Now that the holiday gift-shopping season has kicked into high gear, it wouldn’t be a surprise if your primary focus as a retailer were on raking in as much in sales as possible. This time of year is, after all, when many retailers are hoping for a big bottom-line boost that can be between 20 and 40 percent higher than the entire year.
Hopefully, that’s what your business is experiencing right now. That is, if you have done the work of analyzing automated inventory reports throughout the year. Such analysis would help you identify moneymaking merchandise that has the potential of bringing in high profits for the last quarter of the year.
Tracking inventory is probably the best way to forecast for a strong bottom line for your retail business. But if you haven’t paid close enough attention to your best sellers, and haven’t stocked up on your most popular items, you may not finish out the year as well as you had hoped.
Without a good inventory management system in place you’re essentially running your store blindfolded. How else can you see what’s selling and what’s not besides eyeballing what’s sitting on shelves collecting dust? A method like that should be signal enough to tell you it’s time to refocus on how you’re managing inventory.
In just a few weeks we’ll be ringing in 2017. It’s a time for reflection as well as anticipation. After all, we don’t know what the future may bring but we can resolve to set goals for achieving business success. Why not get on track with that by making a New Year’s resolution to invest in an inventory management system to help improve your store’s bottom line? That’s a good goal to have.