5 Ways Merchants Can Eliminate Inventory Headaches
Although having a large inventory can be extremely helpful to businesses, they can also be very difficult to keep track of. This is especially true if your company has tens, or even hundreds of thousands of items on its inventory.
However, there are a few tips and tricks that can help merchants eliminate inventory headaches. Here are some of the best ideas to help you make the process of managing your inventory much easier.
1. POS Systems
POS systems are software programs that give merchants the power to keep track of every single sale as they happen in real time. This means that as soon as a customer buys an item, the sale is recorded, and the inventory figures are adjusted to account for the sale. This makes keeping track of inventories much simpler.
2. Plan Inventory Counts in Advance
Even if you have a POS system, sometimes you are still probably going to want to go through and do a physical count of your inventory, just to double check that all of the figures are correct.
When you do this, it can be much less stressful if you plan this count in advance, and if you close your store for an hour or two to do it. This will allow the process to be much more efficient, and it isn’t going to confuse or throw off customers.
3. Labels, Labels, Labels
Nothing is more stressful for merchants doing inventory counts than having to sift through hundreds of boxes or other containers, not knowing what is inside. To prevent this stress, you can simply make sure to label everything as the inventory comes in. This will make it much easier to find items, and to know where they are.
4. Incentivize Your Staff
If you are having your staff help you count inventory, then they may find the process tedious, time consuming, and tiring. So, to keep them motivated, you can provide food and beverages. Something as simple as a pizza can help give your employees extra incentive to get the job done.
5. Get Rid of Worthless Inventory
When it comes to inventory management, having a large amount of unsellable inventory stored at your store or warehouse can be problematic. The reason is because it takes up unnecessary space that could be used for something else. Also, it can waste time if you have to count this inventory every time you do an inventory check.
If you cannot profit from it in any way, it can be better to simply discard this inventory and use the space for something else, rather than letting it sit there.