Vendor Improvements
Vendor Improvements
Do your vendors leave all the work up to you? Do they make item recommendations and help you actively find competitive new items?
Does your main vendor have a minimum order amount? Does this requirement force you to order once per week, or even less often? If so, it's probably time to look around for a better source. Retailers need to be fast and flexible, and this includes active cash flow management. If you have to make a large order every week or two, you're probably overstocking your shelves for daily purposes, simply to cover that long interval.
Ordering more frequently will help you be more flexible with what you stock, and it will reduce your average carrying cost on inventory, freeing up cash flow for advertising, etc.
Work with your best vendors to see what they can do to help you in this regard.
A vendor should be more than just an order taker. Be sure that yours are.
Vendor Improvements - To learn more about this author, visit Will Atkinson's Website.
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Are you getting the most out of your vendors? We've discussed using vendors to trim up front costs and to source the appropriate items for your store, but what about the actual job of sourcing those items?
Do your vendors leave all the work up to you? Do they make item recommendations and help you actively find competitive new items?
Does your main vendor have a minimum order amount? Does this requirement force you to order once per week, or even less often? If so, it's probably time to look around for a better source. Retailers need to be fast and flexible, and this includes active cash flow management. If you have to make a large order every week or two, you're probably overstocking your shelves for daily purposes, simply to cover that long interval.
Ordering more frequently will help you be more flexible with what you stock, and it will reduce your average carrying cost on inventory, freeing up cash flow for advertising, etc.
Work with your best vendors to see what they can do to help you in this regard.
A vendor should be more than just an order taker. Be sure that yours are.
Vendor Improvements - To learn more about this author, visit Will Atkinson's Website.
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