I had the pleasure of speaking with Mort Haaz this week who is the developer of myotbplan.com, an online open to buy plan. Perhaps you attended one the seminars he presented around the country on open to buy planning: "How Much Should I Buy?" He specializes in helping independent retailers understand the importance of incorporating and maintaining an open-to-buy.
It’s a tool widely used by clothing retailers, but a vital component of inventory management and assortment planning for all retailers. Inventory turnover is crucial to success in retail and the best way of managing cost controls is by maintaining a close watch on the open-to-buy.
When used properly, it is the key to seeing profits on a regular basis.
An open-to-buy is a method of planning and controlling your inventory buying and flow, in each merchandising category, on a rolling 12 month basis. We talked about the pitfalls of retailing and how easily retailers can find themselves in financial trouble. Mort is an ex-retailer who developed his own open to buy plan to control his overbuying habit. It worked! After selling his successful store, Mort packaged his system and began marketing it, first as a paper based system, and then as software.
The myotbplan is now cloud-based, making it easy to use by any retailer, on any device. I'm very excited to be personally acquainted as we are both dedicated in helping retailers avoid the financial problems that always come from overbuying. At this time of year, there are aways questions about excess clearance. As you read this, you certainly know your customers and what they want, but the biggest challenge is determining how much to buy. That question can be easily answered by myotbplan so you can focus your energy on what you do best – being creative.
As I speak with retailers I always want to place solutions into their hands to better improve the cash flow. Two of the things that impressed me about Mort were his understanding of the retail process and full guarantee of support to subscribers without a contract.
I endorse very few products to my clients, but this one got my attention. It’s super easy to use and I’m impressed with the speed in which retailers can be up and running. I recommend a visit to the site and call with any questions you may have about its implementation. Don’t be surprised if you get Mort in person. He closely monitors questions and feedback inquiries.
Let me know your thoughts. I am at your service to explain further how this can help you. If you were missing the key to know how much to buy, here it is. Use this tool to focus your creativity and grow your business. Incorporating an open-to-buy is truly the way to make a fortune in retailing.