GO BIG or GO HOME

It is NCAA basketball time. I LOVE IT! It is March Madness.  All these teams get one shot.  If they lose – they go home.  If they go big, they advance.

For you, to advance means to increase your profits, right?  So how do you go big?

In order to go big, let’s start by going small.  Let’s look at one class.  How would it change your perspective if you only had one chance – ONE MONTH – to make a class work?

This theme has come up over and over again recently with clients.  They are frustrated with a slow start to March and want to talk about the BIG picture.  I know for certain that the only way to solve the BIG picture is to start small.

Elephants are big, right?  There is an old adage that goes, How do you eat an elephant?  One bite at a time.

Start with just ONE class… How do we go BIG in a class?

Our clients know with amazing accuracy, precisely how much inventory they need in each class. On the merchandise plans for our clients, that planned inventory number means that they must have that new, fresh, good merchandise in order to make their sales goal for the next month.  Allow me to repeat that.  The key words are “new, fresh, good” merchandise.  Clients have the benefit of the Freshness Factor… no one else does.

What you all must do is evaluate the QUALITY of the inventory you have.  How new is it?  How fresh is it?  How good is it?  You have to evaluate it with no emotion.  Don’t get attached to your inventory.  Move it in and out.

For most of you and for most of your classes, your inventory should be 100% fresh every 90 days.

But only if you want to go big in a class and get the most profit out of it.  Because if it is, that means that you are bringing in exactly what your customers want… then you are selling it… and then you are bringing it in again… selling it and bringing it in…

For clients,  I challenge you to look at your plans from last month and see what classes are up and then look at the FF.  There is always a direct correlation. Always.  Because you are bringing in exactly what your customers want… then you are selling it… and then you are bringing it in again… selling it and bringing it in… The fresher the inventory is – the faster you are selling it.

Your strategy to go BIG on a class:

  1. ID your dogs – go BIG on them – mark them down today – deeper than you are comfortable with – get rid of them now. This will create more cash for you by the end of the month.
  2. ID your best sellers. – go BIG on them – order deeper than you are comfortable with. Push yourself out of your comfort zone.  Don’t overbuy your total OTB. But go deeper in it.
  3. Include your team on this strategy – get their input.

What class will you choose?  Clients, take that sheet from the plans and put it in a safe place – now let’s review it next month…and the next month…  Watch the progress.  GO BIG!

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