Managing Inventory Tasks: Tips for Small Business Owners

Managing a small business comes with quite a few challenges, but one of the biggest issues many entrepreneurs face is handling inventory. There are several problems that can arise, from shipping mishaps to incorrect data entry, and these can have a severe negative effect on your ability to run your business effectively. Not only that, those problems can trickle down to your customers, leaving them dissatisfied and looking for someone else who can meet their needs. The more you can do to make daily operations easier and more efficient, the better off your business will be. Here are some tips on how to handle your inventory throughout the year.

Embrace Technology

Many small business owners believe that they can’t afford to utilize technology, but these days, there are several affordable ways you can do to integrate tech into your company’s daily practice. Barcoding software can help keep inventory organized and will reduce the risk of costly mistakes. Not only that, this type of system will allow you to check customers out much more quickly and efficiently. If you attend conferences or conventions, having your stock barcoded will allow you to easily sell your product on the go. Barcodes will also make cycle counts easier so you can take inventory without worrying about slip-ups.

Keep Things Neat and Clean

Whether you keep your stock in a warehouse or in one small room, it’s essential to keep things neat and tidy. Get organized with shelving and bins where you can sort and separate your items; this will help you easily find whatever you need and will cut down on shipping mistakes. Utilize clear signage so you’ll always know exactly where to find a particular piece of inventory, and so your employees won’t feel overwhelmed. Eliminate clutter and make sure paperwork, such as invoices and bills of lading, is kept up to date. If you can designate one day per month to clean, toss unnecessary items, and reorganize, you and your staff will be able to easily maintain order.

Reduce Your Inventory

Unless you do a brisk business across a wide array of items, it’s usually best to reduce the amount of inventory that you keep on hand. Not only will this ensure the ability to keep things neat, but it will also reduce the risk of mistakes and will keep your overhead costs low. In fact, if you’re paying for warehouse space, you may be able to save a lot of money by downsizing. Not only that, but having a smaller space can also help you retain safer practices, which will prevent injury to you and your employees and will allow everyone to find what they need quickly.

Integrate Inventory with Point of Sale

There are several fast, easy, secure checkout systems that you can utilize for your small business that will also help you keep your inventory up-to-date. If you have a physical storefront where customers shop, look for a POS system that manages your stock in real time. There are several options on the market these days, and many of them have reasonable monthly fees for credit card sales. Some systems work better for restaurants, while others were built with small businesses specifically in mind, so it’s essential to read up on the different types available.

Managing your small business’s inventory is an ongoing process, and it’s essential that you train your staff well so they understand how to make the most of any new systems without mistakes. By utilizing tech and getting organized, you can maintain order, help your customers find what they need quickly, and grow your business for years to come.