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As we approach the holidays in the busy season for studios, we want to take a look at how you handle inventory. This is the time of year where you don’t want to run out, but you also don’t want to buy too much and get stuck with a holiday piece that you won’t be able to use for another year. I suggest taking your bigger pieces — Don’t hide those or skimp on the inventory, but do presales on several pieces. Have exclusive ordering for large pieces, whether that be the Thanksgiving Turkey platter or heaven forbid, Grandma’s Christmas tree. We’d love to get those out this time of the year or some bigger pieces that you may offer. So have photos of them or have a sample of those. You may not need to stock 15 Turkey platters in your studio. Maybe you only need to have a couple, but worst case, you don’t want to get stuck with that inventory.
So do a presale with it. If someone wants to paint the tree, the platter a bigger piece, have them prepay for the piece. Don’t do just to deposit. Do the whole thing. Make it very simple and upfront. Tell them these are exclusive pieces that we offer, but we have to preorder them because there’s a very limited supply. Pay for it now. We’ll order it and we’ll have it for you here within a week. You can even schedule a date, call those folks and tell them when their pieces in. After all, they’re usually the ones spending a good chunk of change with you. So do some preorders and do some exclusive pieces. That also helps build that suspense of, I have to have it right. So have a look at what you can do for preorder sales and sell those big pieces. Sell them to the Hill, but get the money first so that you don’t get stuck with the inventory.
Donna Bordeaux, CPA with PYOPAccounting.com.
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna Bordeaux and PYOP Accounting.com. Donna and her husband, Chad, who is also a CPA, have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help PYOP studios earn 4 times more profit than the average PYOP and are passionate about helping industries that help families build great memories.