise. What everyone wants this month, you won’t be able to give away next month. You must know how much to order, when, and then when to reorder. When something starts to languish on the shelves, you must sense when it’s time to drop prices and cut losses. To a certain degree, experience will endow such instincts. From the beginning, though, you should develop a practice of maintaining accurate inventory records. Any retailer who enters SHORT + LONG TERM BUSINESS LOANS For: Working Capital, Purchases, Equipment, Business Line of Credit Page 52 JUNE 2021 | RETAILERS FORUM MAGAZINE business today thinking he can keep the stock records in his head is inviting in thieves or misfortune. In either event, you won’t really know how much you lost. Again, a computer system, as an organizational tool and time saver, is recommended. Success as a retailer in the 21st century will owe much to the science of specialization. One of your ongoing challenges will be to keep pace with the latest developments in your category. It won’t be enough for you to visit trade shows for an annual update on your industry. continued... ATTENTION RETAILERS Loan Matching Since 1992 MANY PROGRAMS AVAILABLE www.RetailersBank.com
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Retailers Forum Magazine June 2021 EMAG

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