March 22, 2019 Last updated March 17th, 2019 428 Reads share

Inventory Management Tips to Keep Your Business out of Trouble

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When you hear the word “Inventory”, what is the first thing comes to your mind? Things we see in shops on the shelf, but it means a lot more for the business owners who sell them. It is important for businesses to do their inventory management, keep an eye on the products they sell, and list out the remaining left in store to match them with their records.

These days as we are moving towards a digital era, flawless management of your retail store is important. It is the most important aspect of a retail business because you are paying money for products to earn some money out of it.

Advantages of Inventory Management Software

It is a time-consuming task to manage your store, but it is an important task to keep your business run seamlessly. Inventory management software will give you the freedom to track your products and make it easier for you to keep your stocks accurate. Here is some advantage of management and tracking system for your store business:

  • Avoid going Out of Stock – Sometimes it happens when you think you have product in your store but when a customer asks for that product you found it out of stock. This could lead to loss of customers and sales revenue but with good tracking software you can avoid running out of stock and can determine if the item is in the shop or not, so you can order it before the items going out of stock.
  • Organize and track bestselling products – you can check that which products are selling more, or which products are not performing and just sitting on the shelf of your store. It will help you to manage your store warehouse and give you a better idea of your business sales.
  • Improve Employees Productivity –if you want to have good sales and better management of your store than you should focus more on your employees. You should provide them with store managing devices like bar code scanners and software can help you to keep track of how much items you sold and how much stock you have left. It will also increase the work efficiency and productivity of you and your employees.
  • Increase Profitability– An automated inventory process can help you focus more on other business issues instead of counting product buying and sold receipts, tallying stock count one by one manually which will surely increase your store sales and customer satisfaction.

Managing your stocks is an important part of supply chain management which helps business owners to have the right product in the right quantity to sell when any customer comes to the store. If it’s done in the right way, it will reduce the cost of manual inventory checking and increase sales.

Tips for Better Inventory Management

If a business owner can track his products and items in real time than it will help him to streamline his process in a better way. To use Inventory management system or software effectively, here are few tips for business owners –

  1. Choose good Retail POS software – Point of sale software can help you manage your store better and increase your sales. These days POS software’s are coming with inbuilt inventory management system which streamlines the process of your business. You can organize your product and keep track of your business at the same place. You can create and edit your items through the POS system easily which will speed up the receiving items and prevents mistakes.
  2. Keep Inventory organized – You should check your inventory time to time to match the items in your store and review the products. Make sure it is easily accessible to your employees to sell. Keep your stocks organized to make it accessible easily. Check that if any damaged items have different space so it can’t mix with the good items. You should have a daily checklist to manage the items and process.
  3. Differentiate between products – You may have some items in your store which are high sellers among all items and some items which aren’t selling as much you want. So, you need to differentiate between those items because any item which selling fast like to run out of stock. So that item procurement & availability should be a top priority. Items which sales are low can occupy space in your store shelves for a long period and cover space which fast selling items could occupy to match the demand.
  4. Implement quality control – Make sure that your items are in good condition and available in store when your customers are ready for purchase. It will build trust between you & your customers and they will return for shopping at your store every time. QC will also help you when you receive any new inventory which needs to be updated without mistakes.
  5. Improve inventory audit process – Any automated process for managing your store needed to be checked manually. You should perform manual auditing process, time to time to make sure that items aren’t missing or disorganized. This will give you an idea about what happening in your store and help you keep all the products and items organized. The audit process will also help you with theft prevention, so you can check if any of your employees or customers are stealing from you.

It is not an easy job to run a store and manage it simultaneously, but it is an important job for a store owner to do it. If it’s not being done properly, store owners can lose their money, products, and trust of customers. But with the right software, owners can control every aspect of their business from sales, purchase orders, customers database to avoid losing money.

Vikas Pandey

Vikas Pandey

Vikas Pandey is a writer & blogger based in India. He has more than 5 years of experience as working with startups & digital agencies as Digital Marketer. He writes about business growth, digital marketing, startups & technology.

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