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As a retail owner, one of your primary goals is to boost profit margins—right? You know that good inventory management is essential to producing top-notch profits. You also know that bad inventory management can cause big problems with profit. But, do you know the actual cause and effect of bad inventory management? What can you do to avoid the "Diamond of Doom"? read more ...
Sound inventory purchasing is crucial for the survival and prosperity of your retail business. It’s not just another “paper exercise”—it can mean the difference between strong, positive cash flow and a constant battle to pay your bills. Effectively controlling your inventory can keep your operation profitable even in times of less-than-robust sales. read more ...
Retail business owners must manage the three basic financial underpinnings of your business: cash, inventory, and profits. The ROI believes the best approach to this is to look ahead. "Turn on your financial headlights!" read more ...
These days, independent retailers cannot afford any excess inventory. Studies have shown that excess inventory can cost your operation 2-1/2% per month! Storage costs, insurance, pilferage, damage, obsolescence, taxes and interest on loans add up to 30% annually to the cost of the goods you carry. Because those costs continue to rise, tight inventory control is still one of the best investments you can make—especially during the buying season. read more ...
Is excess inventory threatening your store's survival? Here are 10 tips to turn your inventory into cash - quickly! If you find yourself long on inventory and short on profits—whether from overbuying, expanding lines too quickly, or overestimating sales, don’t panic. You still can whip your inventory back into shape before it devours your profits. The key is to act quickly—the longer you keep excess inventory on hand, the more it will end up costing you. read more ...
Now. Learn Basic Retail Finance. At your own pace. 24/7.
Profits & Debt Management - Financial Statements - P&L's - Balance Sheets - Inventory Management (@Cost or @Retail) - Turnover - Buying Plan Budgets - GMROI - Cash Flow - pro formas - Ratio Analysis - Integrated Retail Financial Plans
The ROI's Online Seminar on Retail Finance Basics is an interactive, self-paced course. By retailers, for retailers. "All it takes is a little desire."
Includes interactive content, self-quizzes, printable worksheets, extra how-to articles by retail experts, and a special case study featuring Helen and Irving Surviving of The I. M. Surviving(?!) Company.
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No retailer really wants to pay for bookkeeping or accounting. But it's necessary for two reasons: (1) to accurately satisfy the I.R.S.; (2) to accurately show where the business has been and where it is now. This second reason is essential for what REALLY matters: doing better in the future! The ROI has developed The Screening Test for Retail Bookkeepers. As an ROI Member you may download a free copy of that test to use as you interview prospective bookkeepers. For more information, see The ROI's Bookkeeping Articles.