Here at FreeUp Storage, we understand the importance of small businesses. We also understand how difficult it can be for small business owners to effectively manage and successfully run their businesses, and so, with you in mind, we’ve gathered a few inventory management tips:
Invest In Good Inventory Management Software
A good inventory management software – a software system that helps business owners effectively track and manage items throughout the supply chain – is a fundamental part of running a successful small business. Not only are you better able to accurately account for inventory, you’re also better equipped to save money and improve cash flow. While it may be tempting to try out the trendiest or cheapest software, make sure you review your options to ensure it’s the right fit for you and your business.
The Best Inventory Management Software For 2021 (Investopedia)
Use The Inventory Management Strategy That Best Suits Your Business
And for many, that means utilizing the FIFO, or “first in, first out” approach. This approach is an asset management and valuation method in which products that are produced or acquired first are also sold first. It’s also particularly useful for businesses that deal in perishable goods.
Remember To Keep Quality Control Top Of Mind
Effective quality control ensures that the product hitting your shelves (or your customer’s doorsteps, considering the continued rise in online shopping) are as promised in both appearance and function. This works to keep your customers happy, and your inventory space free of damaged products.
Keep Your Inventory Organized And Your Workspace Free Of Clutter
Whether you have a dedicated office or are running your business from home, you and your team need a clean, organized area to work. If you’ve outgrown your current stockroom, or simply need a secure, climate-controlled space for inventory that isn’t your living room, self-storage is an easy, cost effective solution, especially when compared to other options like warehouses or fulfillment centers.
Is self storage the right option for you and your business? Click here to learn more, or here to find a FreeUp Storage location near you.