"Open to buy" - Internet Tool for Your Business
Whether your business sells products and/or services, you will find that every product has a season to it. Pieces of equipment used by a service business have the same thing; a seasonality to the usage of that equipment.
Using products we sell as an example, "open to buy" is observing from the past and detecting the seasonality of the sales of that product. You want plenty of the item on hand as the peak selling season begins. As soon as you hit that sales peak, you want the quantity on hand to diminish.
Selling down that inventory, you can use the cash to buy inventory for a different item whose selling season is heading toward it peak. And, you may have a need for the shelf space as one item sells down and another increases in sales.
So, we have multiple tools for you this month. A PowerPoint from a class we have created on "Open to Buy", a mp4 file you can listen to online or download to hear how "Open to Buy" works, and the Excel file we use as a template for the class.
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