Sunday small business retail management advice: you can’t bank hope

Inventory is often one of the biggest if not the biggest single investment in a retail business yet too often little regard is given to managing inventory for the best cash-flow return.

In our smart POS software, retailers have tools for tracking the return on investment and return on floor space from stock items. Stock is useless unless it sells. We live by the business maxim – you can’t bank hope.

Our advice to retailers today is to use your software to track inventory with a view to converting it to cash as quickly as possible. Use your software to access accurate data and make good business decisions chasing margin dollars you can bank.

Set target stock turns and chase these. Manage your inventory by numbers and expect better results.

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