Easy Inventory Management

Inventory management is one of the most import elements of doing business. Without products on the shelf, you might as well lock the door and go to a movie. Here are two tips to help you get a better grip on the ebb and flow of the stuff you have for sale.

Keep regular inventory counts so you’ll know what is moving and what isn’t. There’s no such thing as counting your inventory too frequently; counting it too infrequently is where the trouble starts. By analyzing your inventory reports you can get a feel for the typical turnaround rates for the items on your shelves. This will make it easier to stock up in an efficient way. What’s booming today might be a bust tomorrow. The only way to notice such changes quickly and strategically is by running reports as often as possible.

Are you still using the pencil and paper method? Prevent items from going out of stock by moving into the 21st century with a modern point of sale system and integrating a barcode scanner with inventory control software. Use the inventory software to create alerts when an item is getting low. There may be a small investment to get set up, but you’ll save over the long run by increasing efficiency and accuracy.

Reordering before your inventory reaches a critically low level provides a time cushion in case you get a customer rush on popular products or a delay occurs with delivery. A common rule of thumb is to have at least a 30 days oversupply of inventory, so it’s better to order more than you need. As time-consuming as counting inventory can be, reordering can take up just as much of your busy schedule if you’re dealing with many different vendors — that’s why it’s best to consolidate as much as possible.

The HQ MarketZone (shameless plug) gives retailers 24/7 access to the leading wholesalers and distributors and allows them to place multiple orders from one single portal (www.hqmag.com). This new system of order processing speeds up delivery times and helps you to keep a tighter lid on inventory management.

Facebook
Twitter
Pinterest
Print
Email

Recent Articles

Top Products of 2022

EZJ Legendary Stash Boxes By EZJ For the true aficionado with discriminating tastes and a penchant for the handcrafted comes the Legendary Stash Box series from the maker of the now-famous EZJ rolling machine. Each unit is handcrafted from oak and pinion, upcycled untreated pallets and exotic hardwoods such as teak mahogany and perlotta, intricately

Read More »

Retailers Guide to Establishing an Annual Budget

Creating an annual budget is crucial to running a successful and profitable retail business. A budget helps you set both short and long term business goals and enables smart decision-making to achieve those goals. You’ll also be in a better position to proactively manage your finances, setting you up for profitability, sustainability, and exponential growth.

Read More »

Retailer Holiday Planning: 5 Tips to Drive Holiday Sales

The weeks between Thanksgiving and Christmas are the busiest shopping season of the year. According to the National Retail Federation, consumers in the U.S. spent $886.7 billion during the 2021 holiday season — and the total is expected to be even higher in 2022 as consumer demand continues to rise. With Black Friday, Small Business

Read More »

Gearing Up for Black Friday and Cyber Monday

How to Make the Most of the Year’s Biggest Spending Frenzy Even before Black Friday became the biggest shopping day of the year, the weeks between Thanksgiving and Christmas have always been a pivotal time for retailers. After all, the day after Thanksgiving signals the start of the Christmas shopping season. Eventually, retailers began offering

Read More »

How to Attract Holiday Shoppers with Gift Cards

With that in mind, we introduce you to our newest feature: You Asked, HQ Answered. And being that this is unofficially our holiday issue, we thought what better time to answer a few questions about gift cards.  Who doesn’t love gift cards? When you consider how hard it is to buy a present for friends

Read More »

Social Media

Most Recent

Are you 18 or older?