For many small businesses, an organized inventory can make all the difference between a sputtering company and a well-run, profitable one. Every aspect of inventory, from how you place orders to how you conduct inventory audits, can affect your business’s bottom line. That’s why it’s so important to get your inventory organized, and then keep it that way—for good.
How do small businesses organize their inventory?
Small businesses should organize their inventory using an inventory management system, such as inventory management software, a spreadsheet or an inventory list. No matter what inventory management system you choose, the first step of getting organized is to record details about your inventory, such as item name, location, description, SKU, wholesale cost and more.
Of course, no two businesses will organize their inventory in quite the same way. A retail operation will organize their inventory quite differently from a service operation, and a manufacturer’s inventory system will vary from a wholesaler’s inventory system.
That being said, there are several different inventory management tips that can help all types of small businesses keep their inventory organized. Here are those tips:
Practice Inventory Control
Inventory management for small businesses is all about inventory control: having the right amount of inventory at the right time. This ensures that you are able to meet your customers needs quickly, but without expensive overstocking that leads to waste and unnecessarily tied-up cash.
Inventory optimization is important for everybody, but especially for small businesses who don’t have tons of cash to pay for inventory that isn’t profitable, essential, or quick-to-move.
Try Inventory Management Software
One of the best ways to master inventory control is with inventory management software. Inventory management software, like Sortly’s best-selling inventory app, can help your business keep accurate, insightful records of what it truly needs.
Inventory management software boasts a ton of benefits for businesses of every size, across every sector. But the benefits are even greater for smaller businesses that do not have employees managing inventory or stock full-time.
If taking inventory is just another task on your jam-packed to-do list, then the faster you can do it, the better. The right inventory app can shave hours of your day by automating the most tedious parts of inventory management, like checking items in and out, hunting down item details, reminding you when you’re running too low on a product or it’s about to expire, and conducting inventory audits.
When choosing inventory management software, insist on a product that is:
- Easy to use and affordable
- Offers customizable access for multiple users
- Works on the devices you already own, like mobile phones, tablets and computers
- Allows in-app scanning of barcodes and QR codes
- Creates and prints custom QR code and barcode labels
- Generates insightful, customized reports
- Alerts you when a product is running low or is set to expire
- Safe, secure and synced to the cloud for anywhere, anytime access
Whether your small business organizes its inventory with pen and paper, using an inventory spreadsheet or using an inventory app, what matters most is that you’re consistent. If you’re having trouble keeping your inventory up to date, why not give Sortly’s inventory management software a try?
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