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Tip #27
- Your Store Is Not A Museum |
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Nobody
likes to sell merchandise at less than optimum margins, but
markdowns are a part of doing business. After all, your store
is NOT a museum!
TAKE MARKDOWNS ON SEASONAL MERCHANDISE
IN SEASON.
Taking markdowns in season usually allows
you to take a smaller markdown (keep your margins higher)
and sell more of the marked down merchandise (reduce the museum
effect).
For more tips on maximizing your markdowns
check out the free report,
Ten Markdown Tips - The How, What, When, Where, and Why of
Markdowns.
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Tip #39
- There Is Power In Partnership |
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Now
is a great time to work hard at creating close and personal
relationships with your vendors. Remember, their sales are
down and their inventories are up, too!
Pick the vendors that are most important to your business
and start working on those relationships. Talk to them openly
about your business needs as well as theirs, then try to create
some “Win-Win” situations for both of you.
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If they need immediate cash flow
- Ask for deeper than normal discounts if you pay
in 15 days.
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They want to maintain margins?
Ask for longer extended dating if you pay full price.
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If they are carrying too much
inventory - Check on overstocks and ask for unbelievable
deals (better than sale price) on these items if
you also buy a certain amount of regular priced
merchandise.
-
Give them your projected stock
needs if they give you priority allocation and shipping.
They avoid over manufacturing and you get all the
merchandise you want before your competition does.
-
Always let them know if your payment
will be late so they can be proactive about their
cash flow.
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You and your vendors need each other
in order to make it through the difficult times ahead. Start
now to build your most important partnerships. |
