Starting a small business is a significant achievement considering the number of details and organization involved. On top of running the business, most business owners will also need to keep track of a working inventory, whether that is supplies or finished products.
However, if money and space are limited, you’ll have to get creative with how you store and keep track of your inventory. Today we’re exploring some smart ways to simplify small business inventory management!
1. Clear out old and unused inventory.
Step one: Get rid of anything you don’t use. If your workspace or shopfloor is cluttered with supplies you no longer use or products you no longer sell, it’s time to get rid of them.
Just make sure that when you throw out or donate existing inventory, you log an inventory adjustment with a valid reason like wastage.
2. Track your best sellers.
The majority of small business owners will agree with the 80/20 rule. Eighty percent of your sales will likely come from only twenty percent of your products. That means you’ll have just a few items that are the big money-makers.
When you’re taking inventory, it’s a good idea to start by counting your best sellers and matching the number on the shelf to the number on your software or spreadsheet. Once you’ve worked through with the top 20% of your inventory, the rest will be much faster to organise! Remember, it’s important to keep these best selling items close by and not hidden in a stock room.
3. Keep your inventory organised.
Small business inventory management systems don’t need to be complicated or expensive; they just need to work for your particular business! While there are many apps and software available, for those not tech-savvy, a spreadsheet will often do the trick.
Organise your products by type and location so that they’re easy to find. If you store items in boxes, you can also make inventory management more accessible by placing digital photos of items on the boxes’ exteriors. Stickers with stock-keeping unit (SKU) numbers can also help you label and track your inventory.
Many small businesses will not have space on-site to store all of their stock. Self-storage is an excellent solution to this problem! Nesta’s secure individual storage spaces are available on flexible terms with access seven days a week. That means you never have to worry about your shop floor looking messy or rooting through files in your home office.
Are you interested in learning more? Get a quote now.