Inventory management tips for small business
One issue that small business owners can face is storage space. There may be a lack of space for the storage of stock inventory, equipment and supplies or tools. One way to overcome this problem is to sign up for a business self storage unit. Self storage can bring numerous benefits including cost savings and convenience so it’s no surprise that they are becoming more and more in demand by many small businesses.
Inventory management is one of the biggest factors contributing to a small business’s success. Here are some inventory management tips for helping your small business.
Tip 1: Declutter and throw out items you don’t need
Clutter can affect your business’s inventory management. With that said, it is important to ensure that you declutter to make room for your products and important stock items.
Think about getting rid of older product lines that may now be discontinued or one’s that you have had for a very long time.
Tip 2: Keep tracks on your best sellers
When you’re selling a range of products you’ll most likely have a list of best sellers. It is important to keep a track of these and store them in places that are easily accessible for you to fulfil orders swiftly. Usually a business will have an 80/20 rule where 80 per cent of the sales will come from just 20 per cent of your stocked items.
Tip 3: Keep your items organised
When it comes to inventory management, perhaps one of the most important tips you should know is that organising your space is key. Having an organised inventory will help you to track and monitor more efficiently; helping to minimise out-of-stock issues and ensure quicker replenishment.
If you are a small business and are looking for secure business storage space in Stoke on Trent or Newcastle under Lyme, contact us and we can help. We offer flexible storage solutions for both short and long term.