As a business owner, many of us feel like our business is our baby. It is like one of our children to us; we have a profound love for our store(s). Back in 2008, when sales took a downturn, I realized that the advice I gave to my daughters was what I needed [...]
Get rid of that stale, dead inventory, and plan your future purchasing through Gross Margin Formula! Have you ever asked yourself, "If business is so great, then why am I not making any money?" Maybe your accountant or tax return says you are making a profit, but it's not reflected in your bank account. This [...]
Calculate your Turn Rate and plan your inventory for the rest of the year! Are you asking yourself, "How Much Inventory Should I have on hand Right Now to Make My Sales Goals?" Well, to fix this problem, you need to know your Turn Rate! Your greatest source of increased cash flow comes from increasing [...]
Fact: The coronavirus pandemic has drastically reduced the number of people coming into your store to shop. Whether it’s because you have intentionally limited customers allowed in your store at any given time or because folks are just skittish about spending lots of time out in public, foot traffic is down. Or you may not even [...]
