Tips for Managing Inventory to Grow Your Goods-Based Business
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How well you manage your inventory will in many ways determine how successful your goods-based business is. Not having enough of a certain item or having too many of another item can make the difference between growing and losing business. Having the perfect number of each item but failing to track and organize them can also impair the growth of your business, as can dropping the ball on fulfilling your orders due to a lack of resources.
When it comes down to it, inventory management is the backbone of your business, and it’s essential that you regularly evaluate your processes to see where you can make adjustments. If you’re looking for ways to help your goods-based business thrive, here are a few tips to get you started:
Make sure you have the right space.
The first place you want to look when evaluating your business operations is your inventory space. Do you have enough space to store the items you need to carry? Do you have lots of space that you’re not even using, thereby essentially pouring money down the drain? Can you organize your stockroom more efficiently? In most cases, if you’re trying to grow your business, you will need more space before you will need to cut down on space.
It’s also important to remember that organization goes beyond your stockroom. If you don’t have an organized workspace, then your productivity suffers as a result. If you need help organizing your workspace, then get in touch with the pros at Lettuce Organize.
Once you figure out what kinds of inventory—and how much of it—you need in the next phase of your business journey, you will have a better idea of what kind of space to invest in.
Use on-demand staffing.
One of the most important parts of running a successful business is having the right kind of team in place. You not only need enough employees to keep up with your orders, but you also need those employees to be skilled and qualified. And if you’ve expanded your warehouse, chances are you need workers fast. That’s where on-demand labor staffing comes in. These kinds of companies can provide you with top-notch warehouse operators much quicker than you would see from a traditional staffing agency.
Consider hiring a virtual assistant.
Another thing that often happens when growing your business is that you realize you have a lot more administration work to do. This is when you need to consider adding a virtual assistant to your team. A virtual assistant can handle many of the day-to-day tasks that take up all your time so that you can focus on the big picture and do the things you do best. Whether it’s managing appointments and meetings, conducting research, sending invoices, proofreading documents, or any other number of tasks that are stretching you thin, bringing a virtual assistant on board will save you time and money in the long run.
Another way to save time and money in the personnel department is to utilize time-tracking and payroll software. A solid system like QuickBooks Time has many features including shift scheduling, which has been shown to save users an average of three hours a week managing employee time. It also ensures that your business complies with predictive scheduling laws (if applied to your city or state).
Research your industry.
No matter what kinds of goods you sell, you need to know the trends in your industry. Since these trends can change frequently, it’s important to stay on top of it on a monthly—if not weekly—basis. For instance, if you run a clothing store, make a habit of researching what colors and sizes of each type of item are selling—and are forecasted to sell—in the market. If you sell electronics, stay up-to-date on the hottest electronic devices and accessories. This will help you to stay relevant as you determine what inventory to order for each cycle.
Keep your website updated.
Finally, be sure to keep your website up-to-date. Not only does the design of your site need to look great and work great, but if you showcase products on the site, the items you showcase should always correspond with your current inventory. A lot goes into web design, and hiring professionals like genesis-unlimited.com may be more cost-effective than trying to figure it out yourself.
Growing your goods-based business requires you to manage your inventory effectively. Make sure you have the appropriate space for your items, and look into in-demand staffing agencies if you need warehouse workers. Also, hire a virtual assistant if you start to get overwhelmed with daily tasks, stay current on industry trends, and ensure your website is always up to date. Lastly, keep an open mind to other ways you can better manage your inventory in the future.