#065: 7 Things I’d Do to Create a Million-Dollar Inventory Plan

Welcome to Part 2 of the Million Dollar Store series! In the first episode, Cathy Donovan Wagner shared the cash confidence system that lays the foundation for building a profitable retail business from scratch. Now, in this episode, she dives into the core of inventory strategy, the crucial next step to scaling a store. Listeners will learn how to create a million-dollar inventory plan by curating with intention, mastering an open-to-buy budget, tracking best sellers, and buying smarter not more. This episode delivers practical steps to help retailers control their largest expense and unlock real profit growth. No guesswork, just clear, proven systems to build a retail business that lasts. What You’ll Learn in This Episode Why your inventory is your largest expense and how to treat it as a core system How to create an open-to-buy based on realistic sales goals and seasonal budgets How fast sellers fund your future and why keeping “never out ofs” is a guaranteed sales booster Why buying less but better is the key to growing sales and reducing excess stock The critical timing and strategy behind effective markdowns and inventory clearance Key Takeaways: [00:52] Starting with your sales plan and open-to-buy budget [02:06] Understanding and planning your ideal initial markup [04:09] Tracking inventory turns: why fast sellers fund your future [04:56] The importance of “never out ofs” and boosting sales by 13% [07:04] Buy less, buy better: reducing inventory and increasing sales Your Millie Moment: Review your current sales plan and establish an open-to-buy aligned with your sales goals. Audit your inventory for “never out ofs” and ensure you never run out of your proven best sellers. Calculate your ideal initial markup by category and plan pricing with intention. Create a markdown and clearance plan to move slow inventory early. Commit to buying less but focusing on better quality, curated products. Resources and Links: Want expert guidance to create a Million-Dollar Inventory Plan? Apply for your free Gameplan Call, where we’ll identify your growth opportunities and map out the most profitable next steps to elevate your visibility, attract the right customers, and scale with confidence. Want a behind-the-scenes look at how our top clients grow profit without burning out? Our free training, Beyond Busy: 3 Shifts to Reclaim Your Time and Boost Store Income, walks you through the exact method we use in our Profit Club, focusing on your role as CEO, CIO, and CFO to grow a business that’s both profitable and sustainable. Follow us on social media for more updates! Facebook / Instagram Join the community with ambitious store owners in our Richer Retailer Facebook Group 💚 Remember: Inventory is not a guessing game, it’s a powerful tool that, when managed with intention, creates clarity, confidence, and freedom. Every thoughtful decision made today is a step toward a stronger, more profitable future. With the right systems in place, retailers don’t just survive, they build businesses that support their goals, their lives, and the people they serve. Progress is happening, even when it feels slow, and every intentional choice brings that million-dollar vision closer to reality. You are capable of building this. And you don’t have to do it alone.