Are You in Business for the Glory or the Money?

I literally grew up in a family-owned industrial distribution business.  My dad (Norman) was a great guy and a fantastic salesman (in the best sense of the word).  He was always in motion and wasn’t happy unless everyone else was as well.  There was constant noise and...

Can Salespeople Be Replaced by Technology?

Last week management at JC Penny stated that within the near future RFID (radio frequency identification) bar code labels will be attached to all of their merchandise in all of their stores.  These “intelligent” labels will allow a store to track the exact location of...

A Realistic Approach to Inventory Reduction

A participant in one of our October workshops was frustrated. “Management wants me to reduce inventory by 25% and I have no idea how to do it.” I asked how they came up with this figure and he responded, “I don’t know.” Without direction...

Liquidating Excess Inventory, Part One

In these current economic times, most companies are trying to find new ways to liquidate unneeded inventory. In the next two newsletters we are going to explore some effective ways to achieve this goal. Remember that inventory you buy is a “sunk” cost....

Liquidating Excess Inventory, Part Two

In today’s economy it is critical to remove the “fat” from your warehouse. Every dollar in inventory must be working as hard as possible for you to achieve your inventory-related goals. One critical element is to ensure that your stock inventory...