“Managing inventory a key to SUCCESS | Nothing i is more important, we said, during our earlier discussion of retail pricing, than having the right price for merchandise at the right time — that is, but which is still adequate to cover the cost of operation and return a reason-. able profit. But the retailer also needs a continuing supply of merchandise to sell, and this . brings us to inventory management © by Phil Hartl, = which, while it may not be as demanding _ Manager, Terrace as pricing, is equally important to Federal Business she successful retail operation. Development Bank First of all, what is inventory? It is, in broad terms, the merchandise the retailer has ordered, the merchandise in transit, the merchandise already in the retailer’s store room and finally the merchandise on - display. Good retail management is directed towards always having the right product available for the right customer at the right time. That means anticipating customer demand by ordering early, ar- ranging prompt shipment, having adequate storage and, when the time is right, putting the merchandise on display. Or, to put it another way, it means making sure merchandise moves in a steady flow from supplier to the ultimate customer. It seems simple enough but it’s not. Anticipating customer de- mand by ordering early also involves knowing how much to order. Order too much stock and the retailer will be left with a surplus on which could result in a loss. Order too little, and sales are lost. An essential aspect’ of inventory management is knowing the market, which is another way of saying that the retailer must have a good feel for what will sell and in what volumes, and what will not. Good inventory management, however, involves more than having the right product available at the right time. Most of a retailer’s money is usually tied up in inventory. So good inven- tory management also includes managing the retailer’s finances. _ Ifa retailer is overstocked or the merchandise is slow moving, it reduces the amount of ready cash with which to meet continu- ing operating costs. If the retailer is understocked or if merchan- dise moves too fast, cash will be there, but the shelves will be bare. And, if that happens, the retailer is temporarily out of business. In the following columns, we’ll be looking at the ways by which the retailer can ensure enough of the right merchandise at the right time and without tying up any more ready cash than _ necessary. This would also include adjusting inventory purchases to available cash resources. “ SOCIAL SERVICES TRAINING PROGRAM | The College of New Caledonia is accepting applications for the Social Services Training Program. This certificate program prepares students to work with mentally handicapped children and adults in a variety of settings. There are six courses and one practicum. All courses are in a distance education (correspondence) . format and can be combined with’ full-time employment. Applicants who are not currently employed In this field should have working with mentally handicapped children or adults as a career goal. The admission requirements are Grade 12 gradua- tion, G.E.D. or mature student status with related work experience. For more information and reglstration package contact: College of New Caledonia Counselling Department 561-5818 _ or Admissions and Registration 561 6800 Closing Date: Applications for the January 1989 semester must be recaived by December 16, 1988. {W2e/11/23¢ a price at which merchandise will move — Gi. ahead and take a bite. Call your Canon dealer and ask to see the new FAX-230 or FAX-410. Canon sets the standard in full | featured business facsimiles. y FAX-4I0 From the FAX-230 with speed dialing for instant access, halftones in 16 shades of grey and high speed transmission, to the advanced FAX-410 with group dialing for multiple polling to 129 different locations, automatic page reduction for larger originals, 12 seconds per page transmission" and more! ConsultyourCanon FAX sales representative to determine the best model foryour office. Then simply divide the price by 36 and that's your monthly payment"”. You will enjoy interest-free financing and the convenience of a Canon FAX in your office for years to come. Calf Now! Offer is available from now until December 15, 1988 from your participating Canon FAX dealer. WILKINSON BUSINESS MACHINES - 4552 LAKELSE AVENUE TERRACE, B.C. V8G 1P8 604/638-8585 te Based On CCITT #1 Fest Chart, oe Excluding provincial sales tax where applicable. Based ona 36 montis lease on soprownd ordi Otfer not valid at used in conjunction with other dealer programs. Full detalls available from participating dealers.