Controlling your inventory is crucial because a if not controlled, you may end up either with excessive purchases or short stock. The better inventory management is the optimized inventory flow you have. You must know the best practices to manage inventory as being a small business startup you may have to manage your inventory yourself and later on when handing it over to someone else, you need to explain him how to do the stuff.
The checklist below will certainly help you in better inventory management:
Sales analysis – Track the frequency of orders so that you can increase the number of items in the inventory as needed.
Automatic purchase – Use stock alert software to replenish the good when the stock is almost over.
Extraordinary orders – Control the orders that cannot be placed under automatic protocol.
Trace lost sales and customers –Document any rejection so that you have a proper regulation of your orders.
Top sellers – Have a record of the things that sell the best. This needs to be done with care so that you do not waste money just on one product.
Seasonal adjustments – Take into account the seasonal change and fluctuations of the market.
Hope this quick list will help you in the big concern!