Shrink & Profit: How to Make Your Inventory Work Harder for You
Less shrink means more profitability. And convenience store operators know that too much or too little inventory can affect profitability, cash flow, supplier relationship, and customer satisfaction.
Today, keeping up with quickly evolving customer demands, staffing challenges, and complicated supply chains can make life difficult for operators - whether managing one store or 100. But technology advancements can significantly improve retailers’ ability to maintain a line of sight to accurate forecasting, reduce shrink and track sales trends, leading to more profit and less stress.
Shawn Backo, Director of Enterprise Programs, brings his eight years of experience at Petrosoft and over 10 years of experience as a 32-store chain C-Store manager to share industry best practices focusing on how to make your inventory work harder for you. Including:
- Where your profitability comes from
- Identifying the sources of shrink
- How to avoid vendor and supply chain mismanagement
- Conducting effective inventory audits
- Why Gross Profit Margin ranges decline
- How to leverage technology to prevent losses
- Ways to increase your profitability