Keep costs under control
With market fluctuations and increasing competition driving prices down, it's never been more important to take charge of your expenditure to ensure your small business stays profitable in an often unpredictable operating environment. Get total oversight of your inventory, and accurate insights into what's selling, with detailed tracking and reporting–so you can keep on top of costs and see where savings can be made.
Get your stock rightThe number one challenge for any retail, distribution, or manufacturing small business is ensuring you have the right amount of stock. Too little and you'll run out and risk losing sales and damaging customer confidence; too much and you're stuck with cash tied up in assets that you can't sell. Make sure you get the balance right with easily accessible live data, allowing you to make better decisions about what to stock, pricing, and discontinued items.
Fulfill orders on timeFulfilling orders quickly and accurately is an absolute priority when it comes to delivering outstanding customer service, building loyalty, and keeping customers coming back again and again to your small business. Make sure you always have an up-to-the-minute picture of what's in stock and where with accurate live information about your assets, including their location, precise value, and status.
Take charge of purchasingPurchasing is the first critical step for making sure you get the stock you need when you need it, and a cumbersome process or poor decisions can cause delays and stock issues that will affect your small business all the way down the supply chain. Save time and money by automating key elements of your purchasing process, including replenishment and records of all purchase orders, and build up accurate data to help you make critical decisions with the best possible information.
Get more time to run your small business
Staying on top of inventory management can be incredibly time-consuming for a small business, but it's too important to ignore. With the right solution, you'll be able to automate many routine tasks, dramatically speeding up core processes and leaving you with more time to focus on the strategic decision-making that will secure your company's future.
How to organize inventory for small business
Because doing it right can make all the difference. Check out these best practices to get a better handle on your inventory management.
1. Make informed decisions
Identify customer buying patterns and trends and use them to make strategic decisions going forward. You can’t predict the future, but studying past buying habits can give you some solid insight into how to best manage your inventory.
2. Stay current with inventory count
Inventory can fluctuate rapidly. Make sure you have a current, accurate record of your available stock at all times. And make sure that’s reflected on your customer-facing channels. If you do run out of an item, it’s better the customer know before they order it—that’s your business’s reputation on the line.
3. Create set reorder points
Especially for popular, consistently selling items, set up automatic replenishments whenever inventory count falls below a certain amount. It’s always good to have one less thing to worry about.
4. Categorize inventory by value
Not every item in your inventory has the same value, so they shouldn’t all get the same treatment. Your higher-value items require more hands-on management—such as stricter control and special storage—while your lower-value items are less of a concern. Categorizing your inventory appropriately allows you to devote your care more effectively.
5. Monitor items that don’t sell
Make note of items that have been sitting on the shelf for an extended period of time. Space is valuable—it may make sense to discount these items to get rid of them quickly and make room for something new or better.
6. Keep on top of physical counts
Mistakes happen. Items get lost, stolen, or simply miscounted. You need to routinely balance your stocked inventory with what you have on record and make sure everything matches up. The key is having real-time control of your inventory in order to get ahead of any discrepancies.
7. Be diligent with quality control
You can bundle this practice in with your physical counts. Inspect products periodically to make sure there’s no defects or damage. Your customers will thank you by not leaving bad reviews. To recoup some losses, collect any items that aren’t of a consistent quality and sell them at a discounted rate.