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You're running a small business. How can you make sure your inventory is always up to date?

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Inventory management is a crucial aspect of running a small business. It helps you avoid stockouts, overstocking, and waste, and optimize your cash flow and customer satisfaction. But how can you make sure your inventory is always up to date, especially if you have limited resources and time? Here are some tips to help you achieve effective inventory management for your small business.

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Ahmed Khalid

Business Development & Area Sales Manager @ Industrial Electronic - Indel GmbH | Chemical Engineering
Emad Soliman

Country Operations Manager at Kuwait Food Company (Americana)
Andres Estrada

NetSuite Specialist | Leading Continuous Improvement Initiatives | WMS Implementation Expert

1 Choose the right inventory method

There are different ways to track and record your inventory, such as periodic, perpetual, or hybrid systems. Periodic systems involve counting your inventory at regular intervals, such as weekly or monthly, and updating your records accordingly. Perpetual systems involve updating your inventory in real time, as soon as a sale or purchase is made, using software or scanners. Hybrid systems combine both methods, using periodic counts to verify the accuracy of the perpetual records. The best method for your business depends on factors such as the size, complexity, and nature of your inventory, as well as your budget and preferences.

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Emad Soliman

Country Operations Manager at Kuwait Food Company (Americana)
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Maintaining an updated inventory is crucial. Use inventory management software to track items, conduct regular audits, set reordering triggers, and employ barcode or RFID systems for efficient tracking. Additionally, integrate your sales and purchase systems for real-time updates on stock levels.

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2 Use inventory management software

One of the most effective ways to make sure your inventory is always up to date is to use inventory management software. This is a tool that automates and simplifies the process of tracking, organizing, and analyzing your inventory data. It can help you monitor your stock levels, reorder points, and lead times, generate reports and forecasts, and integrate with other systems such as accounting, sales, and e-commerce. There are many options available for inventory management software, ranging from basic to advanced, and from free to paid. You should choose the one that suits your needs, goals, and budget.

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Andres Estrada

NetSuite Specialist | Leading Continuous Improvement Initiatives | WMS Implementation Expert
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Keeping your inventory up to date is crucial for a growing business. Select inventory software that offers scalability to match your 5 and 10-year goals. For starters, choose an adaptable system that integrates seamlessly with your ERP. This investment supports both initial operations and future expansions. Choose a robust system that is cloud-based. Its real-time tracking and analytical capabilities enable efficient stock management, minimizing overstocking or understocking as your business evolves. Investing in such scalable solutions ensures that your inventory management grows with your business.

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3 Implement inventory control policies and procedures

Another way to make sure your inventory is always up to date is to implement inventory control policies and procedures. These are the rules and guidelines that define how you manage your inventory, such as how often you count your inventory, how you handle discrepancies, how you label and store your items, how you deal with returns and damages, and how you prevent theft and loss. Having clear and consistent inventory control policies and procedures can help you maintain accuracy, efficiency, and accountability in your inventory management.

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4 Train and empower your staff

Your staff are the ones who handle your inventory on a daily basis, so they play a vital role in making sure your inventory is always up to date. You should train and empower your staff to perform their inventory-related tasks effectively and accurately. This means providing them with the necessary skills, knowledge, and tools, such as inventory management software, scanners, or labels. It also means encouraging them to communicate, collaborate, and report any issues or suggestions regarding your inventory management. By training and empowering your staff, you can improve your inventory performance and reduce errors and waste.

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5 Review and improve your inventory management regularly

Finally, you should review and improve your inventory management regularly. This means analyzing your inventory data, such as your turnover rate, inventory days, stockout frequency, and gross margin return on investment. It also means evaluating your inventory management software, methods, policies, and procedures, and identifying any gaps, problems, or opportunities for improvement. By reviewing and improving your inventory management regularly, you can keep your inventory up to date, and adapt to changing customer demands, market trends, and business goals.

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Ahmed Khalid

Business Development & Area Sales Manager @ Industrial Electronic - Indel GmbH | Chemical Engineering
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Archive all sales data as it will help you to well forecast and be ready for seasonality. Update safety stock based on current usage not defined safety stock and let it permanent. And take into consideration lead time.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You're running a small business. How can you make sure your inventory is always up to date?

1

2

3

4

5

6

1 Choose the right inventory method

2 Use inventory management software

3 Implement inventory control policies and procedures

4 Train and empower your staff

5 Review and improve your inventory management regularly

6 Here’s what else to consider

Inventory Management

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You're running a small business. How can you make sure your inventory is always up to date?

1

2

3

4

5

6

1 Choose the right inventory method

2 Use inventory management software

3 Implement inventory control policies and procedures

4 Train and empower your staff

5 Review and improve your inventory management regularly

6 Here’s what else to consider

Inventory Management

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