As we move closer to Spring my mind starts drifting, thinking of entertaining and inviting friends to visit. Which then brings my mind back into focus when I start mentally preparing and making lists of what I will need to buy. Because surely I wouldn’t invite friends over for a party without planning for it and making sure I have enough food and cocktails on hand, right?! Owning and managing a retail store is like inviting friends to a party every day that you open your doors. How have you planned for your daily party? You have carefully chosen a theme, you have your guest list on hand, and you know WHAT you want to “serve” your guests. But have you thought about HOW MUCH your guests or customers will want? Have you thought about your guests bringing other guests and therefore needing more? And not all of your guests will RSVP – so there’s always the chance that more will show up! Perhaps when you plan a party, you strategize by making sure you have more than enough food and beverages on hand because you can always save the leftovers for a later time. But in your business, the longer you sit with leftovers on your selling floor, the longer you go without cash coming back into your business. Or perhaps you always end up with too many dips left after a party, so you cut way back in your attempt to plan, and heaven forbid, you RUN OUT before your party is over!! Again, when you look at your retail business, this may seem like a safe strategy to employ when planning, but you risk not only hearing from unhappy customers that cannot find the item they want, but worse, you risk NOT hearing from some customers who simply walk out after not seeing the item they were hoping to find at your store.
It takes a scientific approach to manage the delicate flow of merchandise into and out of your store. The Project : Retail has the tools to help you plan for your daily party at your store. We dig into the numbers; the historical sales and trends – or how your customers have RSVP’d by way of their purchases. We look at how other stores across the country are planning and trending, and we look at what goals you have for your business to make it better. We help you strategize your levels of inventory to make your business more profitable by providing budgets to follow so you have the right amount of your assortments. Sometimes party hosts don’t get to enjoy the fun of the party because there is so much to manage to make sure the event runs smoothly. When you work with The Project : Retail you have a partner that wants to help you plan so you can enjoy the party in your store every day !