Starting a small business can be difficult on its own. To make the initial challenge pay off, it’s important not to let inventory costs sink the venture. Inventory management can be a chore, but if you focus on tracking what does and doesn’t sell, automate all or part of your stock tracking, and negotiate everything to find discounts, this chore won’t become a headache.
Track Successes and Failures
A common issue small business owners run into is tracking the success (or lack thereof) they have selling certain items. Pre-startup market research and a solid feedback venue for customers allow for an owner to stay on top of their clients’ desires. If these are accomplished early on and periodically reviewed, you will find that you rarely have issues with excess or dated stock, and your sales will boom because clients will know you have their most demanded items when they need them.
Automation: Simplicity Meets Affordability
Barcodes are primarily thought of as an easy way to ring items out at a register. However, they work wonders for inventory management as well. Magazines, blogs and testimonials are rife with the stories of entrepreneurs who move from clumsy paper or Excel tracking systems to barcode-based inventory control software and are simply awed by the results. On the surface, it seems like a cold, labor-cutting move, but you will be amazed at how much you save once your employees are doing useful work uninterrupted by the tedious need to open up and modify a spreadsheet for every sale. Automated control systems will also drastically reduce mistakes like miscounts of stock and bad orders.
Negotiate: Always Get a Deal
General merchandising wholesale distributors are always looking for new clients, and many times will offer a host of different inventory discounts for fresh customers. When you’re buying your inventory, keep that in mind as you browse distributors. You can save money as a new client, for buying in bulk, for shipping on certain days, or even for passing word of their magnanimity on. Take advantage of their competition for your business early and often.
There is no shortage of techniques to save money on inventory. It simply requires a willingness to do research and adapt on the fly. Raise your bottom line, increase productivity,and enjoy your success simply by following these three steps. For further information contact one of the General Merchandise Wholesale Distributors.