Small businesses, particularly those that are growing, often struggle with inventory management. Many end up utilizing outdated or manual processes that are anything but efficient. As a company grows, however, inefficient inventory management becomes a major headache rather than a minor annoyance, and the need to improve inventory management processes becomes both real and urgent.
Accurately tracking and controlling your inventory is one of the most essential components of inventory management for small business. Getting it right every time is worth an investment of your hard-earned profits.
Here are six great reasons why:
- An inventory system for small business should grow as you grow
You do not buy clothes for a child for the next five years based on how big they are today. You could be steadily on your way to opening another store or another ten stores. You need an inventory management for small business system that can grow as effortlessly as your business can.
- Cloud technology lets you sync data with other software
If you are stuck using spreadsheets, you are having to constantly refer to them to input data from there into other software programs manually. All that pointing and clicking wears on your brain and wastes precious working hours. Information held in the same cloud environment can be parsed into different programs including:
- Accounting software
- Inventory management software
- Business analytics software
You can easily add in other apps and programs into the cloud to access the same data and have everything working as part of a larger machine.
- Real-time Data
You cannot underestimate the power of having your company’s most up-to-date information available at all times. This gives you tremendous ability to make decisions based on fluid market indicators without having to worry if the numbers on your end are accurate. Decisions that can be made with more confidence this way include:
- Cost Comparisons
- Reorder Forms
- Economic Order Quantity (EOQ)
- Reduce equipment repair times.
Essential machinery isn’t always in working order, so it’s important to manage those assets. A broken piece of machinery can be costly. Monitoring your machinery and its parts is crucial to understanding its life cycle, so you can be prepared before issues arise.
- Don’t forget quality control.
No matter your specialty, it’s important to ensure that all your products look great and are working well. It could be as simple as having employees do a quick examination during stock audits that includes a checklist for signs of damage and correct product labeling.
- Manage your inventory on the go
With cloud-based software at the crux of your plan for inventory management for small business, it does not matter if you are in your office, at home, or across the country.
As long as you have an Internet connection you can access your company’s cloud platform and go work. This format also lets you receive real-time notifications on orders, payments, shipments, and more.
Find out more benefits of cloud-based inventory management software.