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2009 ORWM Outdoor Specialty Retailer Seminars. Inventory Management: The process Is More Important Then The Technology January 23, 2009 Jay Townley The Gluskin Townley Group, LLC. Inventory Management: The process Is More Important Then The Technology.

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2009 orwm outdoor specialty retailer seminars

2009 ORWMOutdoor Specialty RetailerSeminars

Inventory Management:

The process Is More Important Then

The Technology

January 23, 2009

Jay Townley

The Gluskin Townley Group, LLC

inventory management the process is more important then the technology
Inventory Management: The process Is More Important Then The Technology
  • Inventory Management is a collective term for eleven store operating functions
  • Summary
  • What I Want You To Do Today & Tomorrow
  • Q&A

The Gluskin Townley Group, LLC

inventory management the process is more important then the technology1
Inventory Management: The process Is More Important Then The Technology

Inventory Management = eleven store

operating functions that are a part of the

Complete Retail Process, #4 on the list of five

ways to grow your business.

  • …the consistent steps your store follows in providing an exceptional retail shopping experience, every time!
  • Part of the Process…is having what your customers want, when they want it.

The Gluskin Townley Group, LLC

eleven store operating functions
Eleven Store Operating Functions

1. Merchandise Assortment Planning

  • Establish a planning process for selecting,stocking, displaying and marketing all of the Stock Keeping Units you sell…by season.
    • Pricing policy
    • Inventory turn goals
    • Gross Margin Return On Inventory GMROI

The Gluskin Townley Group, LLC

eleven store operating functions1
Eleven Store Operating Functions

2. Sales forecasting at the category and SKU

levels

  • Your merchandise assortment plan will require

sales forecasts, as does your annual business-

financial plan.

    • Units and Dollars
  • Get your suppliers, managers and staff and past sales history involved in the forecasting process

The Gluskin Townley Group, LLC

eleven store operating functions2
Eleven Store Operating Functions

3. Open to buy, or OTB Analysis and

Management

  • Available with some POS systems
  • Consulting services available…category management
  • Never re-order a SKU that isn’t selling at retail!
  • SROR = 29% of Retailers have OTB

The Gluskin Townley Group, LLC

eleven store operating functions3
Eleven Store Operating Functions

4. Purchasing and generating and issuing

purchase orders

  • Documents the terms and conditions
  • Available with some POS Systems
    • SROR = 82% of stores have POS Systems

and 24% are booking orders electronically

  • Integral part of OTB, cash-flow & AP
  • Go to a stationery store and purchase manual forms!

The Gluskin Townley Group, LLC

eleven store operating functions4
Eleven Store Operating Functions

5. Use of scanning technology from door to

door

  • SROR = 82% of stores have POS systems and 24% are booking orders electronically
  • Scan in at receiving, and Scan out at point-of-sale.
  • RF technology

The Gluskin Townley Group, LLC

eleven store operating functions5
Eleven Store Operating Functions

6. Regular and consistent education of staff to

ensure complete working knowledge of the

store POS system

  • Teach your staff how it works
  • Educate your staff about what your POS system is capable of doing and what information and metrics it can generate
  • POS vendor support

The Gluskin Townley Group, LLC

eleven store operating functions6
Eleven Store Operating Functions

7. Retail process that assures consistent staff use of every aspect of the store POS system

  • Teach you staff how you want them to use the system = Customer information
  • Your POS system becomes a very powerful part of your stores complete operating process…when staff is educated and trained in all the modules and the system is fully utilized

The Gluskin Townley Group, LLC

eleven store operating functions7
Eleven Store Operating Functions

8. Retail process that specifies what metrics will

be tracked and regularly generated by the

store systems…weekly!

  • What are the Critical Numbers to your business
    • Sales, Operating Margin, Total Expenses, Realized GM by categories and Inventory, Inventory turns & GMROI…Net Operating Profit

The Gluskin Townley Group, LLC

eleven store operating functions8
Eleven Store Operating Functions

9. Store operating policies and procedures that

document and fully support the inventory

management process

  • Store Operations Manual…your road map to growth!
  • Don’t keep this stuff in your head…
  • The difference between not growing and growing…could be simply writing it down!

The Gluskin Townley Group, LLC

eleven store operating functions9
Eleven Store Operating Functions

10. Store management that consistently and

uniformly supervises, guides and helps staff

adhere to store operating policies and

procedures

  • In other-words, lead by example…by adhering to your own operating policies and procedures
  • What, Why and How

The Gluskin Townley Group, LLC

eleven store operating functions10
Eleven Store Operating Functions

11. Store management that consistently educates the staff in the store retail process, including inventory management

  • Develop an annual staff training and education plan that goes beyond rep clinics on how to sell stuff
  • Staff buy-in and support for your store retail process is critical to success and growth

The Gluskin Townley Group, LLC

summary
SUMMARY

At the end of the day…it’s not the computers or

software, or technology, it is your documented

store operating process, consistent

management leadership and ongoing staff

education that makes possible more profitable

Inventory Management that will help your

business grow!

The Gluskin Townley Group, LLC

inventory management the process is more important then the technology2
Inventory Management: The Process Is More Important Then The Technology!

What I Want You To Do Today & Tomorrow

  • Write down your thoughts and ideas for developing or improving your merchandise assortment planning.
  • Include what you are going to do to develop and improve your sales forecasting.
  • If you don’t already use OTB, write down what you plan to do to implement OTB this quarter.

The Gluskin Townley Group, LLC

inventory management the process is more important then the technology3
Inventory Management: The Process Is More Important Then The Technology!

What I Want You To Do Today & Tomorrow

  • If you are not using a formal purchasing system – write down your thoughts on establishing one.
  • If you are using door-to-door scanning, write down your ideas for improvements…and if your not, your thoughts on implementation.

The Gluskin Townley Group, LLC

inventory management the process is more important then the technology4
Inventory Management: The Process Is More Important Then The Technology!

What I Want You To Do Today & Tomorrow

  • If you don’t have a Store Operating Manual, write down your thoughts and ideas for developing one this quarter.
  • Write down your thoughts and ideas for improving your staff education plan and program…and if you don’t have one, what your thoughts are about establishing one.

The Gluskin Townley Group, LLC

inventory management the process is more important then the technology5
Inventory Management: The Process Is More Important Then The Technology!

What I Want You To Do Today & Tomorrow

  • Write down your ideas for leading your store inventory management process, and making your leadership and that of your managers consistent throughout the year!
    • Store Operating Manual
    • Staff education plan and program

The Gluskin Townley Group, LLC

what i want you to do today tomorrow
What I Want You To Do Today & Tomorrow
  • When you have 15-20 minutes at your computer, take the OIA Outdoor Specialty Retail Survive Or Thrive Assessment Survey by visiting www.outdoorindustry.org

The Gluskin Townley Group, LLC

slide21
Q & A

Thank You!

Jay Townley

Partner

The Gluskin Townley Group, LLC

jay@gluskintownley.com

The Gluskin Townley Group, LLC