The Magic Inventory Formula

the magic inventory formula

Are you looking for the magic inventory formula that will finally solve the challenge of having the right amount of inventory in your retail store? “What’s the magic formula for how much inventory to carry and order?” This was a recent question in our retail community. Don’t you wish there was a magic formula that everyone could use to have … Read More

How to Predict Inventory Needs

how to predict inventory needs

One of the best questions you can ask as a retail store owner is “how to predict inventory needs?”, because your inventory is your biggest expense – and so learning to control it results in a huge return on your investment. That’s why I get so excited when I get a question like Elizabeth’s: I’m just getting started, but I’m … Read More

Why You Shouldn’t Do a Storewide Sale!

storewide sales

When cash is tight it’s easy to fall into the trap of running a storewide sale. After all, what would attract customers more than “Everything is 20% off!”, right? I’m here to tell you… DON’T DO IT!!! This plan will backfire on you! Why You Shouldn’t do a Storewide Sale When you run a storewide (or sitewide) sale, you actually … Read More

Retail Tip: Go Big or Go Home!

retail tip: go big or go home

Here’s a retail tip for you: GO BIG or GO HOME! It’s my retail mantra! Actually it’s my life mantra too. Usually associated with NCAA basketball time and March Madness, it also accurately describes entrepreneurial life… All these teams get ONE shot. If they lose – they go home. If they go big, they advance. For you, to advance means … Read More