Inventory management is an integral part of any business and one that shouldn’t be overlooked. Keeping track of inventory, whether supplies or finished products, is something that takes diligence to be organized and accurate. Read on for tips to keep you on the right track.
Try to keep it simple and be on top of cleaning out what you don’t need or haven’t used recently. If you haven’t used it in six months or sold it in a year, its time to get rid of it.
Be sure to log an inventory adjustment to account for what you’ve cleared out. And keep your accountant in the loop if the items will impact your taxes, i.e. depreciating office supplies.
Know Your Best Sellers
As your business progresses, you’ll likely notice a sales pattern many people refer to as the 80/20 rule. 80 percent of your sales will come from 20 percent of your product. When managing your inventory, you’ll want to know what your best-sellers are and keep them close at hand in your storage space. This will allow you quick access to these items for efficient order fulfillment.
Do your products or inventory storage items need to be stored in a temperature and humidity-controlled environment? Are they subject to spoiling or do any components have an expiration date? These are important questions when determining where and how to store inventory. If you’re looking for simple record storage, a drive-up option may work well! However, if you’re going to be storing photos or natural materials, climate-controlled storage may be required!
Organization is Key
Referring to tip #1, keep it simple. A complex business inventory management system isn’t necessary to be effective. What is necessary is coming up with a solution that works for your business. Keep your products organized in the same place and by type so it’s easy to find.
To do this well, you may need to consider where you’re storing your inventory. Most small businesses start out at home but soon take over your personal space. Small business storage can be the answer to keep you organized and keep a clear separation between business and home.
Most small businesses don’t have it in their budget to rent an office or storefront yet. An affordable solution is using a self-storage unit as a business storage unit. Moving your inventory out of your home will help keep your home office decluttered and more organized allowing you to keep your business running smoothly.
When looking for business inventory storage, please consider Sunshine Self Storage. We are happy to help with your small business storage needs and anything else. Contact us today!