Minimize Common Inventory Management Mishaps To Save Money and Time

By | February 20, 2020

Minimize Common Inventory Management Mishaps To Save Money and Time.

If you’re a small business owner, an inventory error can be a costly and time-consuming mistake. Whether you’ve sent an item to the wrong customer, have obsolete inventory listed on your site, or have a data entry-related issue, you can learn how to manage these mistakes before they become major issues or cost you any customers or clients.

Keep It Organized

When it comes to managing inventory, keeping everything organized is extremely important. Using space effectively means you can easily find stock for more efficient shipping, and your storage space will be safe for you and your employees. You’ll also minimize errors such as sending inventory to the wrong customer or losing track of inventory. The best way to organize your inventory is with a barcode tracking system that increases both speed and accuracy. What’s more, you’ll be able to see at a glance what you have, saving you time and money.

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Plus, the benefits of a barcode system go beyond your inventory tracking, since barcodes are perfect for asset management, even if your warehouse is subject to harsh conditions. Whether it’s inventory or asset management, you can find barcode labels able to withstand everything from blazing heat to bitter cold to harsh chemicals.

Storing Inventory

As a small business, you likely have limited storage space for your inventory needs. However, as your business expands and your inventory increases, you often try to fit a very large inventory into a very small space. This can make it harder to find inventory, make it difficult to keep track of your current inventory, and increase the chances of costly errors.

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If you have some unused outdoor space, you can easily solve your storage problems by building a free-standing steel frame building, many of which are specially designed to be used as warehouse space. Before constructing this extra storage space, explore your options to find the frame that will best match your inventory needs.

Automate Your System

If you’ve run into trouble with obsolete inventory or have experienced a lot of data-entry issues using a manual entry system, it’s time to automate your inventory system for improved accuracy and better customer satisfaction. Along with the barcode tracking system, you can automate your sales and merge them with your inventory to see sales trends, review data, and easily adjust orders in real time to minimize inventory management mishaps.

Ordering the Right Amount of Inventory

One of the most common inventory mishaps is over- or under- ordering inventory. Without sufficient inventory, you won’t be able to provide prompt service to customers, and you may lose their business. However, with too much stock, you’ll run too high an overhead, and you may struggle to find storage space for all your inventory or have funds for daily operations. Overcome this problem by using inventory management software that will analyze purchasing trends and notify you when your inventory is running low.

Take the Time to Train Staff

If you’re a small business owner, you have a million things to do, and training your staff might not be a top priority. However, if you’ve been experiencing inventory errors, minimize these mistakes by thoroughly training your staff. Teach them organizational techniques, encourage them to be proactive problem solvers, and show them how to streamline processes to reduce errors and provide the best customer experience to your clients.

Inventory Audit

When you’re running a small business, you trust your staff to avoid making mistakes. However, both you and your staff can occasionally make mistakes, and you may experience an inventory mishap despite everyone’s best efforts. To minimize these errors, perform occasional inventory audits to physically check the inventory you have in stock; that way, you’ll correct errors before they affect your business or your customers. With an internal audit, you can also check the efficiency of your inventory management systems, discover any potential weak spots, and further streamline the process, making your business even better.

It’s imperative for small business owners to learn how to handle common inventory management mishaps and deal with these problems as soon as they arise to prevent expensive mistakes. Developing a great inventory management system will save your business money and allow your company to grow even faster.

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