How to Efficiently Manage your Inventory

Starting a business is a serious feat. You need to take into account many things. A lot of businesses require a working inventory in the form of either supplies or finished retail products.

Monitoring inventory can be easy at first using a spreadsheet and a part of your premise. But, eventually, your business will outgrow your current space and inventory can become nearly impossible to track without plenty of resources and time. That is why you must plan to accommodate this growth.

It is important to maintain inventory to ensure the success of your operations. But, if you have limited space and capital, you need to find ways to keep track of your inventory. Below are some smart ways you can consider:

Consider the 80/20 Rule

If you are like other business owners, you will want to agree with this rule. This means that 80% of your sales may come from just 20% of your merchandise. Thus, only a few items will bring in big money for your business. You need to keep these best sellers at hand instead of keeping them in the back of your storage space.

Think about setting up and using a bookshelf in your office. This will allow you to ship items quickly while keeping your office area free of unnecessary clutter. Also, keep stock in storage to replenish your office when it runs low. If you need to hold plenty of best-selling stocks, consider paying for storage service in a warehouse for boxes.

Keep Remaining Inventory Off-Site

This will help you clear up space. Keep in mind that you can only efficiently get your work done when your office space is free of inventory clutter. Moving this inventory out of the office and into self-storage units is usually a cost-effective solution. A lot of self-storage units are climate controlled, giving more benefit to housing inventory in a self-storage space. But, if you want to make the most of your inventory storage, opt for commercial warehouse space.

Upgrade your Inventory Management System

This system does not have to be complicated and expensive to offer the solutions you need. But, it has to work for your business’ particulars. Ensure that you have a system for the way you store inventory. Products must be organized by type and in the same place so they will be easy to find. In case you store products in boxes, make inventory management easier by placing digital photos of these items on the exteriors of the box.

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