Like this article? PLEASE +1 it! Evan Signature
Evan Carmichael Top Header
Share for a Cause









Inventory Profitability

Written by: Will Atkinson

Article Overview: Make the most of your most profitable inventory

Free Download - Staffing needs in the Holiday Rush By Will Atkinson
Name: Email:

Inventory Profitability

Increasing your sales is always a good thing, but what do you do when you're really having a hard time attracting new customers, especially in a down economy?

Adjust your inventory to take advantage of your more profitable items. If you have your inventory set up and configured correctly in your software system, you should be able to easily determine which item categories or departments provide the best profit margin.

Rather than trying to sell to more customers, maximize your profits by emphasizing these more profitable items. If you can do this, then you will sell the same number of items, or sell to the same number of customers, but you will realize greater profits.

In addition, you can work with your vendors to find replacement products for those with low profit margins. Perhaps you have a popular item that carries a low margin because it is commonly available. Check with your vendors to see if they have an item that is essentially the same, and carry that item as well. Offer samples or demos to your customers. If you can show them that the alternative item is as good or better, then they'll buy that item and you can make a bigger profit.

Simple tricks like this can help you make the most of your inventory without making major changes to your store or your product offerings.

Related Articles
  Track Inventory in QuickBooks?
  Does my Business need a Revolver ? !
  Everything You Wanted to Know About Purchase Order Factoring and Inventory Finance in Canada !
  Inventory Management - Automated Systems
  How to Shape Up the Inventory when you have 5000+ SKU’s

Home > Retail > Will Atkinson > Inventory Profitability
Article Tags: attracting new customers, down economy, hard time, product offerings, profit margin, profit margins, profits, software system

About the Author: Will Atkinson
RSS for Will's articles - Visit Will's website

Will Atkinson has spent his entire career dealing directly with small retailers to solve their technology problems, especially point of sale and inventory control issues. Will manages CAP Software, a specialty POS software company dedicated to providing the finest in retail POS applications for small and medium retailers. Learn more about CAP at www.capretail.com or contact me at will@capretail.com. His expertise extends to customer service issues, usability and workflow properties, and other retail best practices. Will helps retailers understand business problems in order to provide a solution that saves time and money, commodities that are limited for everyone.

Click here to visit Will's website Dashed Line

More from Will Atkinson
Retail Costing FIFO LIFO Average COST
Holiday Rush
Upselling Again
Retail Marketing
Reducing Shrink


Related Forum Posts
Seek Venture Capital & Funding Seek Venture Capital & Funding - Hello, Greetings from India. I am Seeking Venture Capital for Offshore Software Company Start-up. Need advise along with Business Model Sample. I have a basic outline for an offshore company. 1. Technology - like Microsoft Dot Net, Java, LAMP 2. Talent Team - Found Good Technology Developers. 3. Where I can get the leads/potential customers - Leads have been identified who are willing to move forward offshore projects. 4. I do not have resources like funding. It is a very critical factor to me Industries: Manufacturing, Real Estate, Retail, Insurance, Distribution & Logistics, Healthcare, Industry Associations and Software Product Development, Agricultural Industries and Etc. Services: Offshore Software Development Company. Offices to be located: Hyderabad, Andhra Pradesh, India and USA. Products/Services/Applications in areas like POS & Billing, Sales & Distribution, Production Planning, Material Management, Inventory Control, Plant Maintenance, Purchasing, Accounting and Logistics. Dynamic Web Programming with Database Driven Content Management Systems, Online Stores for E-Commerce, B2B Solutions, Community Portals, Website Redesign and Development, Custom ERP with Enterprise Wide Functional Modules such as Marketing, CRM, Accounting, Inventory Control, Sales & Distribution, Production Planning, Purchase & Stores, Logistics and Supply Chain. Seek your further questions and help. Thank you, Best Regards, Jayapratap.


Recommended Article for You close

  Track Inventory in QuickBooks?

Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.



Featured Article


Bottom Footer
Share for a Cause












Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Name:
Email:
Popular Articles

Why Small Businesses Don't Survive

Resistance to Change and How to Deal With It
Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.