Practices to Improve Small Business Inventory

Because the sale of goods is a key part of your business operations, a well-planned strategy for maintaining a proper inventory is vital. Keeping the right products stocked for present and impending future sales is a crucial component to ensuring your small business can continue to grow and prosper.

If you’re looking to streamline your process and stay ahead of any stocking issues, consider following our small business inventory checklist:

Proper Data and Cataloging

When revamping and evaluating your small business inventory, the first step is to make sure you have the right tools at your disposal. In other words, you need a proper data system and cataloging process. The data system ensures you have a unique stock–keeping unit (SKU) for each product, allowing you to track products coming in and out. You can then utilize that data to create a robust cataloging process so you can have your inventory updated as sales come automatically and in real–time.

Tracking Current Best Sellers & Less Aggressive Sellers

Once you have that data and cataloging set up, you can easily track your best-selling products. By keeping tabs on your hottest products, the ones that are suddenly seeing an uptick in sales, or the slow movers, you’ll be able to stay one step ahead of your inventory needs. This will allow you to order more or less of a product, alleviating an inventory shortage or surplus.

Recognizing Seasonal or Other Expected Trends for Future Sales 

Lastly, it’s important to recognize how current sales are not always reflective of future sales. Perhaps some of your products move better in specific seasons or around certain holidays, or maybe some outside factor is expected to lead to an increase in sales for a certain product. These trends must be kept in mind, ideally preemptively, so your inventory can stay ahead of the game and prepared for the continued growth and evolution of your small business.

As your partner in trucking, courier, warehouse, and logistics, Econo-Courier is with you to help your small business grow and ensure your inventory stays stocked and your sales get to the ultimate customers. Reach out to us today to hear how we can help you.