Read more about Business
Good inventory management ensures that you have the right quantity of products on hand and prevents the disappointment of products being out of stock when needed. It also prevents you from spending money on stocks that are not constantly being demanded by your customers. Simply put, with good inventory there would be no stock out, excess inventory, and unsold products. As simple as this might sound, a lot can go wrong if you’re not careful enough. Not to bother, this article is here to give you a proper guide on how to stay on the right track as far as inventory management is concerned. Let’s get right into the tips for inventory management:
- Invest in Good Inventory Management Software: The first step in inventory management is to set up your stock and supplier details in an accessible and reliable system. This is one of the best strategies for managing your inventory as a small business. In as much as some small businesses use manual tracking methods such as spreadsheets, the best retailer option is to use a point of sale (POS) system which would provide a vendor directory for you.
- Build a good relationship with your suppliers: Even the best inventory plans encounter flops sometimes and when this happens, your relationship with your suppliers will speak volumes. An issue may arise where you need an urgent supply of products to fulfil an order and this invariably puts you at the mercy of your suppliers. Issues of quality control can be easily resolved when you have good relationships with your suppliers. To build this relationship, you need to pay invoices on time, meet suppliers at trade events and maintain a high-performing supplier as long as possible.
- Fine-tune your forecast: Accurate forecasting is essential to making projected sales calculations, analyzing market trends, predicting growths, etc.
- Adopt the First In, First Out (FIFO) Approach: This is a very helpful strategy especially when perishable goods are involved. Products should be sold based on the sequential order with which it was purchased. This ensures that items do not sit around for too long, thus, reducing the risk of damage, product expiration, etc. To achieve this, new items in a warehouse should be added from behind so that older stocks can easily be accessed from the front.
Sign up to the Connect Nigeria daily newsletter
- Tag and Label Inventory: Upon the arrival of products ordered, it is necessary to label your inventory before shelving it for sales. You need to attach the selling price of your product as well as product labels for easy internal tracking. You can fix labels directly on the product, on their shelving area, or their price tag.
- Stock Audit: It is advisable for you to periodically count your inventory to ensure that it tallies with what you have in mind. You can either choose to take stock annually, month-end or on the spot-checking.
- Reconcile Discrepancies: It is ideal for physical inventory count to match projected QOHs. However, in cases where you have more or less product than what is expected, you need to identify the problem and reconcile the difference. This difference is known as Shrink in retail. Shrinkage occurs when there is a clerical error as a result of misplacement or theft. Either way, you need to investigate it to ensure it doesn’t happen again.
- Employ a Stock Controller: In cases where you have a lot of inventory, you might need to hire someone to take responsibility for stocks. The job of a stock controller is to process all orders which have been purchased, receive deliveries, and ensure synchronization between what was ordered and what is being received.
- Consider Drop-shipping: This helps you to sell products without having to take the inventory yourself. In drop-shipping, a manufacturer or wholesaler carries out the inventory and ships the product when a customer buys from your store.
Got something you want to read about on our platform? Contact us: editor@connectnigeria.com
You might also like:
- How Businesses Can Stay Resilient in Economic Downturns
- How Agric Economy Consultancy Helps Agric Businesses Start and Scale in Nigeria
- Looking for Where to Fix Your Broken Smartphone Screen? Try Out Easyfix
- The Art of Delegating: How You Can Scale Your Business Without Burning Out
las vegas casino slots
battle slots download
free kronos slots for fun
premium dissertation writing service
writing a dissertation literature review
chapters writing room
dissertation proposal writing services
writing dissertation and grant proposals
medical dissertation writing services
dissertation writing service
help with my dissertation
custom dissertation writing service 2019
writing your dissertation proposal
dissertation help near me
masters dissertation
dissertation search
dissertation format
dissertation
proposal and dissertation help 2000 words
research writing services
proposal and dissertation help 3000 words
custom dissertation writing services
dissertation writing service
writing dissertation
write a dissertation abstract
writing your dissertation
define dissertation
dissertation proposal help
how long is a dissertation paper
creative writing lindenberg
dissertation proposal
dissertation online help
proquest dissertations
do my dissertation
books thesis dissertation help
writing dissertation
dissertation writing
dissertation abstracts
writing a literature review for a dissertation
help with dissertation
doctoral dissertation help thesis
dissertation help for phd candidates
uf dissertation award
define dissertation
dissertation acknowledgement sample
free vpn for chromebook
best vpn for 2017
browsec vpn
best multi device vpn
best vpn for chrome
buy private vpn
best chrome vpn free
free new zealand vpn
hola vpn
best vpn protocols
free vpn server
free vpn for fire stick
best vpn australia
best vpn for tor
buy pia vpn
best vpn for xbox
vpn for free
buy dedicated vpn
what does a vpn do
free vpn best
best vpn service of 2022
best vpn wirecutter
download best vpn
vpn software
nord vpn download
best vpn for firestick free
secure line vpn review
dating british gay men
which gay dating app has most members
gay dating army scam
gay dating show youtube
names.of gay dating sites
gay dating aps
manhunt gay dating site website
the best gay christian dating app
dating gay macho weho
squirt gay dating cruising and sex site
gay fetish dating app
gay dating stockdale texas
gay men dating site
best website for senior gay dating
feminen gay dating sites
casino no deposit bonus win real money usa
win money online
usa casino online
no deposit bonuses
united states online casino
online real casino
popular gay chat 360
michigan gay chat
gay daddies free chat
gay univere men chat
gay daddy chat
michigan gay chat
gay video chat
free nude gay video chat
gay chat led roulette
gay massachusetts chat
gay ruleete chat
free chat network gay
gay lesbian chat
gay chat randon
random gay chat
free xxx gay interational chat rooms in johnstown, pa
gay cumshot chat
free gay adult chat
gay chat aveneu
random gay chat with a stranger
boomerang gay chat
maine gay life hotspots downeast chat
gay chat text
gay men webcame and chat
free gay boys chat
free one on one gay sex chat on camera for masterbation
fcn free gay chat free chat network
richie rose gay chat gay
black bottom gay chat
321 gay chat
chat with sexy black gay men
zoom chat gay
gay adult phone chat
gay teen boy chat
gay chat randon
chat ave gay chat
gay chat boys
video chat older gay
video gay chat
what is the best custom essay site
essay writer reddit
buy custom essays online
community service essay sample
please write my essay for me
online custom essays
help writing a narrative essay
best websites for essays
essays custom
need help with essay
buy essays online cheap
persuasive essay writing help
customer service essay
top ten essay writing services
help with essays
best essay writers review
help me write a narrative essay
editing essay services
order cheap essay
essay on service
best essay writer service
help write an essay
essay writing company
essay writer cheap
essay helper
best paper writing site
best mba essay writing service
essay services
custom written essays
custom essay toronto
college essay writing service reviews
essay about the help
cheapest custom essays
essay customer service
professional essay help
top essay writers
help with writing essays
cheap essay writers
buy my essay
college essay help nyc
hire someone to write my essay
mba essay service
cheap essay help
writing essays custom
what is the best college essay editing service
online essay writer
online essay help
essay writer generator
write my social work essay
best college essay service
essay writing services recommendations
best college essay editing service
can i pay someone to write my essay
cheap essay writer
buy essay online for cheap
write my essay please
custom essay services
need help writing scholarship essay
buy essays online cheap
essay services
college admission essay writing service
customer essay
custom essays writing service
macbeth essay help
i cant write my essay
write my essay org
recommended essay writing service
buying an essay
help with argumentative essay
help writing a essay
cheap custom essay
helping writing essay
i need help writing an essay for college
help me write a descriptive essay
student essay help
write my history essay for me
write my essay review
us essay writing service
order essay online cheap
university essay help
write my essay online
essay writers online cheap
customized essay writing
essay checking service
pay for someone to write my essay
buying essay
buy argumentative essay
persuasive essay writing help
help me essay
mba essay review service
online coursework
coursework writing service uk
coursework samples