The catalogue has 1,800 lines. Four hundred of them are the business.

Nobody ever decided to tie up six figures in slow-moving stock. It accumulated one reasonable decision at a time, and the margin report hides it.

Abstract bridge artwork for The catalogue has 1,800 lines. Four hundred of them are the business.

No one sits down and chooses to hold a warehouse full of lines that sell twice a year. The range grows the way most ranges grow: a customer asks for a variant, a supplier offers a deal on a full pallet, a competitor lists something and the sales team wants an answer. Each decision is defensible on its own. The aggregate is a balance sheet with a large, quiet number on it and a picking operation that takes longer every year. The reason this persists is that the standard margin…

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