| There is one characteristic that puts some who open | | | | Build inventory turns for your business. To accomplish |
| a dollar store way ahead of the others. That | | | | that goal you must maintain the lowest possible |
| characteristic is associated with having a never ending | | | | product inventory to support your sales. You never |
| desire to reduce costs for their business. It is almost as | | | | want to run completely out of a hot seller because |
| if they see any extra dollar store costs as evil. They | | | | your inventory went too low. On the other hand have |
| fight to retain every penny possible as they manage | | | | 100's of a slow seller remaining as another big |
| their business. They see cost reduction as both the | | | | shipment arrives is wrong as well. Work to manage |
| elimination of waste and the reward for excellence in | | | | your inventory so the next replenishment order arrives |
| business management. In this article I present steps to | | | | with only 1-2 items remaining on display. |
| help you do exactly the same thing for your business. | | | | STEP #3) Become a bargain hunter. |
| These steps can drive out costs for your business. | | | | The greatest opportunity for dollar store cost reduction |
| STEP #1) Cost reduction must become your mission. | | | | is in the merchandise you purchase for resale. Work to |
| That is right - this is a very tight margin business. As a | | | | be on every suppliers list of stores that buy |
| result you must drive every penny possible out of | | | | abandoned merchandise, package changes, closeouts |
| everything associated with that business. Be intelligent | | | | and overstocks. When the extra saving is offered |
| about cost reduction. Negotiate for lower dollar store | | | | take advantage of the opportunity. Purchase during |
| costs. Always make sure to understand the impact of | | | | monthly sales. Purchase trade show specials. |
| those pennies before reducing. Look for creative | | | | Continually look for and take advantage of lower |
| actions that result in lower cost without hurting any | | | | pricing. |
| other aspect of your business. | | | | To your success when you open a dollar store! |
| STEP #2) Become an outstanding inventory manager. | | | | |