INVENTORY IS YOUR BIGGEST ASSET & GREATEST RISK
RETAIL 101
No matter what type of pet business you have… you can sell pet products! You don’t have to be an official “retailer” to earn extra cash in this category. If you’re considering adding retail, have struggled with retail or are seeing some success at the cash register, then this session is for you! Retail 101 will give you the basics when it comes to choosing your inventory, knowing how much to order, how to source your products and even some critical techniques to make all the difference.
Mismanaged inventory in your pet store can quickly lead to cash flow problems and decreased profitability. Well timed inflow puts you in the best position to sell at full price. How is that working for you? Do you land goods too early, or too late? How frequently does your inventory turn? Flow goods when you're predicted to sell them with 94% accuracy! We're helping pet industry retailers take their business to the next level.
Are you ready?
I’ve been in the pet industry for 15 years (retail, wholesale, doggy daycare, grooming, training, dog walking) and I've successfully translated my passion for pets into multiple million dollar businesses including selling my retail store to Marcus Lemonis and Bentley's Pet Stuff.
Walking away from your business when you want to and on your terms is rarely the story for independent retailers. Many close due to lack of customers and lack of cash. Over the years there were many outside factors that almost shuttered my doors like - having my money tied up in too much inventory, or not having enough inventory to make the sales I needed to. And then there were times when my inventory so "old" no one wanted it! Each of these scenerios result in NO cash flow. Can you relate?
About 4 years before I sold my buisness, I discovered "open to buy" and "inventory planning". This isn't just using min/maxes that POS systems report, but truly learning how to flow exactly the right amount of inventory into my store when I was predicted to sell it. Putting more money in my pocket and helping me grow profitable sales!
End the sleepless nights. Take vacations without worry. Build your dream home. Open more locations. Buy your building. Or maybe sell your store for your dream price, like I did.
Are you Growing Profitable Sales?
Are you Maximizing your Return on Investment?
Is your Business Sustainable?
We help our clients conquer these unknowns with Retail Orbit®
Retail Orbit® is a statistical planning tool designed to help you predict retail sales and set accurate open-to-buy budgets.
Resulting in improved cash flow, profitability and an increased return on your investment!
The following represents some of the merchandising metrics we use to grow your business...
• Forecast and measure markdowns as a percentage of sales (by class)
• Forecast sales. inventory and purchases by department
• Measure and plan Gross Margin Return on Investment (GMROI)
• Measure and plan Cash Margin Return on Investment (CMROI)
• Monthly allocation budgets too meet desired targets
• Sales targets by department
• Inventory levels. targets and Stock to Sales Ratios by department
• Merchandise freshness factor by department
• Proper flowing of merchandise to maximize inventory investment
At Pet Boss Nation - our "Retail Boss Planning"· clients get a 12 month rolling forecast for their sales by department and budgets for the amount of inventory to purchase to generate those sales and increase their profits.
Each month we outline specific sales, inventory and buying goals to help establish meaningful store objectives, all lead with a monthly merchandise plan and open-to-buy budgets specific to your store. Retail Orbit® monitors and revises each month's performance to create new plans every month and some even on demand!
Pet Boss Nation also provides insight and consultation on various management issues, inventory, and other business methodology including marketing, merchandising, vendor suggestions, etc. that may be helpful to affect profitable growth possibilities. We become a sounding board for ideas on business improvement.
Having a Profit Should Mean You're Ms. Money Bags
So why is it that when your financial statement says you're making money - you don't have the actual cash in your bank account?
How long has it been since you paid off your current line of credit? Or your credit cards?
Do you need to take markdowns to generate traffic at the expense of your profit?
What should your operating expenses (like payroll, rent, merchant fees, advertising, marketing) be as a percent of your sales?
What is a good figure for your cost of goods sold?
How do you compare to other stores like yours?
We have the answer to all of these questions!
CURRENT CLIENT PROFILES
Client #1 - A Super Bossin' Barkery
• Initial Total Store Sales $450,000/Year
• Current Projection $1.15 Million/Year
• 61% Sales increase since 2012
• Bakery Class initial sales $138,000/year
• Current Bakery Class projections $318,000/Year
• 57% Class Sales Increase since 2012
• Bakery has now spun off to 2nd wholesale business
Client #2 - A Bossin' Pet Boutique
• Initial Total Store Sales $644,000/Year
• Current projection $733,000/Year
• Initially overstocked $34,000 at cost
• Owner wasn’t taking a salary
• MMU initially 34% - Now 39%
• Owner was able to buy her location
• Reduced overstock to $18,000 at cost
• Owner is now taking a salary and bought a new car!
Client #3 - A Bossin' Awesome Retailer
• 2015 Actual Sales $410,650
• Current projected 12 month sales forecast $510,000
• Treats UP 16% vs LY
• Bones/Chews and Toys all UP 18% vs LY
• Grooming Products UP 47% vs LY
• Collars/Leads UP 13% vs LY
Feel free to email us directly at hello@petbossnation.com