In addition to marketing and technology, there is the inventory side of business that needs management. Your company’s money is tied into the proper maintenance and presentation of your products. Review these tips to manage your in-house inventory and maintain an attractive storefront.
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Track Sales Trends
Review the sales trends of each product to know what works and what doesn’t. Do this to place higher priority on more successful products and to better organize the inventory. You will discover products that are making the most profits, including ones that are purchased but not making any money.
Invest in an Organizational System That Works
Most businesses have a system of organizing data and inventory, but nearly every system has its flaws. Employees cause organization errors as a result of not being well trained, fighting with others and not managing their time. It’s necessary to invest in an organizational system that everyone understands and can work with.
Start by outfitting your business with bins and systems. Choose from a variety of bin colors, sizes and materials provided by companies like Quantum Storage. Find wire mesh bins to reach products more easily and stackable shelf bins to increase storage space.
Track the Ordering System
Maintain control over who orders which products and when. It’s common for ordering errors to occur and never get fixed because the system is not being monitored. Shipping the wrong orders is expensive and so is losing products. A computerized system makes it easier to track who handles which order. Save money when you avoid ordering too little or too much inventory.
Reconsider buying bulk purchases for the discounts. You could acquire more products than you need and use too much space in warehouses and retail stores. Consider the costs of taking up space that you don’t use and also think about spoilage.
Consult With the Accountant
Get expert advice from an accountant who knows a great deal about inventory control. At the basic level, hire a bookkeeper to keep track of inventory using software. You may need a more experienced accountant to analyze business trends and predict future sales.
As the inventory manager, take complete control of your inventory and maintain the right product displays without spending too much money. The most common problem with inventory is the mismanagement of money. From buying organizational bins to hiring accountants, look for different ways to optimize your in-house inventory.