Budgeting is the Name of the Game
If you do nothing else this year to change your business strategy, it should be to have a better budgeting process. You need to be able to view quick and concise reports that will give you revenue at a department and class level as a percentage to your overall inventory. When you find department "A"Â is 20% of your inventory and 10% of your revenue, you need to do a more in-depth review of that department and make the proper adjustments. The most important thing you should do is compare vendors and find the ones that give you better turns, sell through and margins. If vendor "A" is not as strong as vendor "B", you should tell them and require better pricing or better terms to continue carrying their product line. Good POS Software will give you these statistics and make your New Year a more enjoyable experience. Your goal this year should be to work less and make more money.
