Improve Inventory Management

Dated products are a cash drain that takes up valuable space. David Peters, Jewelers of America’s resident education and management expert, offers the following tips for saving costs on inventory:

  • Computerize your inventory system and make buying decisions based on facts, not intuition.

  • Do the math and determine which products and services are the least profitable.

  • Consider cutting or reducing low-profit products and services.

  • Reinvest saved money into high-profit categories.

  • Consider purchasing inventory from jewelers going out of business.

  • Buy manufacture closeouts when appropriate.

  • Compare longtime vendor lines against new vendors for similar, lower-price options.