Business growth and efficiency can be tough, especially for UK-based distribution companies that have to balance inventory, forecasting, and logistics processes with sales, customer service, and everything in between. Don’t worry. A powerful yet easy-to-use financial management solution can help you solve these challenges.
Can you deliver the goods?
According to BDRC Continental, 43% of businesses in the wholesale and retail sector face worse than average financial risks.
The complexity of wholesaling presents major business challenges to UK businesses such as huge product inventories, narrow margins, diverse downstream customer requirements, long lead times, and unpredictable supply.
So, how can your wholesale distribution business mitigate these risks and stay competitive?
Use mobile technology to improve sales and customer service
Mobile working, both in the warehouse and on the road, is one of the major trends affecting your industry – without it, your team can end up being tied to a computer terminal or wasting a customer’s time in the field. Allowing your teams the flexibility to access accurate live information wherever they are via mobile and cloud-based solutions is crucial.
With so many companies embracing these new technologies, your distribution business can’t afford to be left behind.
Get more value from your stock
No distribution business will make a profit, or survive, if customers are left waiting because products are out of stock. Inventory management is a constant balancing act as is matching demand to stock levels – and getting it wrong can harm your business, through lost sales, too much cash tied up in excess inventory, and damaged customer relationships.
You also have to keep the cost of fixed assets as low as possible as they represent a significant cost in the annual financial statements. Achieving all of this involves increasingly complex calculations.
Don't let legacy systems hold you back
Ask yourself: How many units shipped last month? What’s your most popular item? Who’s your best customer? Which warehouse sees the most turnover?
For distributors still using disparate legacy business systems like spreadsheets and homegrown databases, getting answers to these questions in an efficient and timely way can be extremely difficult.
A solution that gives you access to accurate live data whenever and wherever you need it most is key. It's time to find that solution.