POS Software and the Retail Stock Ledger
If you have your choice between luck, timing and brilliance, take timing first, luck second, brilliance third and don’t ever confuse the three. Timing involves having inventory at the right place, right time and in the right quantities. Brilliance is saying to yourself that you can pick winners and losers without any help, luck is buying inventory on a whim and hoping more will sell than has to be marked down and timing is using POS Software with a built in Retail Stock Ledger that can give you exact data based on historical sales figures. You need inventory in quantities that maximize your turn rates and minimize your markdowns. The right amount of inventory at the right place, at the right time.
ProphetLine POS Software has an automated retail stock ledger that gives you comparatives on vendors, items, classes and departments. You can immediately tell which vendor gives you the best turn rates and sell-through. This information coupled with the automated open to buy furnishes you with the knowledge to make smart business decisions. The typical retailer is overstocked by 10-25% at any given point in time, meaning that for every $100,000 in sales, there can be $5,000 to $25,000 (at retail) in excess inventory on the shelves. When you start looking at $500,000 in sales, the wasted investment runs into six figures. Imagine converting $100,000 of excess inventory into cash. Take the guess work out of you purchasing decisions with POS software that has built-in open to buy and retail stock ledger.