4 Tips to Keep Better Control of Your Inventory

Inventory control isn’t just an issue for small business owners, it has almost shut the doors of major corporations. According to reporting by Business 2 Community, JP Morgan lost a staggering $6 billion in 2012 due to inventory spreadsheet errors. They also report that Hershey’s once failed to deliver $100 million in candy to stores in time for Halloween due to a failure in their supply chain system. It’s easy to see how quickly poor inventory control can put your business into an unstoppable free-fall, but difficult to know how to actually tackle it.

Inventory management and control

From the automotive business to medical field, there are ways to get a better handle on your inventory to keep your business running smoothly and profits intact.…

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7 Rookie Inventory Management Mistakes to Avoid in Retail

Inventory management is one of the most vital elements to the success of a new retail business. Keeping track of your inventory levels at all times helps you find products quickly (when you need to serve customers), understand your most popular and least popular products, identify sources of loss, and monitor and improve your profitability.

Inventory management mistakes

Unfortunately, inventory management isn’t as straightforward as it seems on the surface, and most new retail entrepreneurs end up making serious mistakes in the creation or execution of their overall strategy.

The Biggest Mistakes in Inventory Management

These are some of the most common and devastating mistakes new retail businesses make in inventory management:

1.

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Managing Your Inventory for Next to Nothing

Inventory Management Software as a Service

As the owner of a small and medium-sized business, it’s understandable that you want to keep your business overheads as low as possible. However, in this age of cloud applications and software-as-a-service, there’s simply no excuse not to embrace software and technology at every turn in your business.

Inventory management solution

Right now, you’re probably using email, calendaring, tasks and collaboration applications for free. Your business absolutely depends on these applications. But if your business deals with products, or if you’re a wholesaler or distributor, then you can add inventory management software to this list.

What Can It Do For Me?

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8 Huge Inventory Management Mistakes

Inventory management is way more than taking a tally of boxes in your warehouse every six months. In fact, an updated inventory management system can give you all sorts of insights into your business, from tracking seasonal trends to understanding why certain products aren’t selling. Yet, plenty of companies continue to perform manual counts, making all sorts of egregious mistakes that cost their business vital money and time.

Inventory manager is making inventory management mistakes

Here are some of the worst inventory-related blunders made by more businesses than you might expect.

1. Refusing to Spend Money on Inventory Tools

Among new business owners, there is a rampant misconception that all you need to manage your inventory is paper, a writing utensil, and a strong ability to count, so it seems that spending money on inventory management tools is a massive waste.…

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How to Effortlessly Control and Track Your Inventory

Savvy inventory management is crucial to streamlining business operations, meeting customer demand, and improving profitability. While many business owners start selling without a clear inventory strategy in mind, keeping track of and controlling inventory levels effectively is vital to growing over the long term.

Inventory management

Here are some of the inventory management considerations every retailer or wholesaler should know.

Key inventory management stages

Foundation: Inventory management should start with a fundamental system of categorizing and naming products. Giving each product an SKU (stock keeping unit) ensures all your inventory is uniquely identifiable and easily tracked. SKUs can easily be created for products using an SKU generator.…

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What Every Small Business CEO Should Know about Inventory Management

CEOs of small businesses are generally expected to know a lot about running a business. However, there are some, especially the less experienced ones, who may need to get more acquainted with important matters such as inventory management. For small businesses, being able to properly monitor and manage inventory is a must. The failure to do so can lead to dire consequences.

Small business owners

Inventory Management Is Extremely Important

Good inventory management is a vital part of running a small business. Even service-oriented companies have inventory to manage, although not to a point that requires meticulous attention or the aid of an inventory management platform.…

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From Supply Closets to Multi-Facility Warehouses: Today’s Top SMB Inventory Management Solutions

Tracking inventory is essential in many small businesses, especially if you run a retail business. But there is much more involved in inventory management than simply tracking your products.

Inventory management

You also have to manage the pricing, the timing, the quantity of your orders, the best time for restocking particular products, the costs of your storage, and a lot more. A good understanding of your inventory is essential, and you must know how to manage it effectively.

Inventory management solutions give you much more control over your inventory, and they help to make this aspect of your business much easier for you, freeing your time up to focus on other tasks.…

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3 Tips for Managing Your Inventory as a Small Business

As a small business owner or manager, you likely have a lot on your plate already. However, one area you can’t afford to take chances with from a business standpoint is in regards to your inventory.

Inventory management

If your inventory isn’t properly managed and accounted for, you could have innumerable problems within your business. From losing money to losing customers, inventory issues can really set you back.

To help you avoid running into problems with insufficient inventory management, here are three tips for better managing your inventory as a small business.

Have the Right Storage Space

Depending on the type of business you’re running, you’re going to want to have a set amount of your product stocked and ready to go when a sale comes in.…

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