Sourcing, managing and topping up stock can be a tiresome ordeal. And it’s embarrassing when you can’t fulfill an order when you’re at fault. So how do you manage all of that work? This post will take a look at some easy ways to limit the workload when it comes to keeping your inventory full. You might even save some money!
Don’t rush into any change like this. Make sure that you have the resources and plans to execute the system in full, before making any moves. You will learn as you use your new inventory, and find ways to make it better. Use this, and don’t worry about making changes.
- Sourcing Stock
Getting your hands on the stock can be the hardest part of the whole ordeal. It’s easy to waste time and money using non-wholesale businesses when you can’t find what you need. Ideally, you never want to buy from an ordinary shop. You can save a lot of money buying wholesale.
Throughout a large portion of the world, businesses like Costco and Cash and Carry offer membership to exclusive wholesale stores. This is great for businesses that require emergency stock or can’t plan their stock in advance for delivery.
If you don’t have one of these stores near you, you’ll need to look to the internet. But don’t worry, hundreds of wholesale companies operate online. Using Google searches like “plastic glassware for pubs” or “wholesale meat,” you will find loads of results. If you can wait up to a month for delivery, websites like aliexpress.com offer trade goods straight from China.
- Keeping Inventory
Once you’re all stocked up, you’ll need to manage it. The single best way to do this is through software. Products like inFlow allow you to perform this task for free. Software like this allows you to update and manage stock so that you can always see what you’ve got. It will also let you manage your purchases and orders.
Now you’ve got the digital side of your inventory sorted; you’ll want to use a physical system for the actually stock. Even if it’s just labeling the shelves. Every product should be recorded in some way, and you should make sure that it’s organized well.
- Train Your Staff
And of course, anyone using the system should be trained. Provide your staff with resources and offer one on one tuition. This will build your staff’s confidence to use the software and limit any mistakes made in the future.
Along with all of this, you will need to be vigilant. Perform regular audits of your stock, and make sure that staff are consistently using your systems correctly. Work hard to enforce it, correcting any mistakes as early as possible.
This should give you a good starting point. Remember, you’ll need to do some research yourself, to bring this together. Some bigger companies will even hire a new staff member to handle their inventory. But, if you’re small, allocating most of the work to one person or doing it yourself is the best bet.