Business costs money; that much is a given, but so many businesses these days waste money by not being organized, and this is especially true when it comes to their stock inventory.
Getting Your Inventory Right
Don’t leave inventory optimization to the last minute. This should be something your business is looking into at the very beginning.
Figure out how many items you’re going to need, how much of each one, and from what suppliers you are going to source them right from the beginning of your business journey.
Here are six more ways you can manage your inventory better to save time and money:
Keep Your Product Information Up to Date
Make sure to update the product information to your database as soon as you make a sale; you don’t want to have to go through all of your products in the future and find that you’re selling out-of-date stock.
You should also make sure the database you use to organize your inventory has a search function. This allows for easier management when one of your customers asks for a product; you can just type in the name, and it will find it for you instantly.
Do Regular Inventory Audits
This is a must for any business that values its inventory, even if you only have a small part of your stock on hand. The time you spend doing this will be worth it for the money you’ll save.
You need to keep track of your inventory and then measure it at least once a month to make sure it hasn’t reached its sell-by date or that you are not running out of popular items.
Run a Just-In-Time Inventory
A just-in-time inventory is a very efficient way to keep your inventory down and be able to find what you need quickly.
Rather than having all of your items in stock, you will have only the items that are about to sell out.
This type of inventory management will require you to have a steady stream of cash coming in to get the stock you need as soon as you need it.
Keep Tabs on Your Sales
Sales are important to keep track of; you can see which products are popular and which ones aren’t. This will help you figure out what’s doing well for your business and what isn’t.
This is important to know if you have an ongoing consumer base for a particular product, you can easily get information about your customers and what they are buying from you.
Make It Easy for Your Employees to Find the Items They Need
To keep your employees happy, it is important to make sure they can find the items they need when they need them.
Make sure to keep items in the same place so that everyone knows where to go when one of their customers needs a product.
Understand Lead Times from Your Suppliers
Finding the right suppliers can be a difficult task. You will want to make sure you choose suppliers that are fast and able to meet your needs.
It is important to find out how long it will take from the time your supplier receives your order and when you receive your item.