No matter the size of your business, it’s always necessary to track and evaluate all components of the business. One of the most prominent of these components is inventory. Managing inventory at a small business might not compare in size or amounts, but the same processes and steps are necessary to ensure success. Below are a few techniques that small businesses use to manage inventory.
FIFO Is a Must
FIFO stands for first in, first out. This is what you should follow for all your inventory, regardless of if the product is perishable or not. By sorting the newest inventory products toward the back of your storage structure, you ensure that you’re selling and distributing the oldest products first.
By following this method, you stay attuned to and ahead of expiration and use-by dates. This will allow you to keep your inventory moving efficiently.
There are so many devices and pieces of technology that can make the whole inventory process run more smoothly and efficiently. While many small businesses don’t believe that they should investigate these devices or technology options because they don’t have the inventory surplus for them, that’s no longer the case. Recent years have seen the development of different technologies tailored to small businesses. No need to budget and make space for an industrial-sized printer; get yourself a handheld portable printer for all your barcoding needs.
Staying organized in all elements of the inventory process is key. Not only should you follow the FIFO technique, but you should also have data and information regarding the whole inventory process. By staying organized, you can always know how much inventory you have. Knowing these numbers is vital to your business’s success!
While you might think owning a small business precludes you from having to worry about inventory as much, that assumption couldn’t be more wrong. Managing inventory is a necessity, no matter what size your business is. Be the hands-on business owner you are, and follow these techniques that small businesses use to manage inventory.