Facing Down Your Inventory
Every day, Indie retailers are making decisions on their inventory. Often there is an intense fear of recognizing you have too much or too little. Driving that fear are worries about cash flow.
I recall walking to a meeting with Marlene Burton, the founder of Sweet William in Hinsdale, Illinois over 32 years ago. She stated, “I would like to have one month where I did not have inventory payables.” Marlene was an excellent buyer and operator, and always had more cash on hand or available than her vendor payables. She also recognized the importance of fresh goods. Even with that, there is always the nagging pressure of vendor payables.
I was recently having this conversation with Cathy McKillup. Cathy’s passion turned from retailing to consulting, wanting to teach other retailers how to face down their fears of too much inventory, based on her experiences building a very profitable retail business.
I asked Cathy to share her story on how she teaches her retailers to overcome fear and uncertainty. Cathy is a very successful coach and consultant and Retail Expert for Management One.
I hope you enjoy listening as much as I enjoyed sharing the time with Cathy.
Please add your comments below. If you would like to schedule a meeting to discuss this topic and how to apply it to your retail business, here is a link to my calendar or contact Management One for more information.
Onwards, and Upwards,
Marc Weiss - Co-founder, Management One