Even with good inventory management software, periodically you still need to actually count your inventory to make sure what you have in stock matches what you think you have. You might also consider different strategies for getting rid of that stock - like a special discount or promotion - since excess stock wastes both your space and capital. If you have stock that hasn’t sold at all in the last six to 12 months, it’s probably time to stop stocking that item. The best way to apply FIFO in a storeroom or warehouse is to add new items from the back so the older products are at the front. It’s also a good idea for nonperishable goods since items sitting around for too long might become damaged, or otherwise out of date and unsellable. A bar owner, for example, has to be cognizant of the materials behind the bar and apply FIFO methods to improve bar inventory. This is especially important for perishable products like food, flowers, and makeup. Goods should be sold in the same chronological order as they were purchased or created.

Use the FIFO approach (first in, first out).

Your projected sales calculations should be based on factors such as historical sales figures (if you sell with Square, look to your online Dashboard for this info), market trends, predicted growth and the economy, promotions, marketing efforts, etc. Here are some of the techniques that many small businesses use to manage inventory: Inventory management techniques and best practices for small business

Allow for multilocation management, tracking inventory across several locations or warehouses.

Offer quick and painless bar code scanning to speed up intake.

Optimize warehouse organization and precious employee time.

Be accessible right from your retail point-of-sale.

Allow for easy inventory analysis on any device.

Prevent excess stock and too many raw materials.

Prevent product and production shortages.

Keep track of your inventory in real time.Reduce costs, improve cash flow, and boost your business’s bottom line.Good inventory management software should: You can also ensure your products are sold in time to avoid spoilage or obsolescence, or spending too much money on stock that’s taking up space in a warehouse or stockroom. Good inventory management can help you track your inventory in real time to streamline this process.īy effectively managing your inventory you can have the right products in the right quantity on hand and avoid products being out of stock and funds being tied up in excess stock.

When done effectively, businesses reduce the costs of carrying excess inventory while maximizing sales. Inventory management is the part of supply chain management that aims to always have the right products in the right quantity for sale, at the right time. Get started free What is inventory management?

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