Master Inventory Management for Your Growing Business

You’re seeing consistent growth with your business, and you want to keep the momentum going. No matter the products you provide, it’s essential that you master proper inventory management. The right system of organization helps you take care of not only your customers and business but your employees, as well. POS Highway’s complete and smart solutions are the answer. Here are more tips to help you get control of your inventory management.

Decide Which Inventory Is the Most Essential

Just as you prioritize work tasks, do the same with your inventory. See which products are the most popular so you know which items you need to order more often and in greater quantities. Alternatively, you may have less desirable items that are expensive for you and slower to sell.

Pay Attention to Shift Scheduling and Time-Tracking

Your employees may either help or hinder your inventory-management efforts. Evaluate employee strengths for handling inventory, and create their schedules accordingly. The right software makes this task easier and helps you be more organized. Ideally, use a time tracking solution that allows for easy repeated scheduling and notifies your workers about changes so you have one less thing to worry about while mastering inventory management. A mobile time card app is useful for tracking both on-site and off-site workers, and one including a GPS tracker allows for automated clocking in and out, increasing transparency on where employees are.

Track Product Information

Keep meticulous product information records, including barcode data, SKUs, lot numbers, countries of origin, and suppliers. Also, examine product costs overtime to better anticipate seasons of inventory feast and famine.

Sell Items in Order

When tracking product details, note when you receive inventory shipments. As Finale Inventory notes, you want to sell items in order so whatever you receive first is what you sell first. Don’t risk losing money by selling old products, especially if you deal with anything perishable.

Create an Organization System

Do you have a system for storing and organizing your inventory? If not, decide where you want to keep your items so they’re safe and in order. While you may at first get away with storing some items at your home, as a booming business, you may need to upgrade to something like a storage unit or warehouse soon. You will then need services and solutions that guarantee accuracy and precision.

Audit Inventory

You don’t have to be the IRS or an accountant to conduct audits. Schedule regular audits where you count your inventory to ensure everything matches what you have on the books. You can conduct audits weekly, monthly, or even daily. The goal is for everything to match up.

Track Supplier Behavior

Just as your employees can make or break your flow of business, the same applies to your suppliers. If you have suppliers who are consistently late, deliver damaged products, or don’t complete orders, it may be time to part ways. Look into solutions that help you track vendor information and behavior more efficiently to better spot inefficiencies and inaccuracies and, in turn, take informed action. Before cutting ties, bring your concerns to the supplier to see what the problem is and how (or if) you can work it out together. However, while you may feel reluctant to take your business elsewhere, you can have little choice when your business and livelihood are at stake.

Receive Inventory Consistently

Touching back on your inventory organization system, you must have a standard practice for receiving new stock. If employees process stock shipments differently, you may find auditing inventory more frustrating than helpful.

Tending to your inventory may help your company more than you realize. Hopefully, these tips can help improve your inventory management. And to truly tap into your business’s true potential, request a free demo and quote from POS Highway today.

By POS Highway Staff | July 24th, 2023 | Supply Chain Management | 0 Comments

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