Use the Right Tools
Begin by finding the right small business inventory management software for your needs. This can be a lot cheaper than you think. Thanks to cloud computing, you can use an inventory control system delivered as an online service to avoid deployment and hardware upgrade costs. Furthermore, the subscription-based pricing model such a solution offers enables you to make it available on as many computers/mobile devices as you need.
Assign Inventory Control Responsibilities
Using a small business product inventory software, however, is not enough. Such a solution puts at your disposal all the tools you need, but you still have to order items, set stock levels, track inventory, monitor data, and perform business analysis. In short, you have to take decisions, and at the right time. This is why it’s important to determine who handles the inventory control process in your company, who checks stocks, and who replenishes them. If you leave inventory control to chance, or to overworked office clerks, problems such as overstock and low stock will surely appear sooner or later.
Improve Stock Control
To make stock control more effective, use the capabilities of a small business inventory management software to break stock into different categories, such as safety stock and replenishment stock. You should also set minimum stock levels and automatic replenishment reminders on specific dates. At the same time, you will want to use the built-in tracking capabilities of such a software, and especially its integration with barcode scanners, to recalculate stock and keep an eye on safety stock levels.
Get Rid of Excess Stock
With a small business product inventory software you will be able to quickly identify excess stock and understand why it’s not selling. Many factors may be involved, including price, location, and age of stock; seasonal variations in customer demand; and the amount of exposure it receives. By helping you determine why stock doesn’t sell, an online inventory system will increase your chances of selling it.
In the end, keep in mind that your competitors are probably using a small business inventory management software already, which gives them an advantage over you. Keep up with them and even outpace them by making inventory control one of your priorities.