Open-to-buy Planning or OTB planning is a method used by retail store owners to control and manage their inventory levels effectively.
If you feel you are not currently experiencing the full benefits of otb planning outlined below, if your cash flow is coming up short, if you are having trouble paying your vendors, we can help get you back on track.
Here are some of the benefits of open-to-buy planning for retail store owners like you:
- Efficient inventory management: Open-to-buy planning enables you to manage your inventory more efficiently by determining the right quantities of products to order and stock, based on historical sales data, current trends, and projected sales.
- Better cash flow management: By controlling inventory levels, you can ensure that you have enough cash flow to cover operational expenses while still investing in inventory to support sales growth.
- Improved profitability: By having the right inventory levels, you can avoid overstocking, markdowns, and stockouts, which can lead to lost sales and reduced profitability.
- Better decision-making: Open-to-buy planning provides you with accurate and up-to-date information on inventory levels, sales trends, and customer demand, enabling you to make informed decisions about your business.
- Enhanced customer satisfaction: By having the right products in stock, you can provide customers with the products they want, when they want them, improving customer satisfaction and loyalty.
To summarize, open-to-buy planning is an essential tool for retail store owners like you to optimize inventory levels, manage cash flow, and increase profitability while providing excellent customer service.
Sales forecasting with a pre-calculated open to buy budget has been a core retail consulting solution of Hallman Company for more than 30 years. Our sales forecasting has been clocked at a 96% accuracy rating for 12 months out. Today, it remains a core and proven solution for turning data into information, and information into action.
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