When you’re starting your business in either retail or wholesale, maintaining your inventory is critical for your business to succeed. When it comes to inventory management, you need to make sure you have the right amount of products, at the right place, at the right time, and at the right price. However, figuring out what’s right for all the different facets of inventory management can be challenging.
A healthy inventory means you’ve managed to strike a balance between your inventory costs and your customer demand. While stocking extra inventory serves as a great buffer for surges in demand, stocking too much can become a strain on your finances, especially as products expire or become obsolete. With a well-managed inventory, you’ll be able to direct your resources into growing your business instead of pounding away at a spreadsheet.
When you’re ready to take your business to the next level, you can look to improving your inventory turnover, cash flow, and experimenting with new sales channels.
Ultimately, your inventory is the backbone of your business and by keeping it healthy, you’ll be able to enjoy the benefits outlined above and more. Instead of spending hours trying to make sense of all the numbers on the spreadsheet, try our inventory health check! After completing the health check, you’ll receive custom recommendations on how to improve your inventory management and grow your business.