Last week, you discovered your inventory turnsand probably found out you could either put in more frames or you need to get rid of
frames to increase your turns.
There are several ways to increase turns:
- Get Rid of Dead Stock
- Buy less and better
- Increase mulitple pair sales
- Increase conversion rate Patient to Eyewear
- Carry Less Frames
- Increase eye exams
For today, we will deal with getting rid of dead stock.
Step 2: Make A Plan To Get Rid Of Dead Stock
The best and easiest thing to do is to donate all those frames to a worthy cause. After doing that, then re-calculate your inventory turns again and believe the turns will increase!
Barring that we recommend RED DOTTING, all the ‘go away’ frames, put in a special section and offer a discount to get rid of them. We have posted several articles on how to get rid of old frames:
After you have denoted the go away frames- try re-calculating your inventory turns, the numbers will change for the better. How much dead stock do you have (let us know by making a comment)
What is interesting, if you look at the amount of dead stock you have- what percentage of the boards does it represent? That is what we will try to achieve is to eliminate the total number of dead stock.
Step 2 is to make a plan to get rid of dead stock. Depending on how much you have it may take 1 week or 1 year. Be patient..