Inventory management can be improved substantially by applying some very informative and helpful habits. We recommend the below habits to improve inefficiencies and create the best possible inventory flow.
Apply Special Promotions coinciding with Stock Levels
There’s often a stock level that is just a little too disproportioned. It is either too high to justify or too low, causing problems for your inventory levels. You can always settle on promotional deals and discounts which play into the current stock levels. Make a habit of adding promotions, even small ones, to keep your audience based engaged. While this is definitely a marketing priority, it should be something inventory managers look at as well. They can recommend special promotions to help ease high stock.
Review Forecasting and Trends
What is happening in the industry and how is it impacting the business? We recommend reviewing the larger aspects of the industry regularly. Take a look at societal trends as well as local community trends. Account for them in stock management. This is an extremely useful habit which can help you capitalize on social movements or take advantage of a very specific change in supply and demand.
Audit Your Stock
While inventory management software can be very accurate, it always helps to get in there and audit the stock. Make sure the numbers match and make sense. Human error can often compound and cause substantial problems if you don’t take the effort to double-check periodically.
Review the Sales Analytics
Information is more valuable than any best guess. It usually dictates the decision-making process. Sales analytics from inventory management software can really help you untangle a story which once seemed complicated. Make a habit of reviewing the analytics with things like daily stock updates, low stock triggers, unpredictable boosts in sales of a certain product, and more.
Review Inventory Quality
Make a habit of reviewing the shelf life of your products before they expire or degrade beyond sale. Many small businesses will remove bad product once it is already bad. This is often a lost opportunity. For example, preemptive searches can help you push a promotion to product about to expire. It can help you tackle the inventory issue before it becomes a direct cut off your bottom line. If you are quick and habitual about it, you can retain tight quality control, avoid product loss, and make more money.
Of course, inventory management makes keeping to these habits a whole lot easier. Contact our team for more details. Utilize inventory management software which saves you time and money, yet remains extremely intuitive. We want to provide you a platform that grows your business, making the transition to it clean and easy.