A business that carries inventory comes with its own set of challenges to consider – especially when it comes to managing that inventory. Order too little and you lose sales, order too much and you lose money. It’s a delicate balance to strike but one that can be made a lot easier with the right tools, practices, and advice.
Use great software
Cloud technology might be the greatest advancement for small business in decades. It’s easy to use, and allows you to access your data more easily than ever before. Pre-technology, inventory management was a struggle involving manual methods prone to human error. It’s now a slick and simple process that benefits from the use of technology.
Adopting cloud based inventory management in Sydney is your ticket to simplifying everything. When you adopt these tools, you’ll find it easier to track what’s on hand — even if it’s spread out between stores or warehouses.
Another great advantage to using online stock software is how well it integrates with other tools. You can link up your accounting, time tracking, and more to your inventory system, so that everything is seamless and plays well together.
Look back to look forward
Being out of stock on an item is a surefire way to lose a sale. But having too much of something on hand is also costly, because you have to pay to store it or may have to sell it at a reduced cost — or toss it. It’s critical that you analyze past sales records to know what to stock in your store moving forward.
The tools built into your locate software allow you to review past sales and make better buying decisions. That way, you will always have what you need on hand and will keep more money in your pocket.
Make it simple
When deciding on a product inventory system, take the time to analyze exactly what tools you need. Think of how they can help your business today. Choose an inventory software system that is robust enough to handle your needs, but simple enough that staff will be able to use it and keep things accurate.
Check physical inventory regularly
Inventory management software is powerful, but it’s not the only piece of the puzzle. No matter how sophisticated your online system is, you still have to check your numbers against physical inventory regularly.
Make sure you’re using a first in, first out (FIFO) system so that what you have on hand is always fresh and current. Ensure your staff understands inventory movements and how to track them using your chosen software. And physically count what you have on hand regularly. It’s the only way to know if your real inventory matches your system inventory.
Get some help
An inventory-based business is usually an exciting venture built on an entrepreneur’s passion. But while you’re likely an expert in your field, it doesn’t always mean that inventory management is going to be your cup of tea.
Inventory management in Sydney is an excellent option to get your business on the right track and make the job easy. You can get help with software consulting, stock management, and so much more. A pro can help you choose the best stock inventory software and help you get set up and stay on top of things. It’s a service that pays for itself quickly.
Final thoughts
Moving to a cloud-based inventory management system set up can be intimidating at first. But with a little help you will find that it saves you time, money, and stress. Give us a call to learn more about how to get set up with inventory tools in Sydney that will help your business thrive.