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3 New Year’s Resolutions for Better Inventory Control

As we quickly approach the New Year, it’s important to reflect on your current business processes and determine any enhancements you can make to improve them. Resolutions don’t have to be personal goals you hope to accomplish; you can also set resolutions as a vision for how you would like to see your small business improve in the future. Below are three New Year’s resolutions you, as a small business owner, should consider to improve your inventory control.

1. Research Suppliers

Use the beginning of 2014 as a time to evaluate the relationships you have with current suppliers. Are they providing your company with the products you need in a timely manner? If so, consider discussing with them potential price breaks for being a loyal customer. If your current suppliers are not providing the service you need and are causing you to adjust timelines, it may be time search for other available suppliers. Another supplier may be able to offer you a better pricing option with better deliverability capabilities. The key is awareness of your alternatives and understanding the best fit for your business.

2.  Evaluate and Manage Slow-Moving Items

Good inventory management means knowing exactly how much inventory your organization has on hand at all times. However, it’s also important to take that a step further by watching and analyzing sales patterns. You should know what items are selling well and moving quickly into the consumer’s hands so you can adequately keep the appropriate inventory level available. On the other hand, you should also evaluate which items are moving slowly or may not be selling at all. If items aren’t moving as quickly, it may be appropriate to brainstorm ideas on how to entice people to buy, such as moving that product to the front of the store or discounting it. Holding on to inventory that isn’t selling decreases your profit, ties up cash, and requires you to arrange for storage.

3. Invest in an Inventory Management Solution

An inventory management solution provides the ability to accurately track and manage inventory. In 2014, consider employing inventory tracking software to help manage your inventory levels. An inventory management solution takes an initial investment; however, in the long term, it will make your small business more profitable and efficient. The software will ensure you only purchase needed inventory – preventing over purchasing.  It also makes it incredibly quick to pull inventory related information for audits and documentation. Properly managing inventory is essential for business success. As the New Year approaches, use this time to evaluate what worked and what didn’t when it comes to your inventory tracking. Ready to make these inventory control, New Year’s resolutions for your small business? Get started by learning more about Wasp's Inventory Solutions.