Managing Inventory for Small Businesses

Managing Inventory for Small Businesses

Inventory Management

One of the key components of running a small business is managing inventory.  The importance of having enough product and the right product to keep your business viable without storing a lot of low turn around stock is often overlooked.  A good inventory management system will reduce costs, increase cash flow and improve your bottom line.  Renting a self storage unit in St Albert at Riel Park RV & Self Storage can be a cost effective way to store excess inventory or seasonal items.

Some techniques for managing small business inventory are:

  1. Fine-tune your forecasting.  Reviewing past season sales, keeping on top of current economic conditions, customer buying trends and new product introductions in your market, to name a few.

  2. Using the FIFO (first in, first out) approach in moving your stock.  Keep your stock on hand fresh and current.

  3. Identifying products that have a low turn around time.  Keep the number of items in this category to a minimum.

  4. Auditing your stock on a regular basis; at least every 6 months or each change of season for your product.

  5. Track and stock levels at all times.  Always know how much you have and when replenishment is necessary.

  6. Use an inventory management software that can be accessed by various electronic devices.  When checking out an inventory management system, ensure that it meshes seamlessly with your accounting, POS and business software, with immediate updates and the ability to modify it to suit your particular business.

  7. Your current inventory location information should be easily identified whether it is readily at hand or located in off-site storage.

If you have run out of space and are looking for off-site storage for your inventory, call us at Riel Park RV & Self Storage, 780-459-6435.  We have outside storage units as well as indoor heated unitsRenting a St Albert Storage Unit is cheaper than renting an extra office or warehouse space.  Self storage can help with storing business records, excess inventory, seasonal and excess furniture and tools.

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