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Boutique Chat

How to Plan, Buy and Manage Your Inventory in 2024 with Mary Landgrebe, Management One

Boutique Chat

Ashley Alderson

Business, Marketing, Retail, Boutiquetips, Fashionindustry, Fashionbusiness, Entrepreneurship, Businessstrategy

5853 Ratings

🗓️ 5 December 2023

⏱️ 58 minutes

🧾️ Download transcript

Summary

“You can’t be successful at marketing or sales unless you have a good handle on your inventory.”

Get ready to hear some straight-up real talk with my good friend Mary Landgrebe of Management One. We dive into the tough conversations that are being had right now in our industry and the challenges small business owners face in the current economy. As an expert in retail operations, inventory solutions and strategic planning, Mary shares her thoughts on what buying will look like in 2024, the dangers we should all be avoiding as small business owners and how independent retailers can plan for success in the upcoming year. 

We talk about the need to understand your numbers and make data-driven decisions and all things inventory — open-to-buy planning, the significance of receiving and tracking orders, implementing a markdown strategy, maximizing product exposure through multiple channels, strategies for addressing excess and so much more. 

This episode is packed full of valuable information so be sure to grab your notepad, and check out the links below for more on the apps and tools we discuss in the episode!

Resources: 

Management One: Website | Facebook | Instagram | YouTube | LinkedIn

Shopify Apps: Delirious Profit | Better Reports 

FAVES Pro App   

The Boutique Hub:  Website | Facebook | Instagram | Pinterest | TikTok | YouTube

Ashley Alderson: Instagram

Small Business Marketing Handbook

2024 Boutique Boss Planner

Boutique Summit 2024

Boutique Hub Black

Hubventory.com

Transcript

Click on a timestamp to play from that location

0:00.0

Okay, raise your hand if you maybe are not naturally a numbers person. This was definitely me.

0:08.5

You guys have probably heard me mention this before, but I went to school for communications,

0:12.3

which is probably the exact opposite of numbers. And I find that so many entrepreneurs in the

0:19.1

retail and boutique industry are actually quite similar.

0:22.0

We get into this business because we love the art side of the business, the people,

0:26.2

the customers, all the pretty things, right?

0:28.3

The products.

0:29.3

But the thing that intimidates retailers most often is actually the number side, the retail

0:34.9

science side of the brain, the financial planning and

0:37.9

the inventory management and figuring out exactly how to pay yourself.

0:42.1

And that's why my friendship with Mary from Management 1 has grown so deeply.

0:48.3

Mary understands, of course, both the retail art and the retail science side of the brain

0:53.0

and has made it incredibly easy for so many

0:55.8

retailers to really break down and make sense of their inventory, how much inventory you need to

1:00.4

have on hand, what does your markdown strategy need to look like, and how can you start planning

1:04.5

and buying for your next season right away so that you can have less inventory left over at the end of the day and more money

1:12.7

in the bank. Isn't that the goal at the end of the day? Mary is someone I also really admire

1:18.4

because when it comes to the world of inventory management, she was one of the very first,

1:23.2

I'll say inventory experts that really latched on to and understood how to use Shopify.

1:29.6

So she can blend her love and knowledge of numbers and inventory across brick and mortar

1:36.4

boutiques, online boutiques, comments sold in live selling boutiques and really online retailers

1:41.2

and product sales stores of all types.

...

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