How can you ensure you never run out of inventory? Ideally, you want to be great at inventory management. For most companies, this involves modern inventory management software like Orderhive, Zoho or Quickbooks. These computer programs are like spreadsheets on steroids, able to handle a lot of data in a smart and efficient way.
Categorize and Prioritize
If you want to keep good track of inventory, categorize it by priority. You could divide inventory into groups. For example, there are items that cost a lot of money and you don’t have many of them. They go in one group. Then there are lower cost items that sell well, turning over quickly. They’re in another group. And then there’s the in-between items, moderately priced and they don’t sell too quickly or too slowly, so they comprise the third group. By categorizing inventory, you will get a better idea of what is selling best/the most, and where most of the profits come from, too!
Data Systems
Keeping track of data is important– inventory software should be able to show a lot of details about inventory, including bar codes, countries of origin, product values, etc. Monitoring sales is also important. This way you can notice seasonal patterns, as well as other things, like, “If this sells, does that sell, too?” Meanwhile, get a feel for sales cycles while monitoring sales. Certain months are busier than others… holiday time in December, for instance, could be “crazy busy,” whereas January might not be.
Less is Not Always More
If possible, have more stock on hand than less, and this way you don’t run out of inventory. While this isn’t always possible, it certainly can help if demand rises and there’s plenty of product(s) to send out– versus not having anything to send and irritating all the people who wished they could get what you’re selling but it’s “out of stock.”
Find a Reliable Warehousing Service
Ideally, work with a quality warehouse that runs well and can handle your inventory in a timely and efficient way.
Do you need help finding quality warehousing in North America? Contact Affiliated Warehouse Companies at 732-739-2323.
