Improving Your Inventory Management
If you run a store, then you want to be certain you have the best, most desirable products on your shelves. This involves knowing when you are running low on something so that you can order more. That way you never have to be without a hot item. For this reason, excellent inventory management skills need to be acquired so that your business has the greatest shot of being successful.
Maintain an Organized Stockroom
While you want to ensure that all the products actually on the shelves are organized attractively, you want to do the same in your stockroom. A cluttered stockroom is going to make it difficult to locate items, so you may not know when you are running low on something. Have designated areas for each item so that you can tell from a glance whether you are almost out. This also makes it easier to help customers. Someone may ask for a product that is not on the shelves, but you are reasonably certain you have in the back. By having an efficient layout, you can easily find something and better help your clientele.
Create a Better Tracking System
In the past, inventory management would have been done on paper and pen to track how well items are selling and how much you have left. Today, there are plenty of digital options for maintaining records. You can scan SKUs so that items are automatically deducted out of the system. With digital software, you can even schedule alerts of when you are running know, so you always know when it is time to order more.
Once you decide on the system you want in place, you want to ensure everything is labelled properly. This means more than just listing everything by its name. You want to be sure everything correlates to a price, UPC number and SKU number. You can also add additional details if you want such as weight, size or color.
Record Vendor Information
Most stores work with several different vendors. You want to make sure you catalog every vendor’s contact information and correlate it to a specific product. With this system, you will know exactly the number to call when it comes time to restock.
Having inefficient inventory management is only going to force you to waste time and money. You do not want to lose out on potential sales because you did not have an item in stock. Take a look at your current inventory system, and make improvements where necessary.