La Costa, CA—In planning and preparing for the upcoming trade shows you should have three specific tasks completed:
Success in maintaining control of your inventory and delivering a strategic and effective advertising campaign lies in developing and executing a plan for working trade shows.
The primary reason to attend a trade show is to find new exciting items to become fast sellers in your store. You also want to work with suppliers to exchange slow selling product for those items you have been successful with and/or new items the supplier has introduced. . Most jewelers use trade shows to buy product they want for the fall selling session and they have the tendency to buy too much. This results in too much dead inventory, poor cash flow, and excess debt. An organized plan will prevent this.
So how do you get started on your plan?
Calculate your Open to Buy:
This open to buy should be from now through your planned ending inventory December 31. Use this formula and you will be set. Open to Buy is calculated as follows:
This is your Open to Buy through the end of the year.
We have found that the best way to manage this plan at a show is to estimate where you want to spend what percentage in advance, and then work out of something that looks like a check book. You know your opening balance; each purchase is a debit and when you are done, you are done. Applying this principle will keep you from being overbought--no matter how good the terms.
Create a Specific Buying List:
Daily Plan At The Show:
Also to do: Develop Your Advertising Plan So You Can Work Vendor Visits Into It:
By developing a pre-show plan, you will find that trade shows will become more productive and less stressful. Yes, it is time to plan for the fall!
Dan and Lori Askew of Vantage Group provide their decades of expertise to both retailers and manufacturers in the jewelry industry. They strategically examine each area of business and address concerns in the order that will make the greatest impact in the most time efficient way. Vantage Group's commitment is to insure overall success through strategic planning specifically with cash flow, merchandise planning, inventory control, advertising, and store management. They partner with clients from the beginning or at any point along the way to develop successful plans and execution. www.VantageGroupinfo.com or 760-633-2959.