Manage Your Inventory To Maximize Your Profits - 6 Workshops
||Independent Garden Center Show
||Aug 19, 2014
Workshop Series for the 2014 IGC East and Chicago Independent Garden Center Show in Washington, DC and Chicago, IL.
Workshop 1: Get Your Arms & Wallet Around Your Garden Center Inventory
Learn the ins and outs of the Six Month Merchandise Plan, the key document for keeping your garden center business running with just the right amount of inventory. At first, it may appear daunting, but by the end of this session, you will feel comfortable with the plan, the process and the outcomes. You’ll walk away understanding the plan’s seven key components. They are the foundation of the sessions that follow, where you’ll do a “deep dive” into each component and learn how to apply it at your store. Take back a copy of the Six Month Merchandise Plan spreadsheet to use at your garden center.
Workshop 2: Retail Sales Forecasting: Where It All Begins & All Goes Wrong
The first component of any inventory forecast is the sales forecast. Combine historical data from not only last year but up to three years ago to determine trends. Learn about the relevant external factors that must be investigated to generate a good forecast, as well as the critical internal factors that are often the real drivers of sales. This session will examine break-even analysis and why an accurate forecast is so important to the overall success of your garden center business. Discover how an overly optimistic forecast can lead to disaster and how a realistic one can lead to profitability.
Workshop 3: How Much Inventory Does My Garden Center Really Need?
It’s a critical question for every retailer. Most garden centers carry way too much inventory, which not only hurts profitability but impacts customer service. Trying to be everything to everyone and profiting is simply not possible today. Find out why the price of “100 percent customer service” (i.e., having everything the customer wants 100 percent of the time) is simply too high. Setting the proper service level, then buying to that level, will keep your garden center business on track. It isn’t always easy to accomplish, but in this session, you will learn a simple method that will keep your store on track and ensure that your turnover and GMROII improve at the same time.
Workshop 4: Does My Computer System Help or Hurt My Store?
Most retailers today have computer systems that help them with their inventory. Often, these systems have PLU (price look up feature) and give descriptions of what is being sold so that label switching is kept to a minimum. Learn how to stay in stock on the basics using the automatic replenishment option built into almost every inventory system on the market today. But be warned: These automated systems can go terribly awry. Find out how to turn this capability on and what parameters need to be set in doing so. Learning when and how to dial it down can prevent a runaway replenishment program from ordering too much or not enough product for your customers’ requirements.
Workshop 5: Oops! I Think I May Have a Slow/Non-Moving Inventory Problem!
Even the best inventories occasionally run into a problem. Slow or non-moving inventory can harm even the best of garden center businesses. Learn how to identify problem inventory before it builds up and causes a catastrophic situation at your store. There are many steps that can be taken before price reductions must be considered - this session will explore those steps and in what sequence they should be taken. James will discuss other inventory reductions as well, such as promotional reductions, permanent reductions, employee discounts, allowances at point of sale and shrink.
Workshop 6: How Do I Get My Garden Center Inventory to Keep Going & Get Better?
This session ties up the inventory management process, presenting clear guidelines that will help ensure your garden center business stays on track. Take back specific tactics to use every day to keep your store’s inventory under control and your customers happy. James will explain how each of the prior sessions’ key topics tie together so that you will have a lasting understanding of what you need to do to continue improving your inventory management. Get the tools that will help you anticipate when you are doing the right things and when you are likely to make mistakes, as well as tips for avoiding deals with suppliers that could cost you more than you save and specific examples of sound inventory management practices.
Back to all Presentations