I just recently saw a commentary by Mike Young of The Book Bin describing his new book credit policy that will come in effect at the new year. I think it is a terrific idea and believe that all those offering to let buyers use nothing but credit should take notice. I don’t think it would be tough to get you all to agree that selling used books is, financially, a tough business. More needs to be done to improve the bottom line. This is an easy to implement idea that your regulars will have no problem with and it will have a direct impact on your cash flow.
As always comments are appreciated.
The commentary was seen at the Old Bookstore Group. If you run a used bookshop and are not a part of this group you owe it to your business to join up. There is simply no better group of peers around.
Here is Mike’s Message:
Hi All! January 1st is a big day for us as we are changing how we do
business. In the past we would give a book credit for books that could
be used on more used books in the store, no exceptions. Most of the
time we were playing library as cash was coming in on amounts people
were spending over their credit but we are finding that people are only
spending their credit and nothing to pay the “rent” so to speak. Jan
1st, we are allowing people to use 50% of their book purchase towards
their credit and pay for the other 50%. We are hoping that this helps
cash flow in our book end of business. We also sell dvds, music, video
games, etc. which has been supporting cash flow but we think that we
can do better. How do other people in the group handle these issues?
Has anyone attempted to do the same as I? If so, how did it go?
Enquiring minds want to know! hehehe As always thank you all very much!
I have learned so much here!
Mike Young from The Book Bin