But for small business operators, a spreadsheet can do the job well for little to no cost. It’s possible with Google Sheets.
In the startup stages of your business, using a spreadsheet is a perfectly acceptable way to manage your inventory. Google Sheets has plenty of functionality to get you off the ground and it’s free. With a spreadsheet, you can pre-define the relationships between the cells in the table, so that changing one cell (for example, inventory count) can affect another cell (like the point at which you need to reorder).
In fact, unless you have $100k - $1 million in turnover, a spreadsheet is great for businesses that keep a small volume of inventory, with only a couple suppliers.
- It’s free.
- Easy access and collaboration for anyone with a Google account, with most people already have.
- Setting permission levels lets some people read-only while others can edit and update.
- It’s online, so it can be accessed from any web browser or mobile device for on-the-go updating.
- Macros and formulas can be set to perform instant calculations.
- Charts can be generated based on data from the spreadsheet to show trend lines, demand spikes and more.
Additionally, like any spreadsheet, new columns can be added for other data you need to capture in order to make successful choices.
While there are still risks involved – including manual work that lead to human error, confusion and time wasted – cloud-based solutions or ERP software may still be out of reach for many small business owners.
Google Sheets offers a great starting point to streamline your business and use the information at your fingertips to keep growing.
Related blog: Small Business Inventory Management: Getting Started
Finding an inventory management system can involve a lot of trial and error. You know what you’re looking for, but haven’t found one tool addressing all your needs.
It’s best to keep processes simple in the early stages of your business. But be mindful to vet a solution that will help meet the needs of your growing business.
