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YOUR TIP FOR MARCH 31, 2011


[h3]Think of the brands you sell as a stable of thoroughbreds that need to be constantly groomed, nourished, exercised and protected from the deadweight encroachment of low-pedigree stock. [/h3]
WHY? It's not uncommon for jewelers to have built up an inventory supplied by as many 100 or more vendors. Yet it's usually the workshop and a dozen or so of their current suppliers that account for 80 percent of sales while the other lines do little but put pressure on staff, liquidity and your vital open-to-buy funds.

HOW? When considering a new supplier, use the lower performers of your top group as a benchmark. If they account for 3 percent of sales, make that your guideline when placing the first order with a new vendor. Make them prove they can run with the best.

SOURCE: INSTORE
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