No matter what type of business you’re in, it’s important to keep track of the inventory. No one wants to walk into their inventory storage area and have no idea what’s in there! Small companies, salons, and restaurants all must document the amount of product they have on hand and compare it to the record of their sales so that they can order replacements and continue to operate. However, inventory can be a tricky task, and many owners or managers don’t get the hang of it at first. Here is a quick guide to easy inventory techniques you and your employees can benefit from.
Sometimes your space isn’t big enough to do a proper inventory count. If you’re working with e-commerce and your volume is expanding rapidly, you may be hampered by your physical location. Consider moving to a different warehouse in order to keep your inventory better organized. With proper labels, efficient workers and a better warehouse space, you’ll find it much easier to find and ship the products your customers require. If you’re not ready to make such a move, look to professional companies that can reorganize your warehouse under your supervision for easier inventory checkups.
A lot of supermarkets use handheld scanners to track inventory item by item. However, new technology makes it easier to determine your receipts and profit at the end of the day. Using POS software can help you track inventory problems or sell-through rates. By training your employees on the POS system, you’ll reduce problems to a minimum when a customer makes a purchase. Afterward, you can use the data to assess any discrepancies in your inventory and utilize it to make well-informed ordering decisions. You’ll find that modern warehouse software can make an immense difference in your organizational process.
Always Have a Backup Plan
It may sound old-school, but receipts and logs can go a long way in case of emergencies with your technical system. If you own any business, you’ll want to prepare to continue to serve your customers even if your technology is on the fritz. If you don’t, your sanity might be what’s on the fritz! Thankfully, you can control inventory manually by compiling a list of your customers’ purchases along with their credit card information or personal checks. Keep a supply of printed out transaction forms just in case of an emergency. And don’t forget to keep an eye on the cash sales—they are important too!
Inventory control is vital to your business. To keep your company thriving, the process should be easy and swift. Regardless of your field, it’s important to know what’s in stock and what other products you may need. Proper technology and trained staff should be able to handle the headaches of inventory so you don’t lose any profit.
If you’re running an e-commerce business, check out these tips to make your business more effective!