Episode 168 – Layne’s business, The Project Booth, focuses on the inventory and ordering mayhem that becomes a struggle for many product-based businesses.
Layne grew up as a math nerd, graduated college with two engineering degrees and went straight into manufacturing. She spent over a decade in the supply chain world. But as her family started to grow, she was ready for more flexibility.
She started The Project Booth to help businesses confidently plan their sales and inventory and maximize their bottom line. It results in the owner’s clarity, confidence, and of course, cash flow!
Layne makes the numbers in your business “show you the money”.
When not nerding out with numbers, you can find Layne enjoying time with her family at the playground or catching the latest superhero movie with her husband.
Business Building Insights
- The goal is to balance inventory quantities to realize and maximize profit targets.
- Reducing options such as colors or fragrances helps keep inventory under control.
- If you are just starting to attend craft/trade shows, your first product quantities will be an educated guess. Then track results and adjust as you go forward.
- For perishable goods the key is to have multiple outlets of distribution so you don’t have to throw away expired product.
- When analyzing your numbers, compare your results only against yourself – not others.
- Resist overstocking . That’s money stuck in on the shelf versus being used elsewhere.
- Managing cash flow will make or break your business.
Gift Biz Resources
Take the Gift Biz Quiz
Where are you in your business building journey? You may be further along than you think. Take this quiz to find out. At the end, you’ll have access to a free download to help you along. P.S. This is not a quiz where your result gets published to social media. It’s for your eyes only :o)
The Makers MBA Program
Feel the pride and satisfaction of turning your passion into a profitable business. Become a member of the Makers MBA program and access valuable videos, worksheets, and guides and connect with a community of gift biz builders just like you. It’s time to get moving on your dream. Get started today!