5 Step Convenience Store PriceBook Inventory Management - Best Practices

Evaluate Your Ordering Processyour store. Resist the urge to splurge on what you
You should never ever treat the purchase of items forremember as a hot item last year or a cheap promo
the store the way you would pick out a personal gift.for some chatchke that no one wants.
While, yes, that leopard print Snuggie may very well be- 'Tis the Season. Depending on your store location,
both fashionable and practical...it probably isn't going toseasonal sales items may play a huge part in your
end up on Oprah's Favorite Things list anytime soonsuccess. Be prepared, but don't be ridiculous. While
(*cough cough* ever) and your shelf space could begetting my weekly shot of testosterone at Home
put to better use.Depot last weekend, the air conditioner displays were
Remember how you start to profusely sweat whenalready being replaced with space heaters.
you pick out a gift for your wife or girlfriend (or both)- Acclimate to Automate. Efficiency is key. Whether
because you know, whatever it is, has a 99% chanceyou are using a hand-held scanner or an electronic
of being completely wrong? Luckily, ordering items forordering system for your weekly order, reduce your
your store requires little speculation and far lessdependency on manual ordering. Automating this step
antiperspirant. Let us introduce you to a morewill allow you to verify proper costs and inventory
systematic approach:levels assuring a higher degree of pricing accuracy.
- Delegate an Heir and a Spare. Determine who inYou will be amazed at how accurate your vendors will
your organization is authorized to place an order. Is itsuddenly get when you automate.
your pricebook guru, your store supervisor, your- Have Control Issues. While this comes naturally to
manager, or your cousin who is in a work releasesome, it is imperative to control the order. Have the
program? For a solid, centralized pricebook, and, mostprocess in place to order based on your replenishment
importantly, for accountability, select one person andneeds, your negotiated prices of promotional items
one backup person. Do not let just anyone in thewith your vendors --- NOT what the store manager
company stock your store.and vendor simply want to put on your shelves. The
- It's Not Personal...It's Business. So what should younext 4 steps will bring this more into focus.
order? Put aside your personal preferences and stickNext week we will discuss Step #2: Communication...a
to your list --- this is where a Top/Bottom Movementsubject I've been told I know little about, but will share
report is invaluable. Check your top 50-100 movingwith you what others have told me should be done.
items and be sure to order the product that sells in