Sunday is our day! Every Sunday we follow the same plan. We have been taking the same steps for so long that MY husband can do it on his own. I’m so proud!! We wake up bright and early, go downstairs into the kitchen and take a full inventory of the pantry, refrigerator and freezer and generate a shopping list. This shopping list is no ordinary shopping list, each item is meticulously placed according to the floorplan of OUR FAVORITE grocery store. There is an app for our favorite grocery store that includes the weekly flyer, store coupons and manufacturer coupons. Based on the items we need and the information in the app we develop a budget. This budget is designed to prevent us from purchasing items beyond our list of weekly necessities. We have found that our previous method left too much room for error and backtracking and arguments….NO MORE!!!! We simplified our process and strengthened our relationship by developing a foolproof plan that is executed with excellence every Sunday.
How does this apply to your business? Don’t you follow the same steps when managing your frame boards? If not, it’s never too late to start.
- Take an inventory of your frames. Include everything on your boards and in understock
- Take note of the number of frames you sold last year and your YTD rate of growth
- Develop an understanding of the products that are moving in your practice by putting together a brand analysis
- Your Practice Management System should allow you to pull sales reports down to the sku to provide further insight into turn rate, your frame reps can also help with this
- Develop a budget
- Using your frame inventory count, YTD rate of growth and the number of frames sold in the previous year calculate your ideal inventory count
- By understanding the products that are selling you can reinvest in the brands and styles that are driving results in your practice
- The dollar budget is typically 35% of your frame revenue, but you also have to keep in mind the current state of your inventory and the number units you need to replenish
- Evaluate your floorplan
- Your most coveted brands should be highlighted and placed in an area that will drive traffic
- Work to ensure your product placement flow is easy to navigate
- Eliminate clutter and include updated brand specific merchandising tools to draw attention to specific brand collections
Frame board management is a tedious task, but by developing a plan and sticking to it you will simplify the process and strengthen relationships within your business.