Inventory management isn’t the easiest thing to master. As a business owner, you need to be aware that the employees you hire will have varying degrees of inventory control experience. If your inventory system is an integral part of your business, it’s probably a smart idea to include…
Have you ever been asked about your “inventory turnover”? What a bizarre term! Well, inventory turnover is a ratio that many people use to judge the quality of your operation. It basically refers to how many times per period your company’s inventory is sold and replaced. Calculating your…
Some business authorities assert that there is a set of inventory management best practices all businesses should utilize to achieve an optimal inventory control situation. However, you might find that an inventory management system that works well for one type of company wouldn’t work well for your company.…
In business, the inventory system is how you keep track of your goods and materials. This is an essential part of your business, as good inventory management can make or break a business! If you’re not properly keeping track of your inventory, you’re not maximizing your profit. You…
As a small business owner, you may be tempted to consider cutting corners and finding ways to save money. One place that you shouldn’t skimp on is your small business inventory management. In fact, as a small business owner, inventory control is almost more important than it is…
Sometimes, a business outgrows a basic inventory management system. Inventory management software alone no longer suffices. When this happens, a company may need to hire an inventory management specialist whose job is to solely keep track of all things inventory related. This inventory specialist will count the inventory,…
Missing Inventory? – Every once in a while, you won’t be able to find the inventory you need. If a raw material can’t be found, you’re going to have trouble making your finished product. Similarly, if something is misplaced during the work-in-progress phase of production, you’re not going…
Today, my first guest article was published on Practical eCommerce. Titled “Inventory Management: Use 80-20 Rule”, I discuss the following topics in the article – Use the 80-20 rule to decide what levels of inventory to carry on which products. Analyze competitors and listen to customers to choose new products.…
Wall Street Journal discusses different ways to deal with excess holiday merchandise. Sell via consignment stores – What are consignment stores? These are stores that will hold your inventory for you and sell it at a lower price. They take a percentage of the sales revenue. You still…