Managing Your Inventory in the New Year

While most of us challenge ourselves to loosing weight in the new year, small retail businesses face a challenge of their own: reducing inventory. Whether it is dated, seasonal, returned, or simply overstock, inventory will weigh a retailer down if not properly managed.

Get a handle on your inventory early in the first quarter to free up space and cash, allowing a "fresh new you" to spring forth. 

Clean up your sales floor, take down holiday decorations, and create attractive displays with the merchandise you currently have in stock. Freshen price tags as well if necessary so items do not look like they have been hanging around unwanted through the year and numerous markdowns. Make them look new and exciting again.

Have a mid January shopping spree event and invite current and new customers in for special treats, games, prizes, and discounts. Make it a festive event. Be creative. Give your customers a reason to come out in the cold to enjoy your business.

Take substantial markdowns now and get that stock sold. Check the basement, storeroom, cabinets, and boxes tucked away to find stray and forgotten inventory. Convert it to cash to finance your spring buying trip.

You, your staff, and your customers want your store to be fresh and exciting. Start today. Don't let the dark days of winter cause your business to go into a winter slump. A little investment now will bring financial rewards to your business.

Want to know more? Just ask. As a retail management consultant, I would love to share my expertise with you to help you grow your business in 2015.

Have a prosperous and joyous New Year!