Tools for Small Business Inventory Management

Published: September 15, 2022

Starting a small business is an amazing achievement when you consider all the details involved. There are numerous things to do and methods to think about. Maintaining an accurate inventory is essential for the success of a small business. However, if funds and space are limited, you’ll have to get creative with storing and tracking your items while also expanding your company.

Clear out old, unused inventory

Make things easier for yourself by getting rid of anything you don’t need. You’re probably hesitant to toss anything away after investing money in a new business since you might use it again. If you want to reduce the time spent on inventory management in the future, be sure to log an inventory adjustment when you get rid of existing stock, specifying a valid reason, like wastage. Though it takes extra time now, this step will save you significant time down the road.

Track best sellers first

The 80/20 rule is something that most small business owners can agree with. Only 80 percent of your products will likely bring in 20 percent of your income. That implies you’ll have a few big money-makers on hand, which you and your small business will profit from. It’s critical to keep these top sellers nearby and away from the back of your storage area.

Keep your inventory organized

You don’t need to spend a lot of money on a complex inventory management system for your small business. All you really need is something that will work well for your specific company. For example, an antique store that sells unique items will obviously need a different platform than one that sells the same product repeatedly.

Find a helpful inventory management app

Not every little business can afford to invest in a pricey inventory management system. Apps, nevertheless, are accessible to help you keep track of your stock digitally without having to spend a fortune. The fee range is from free to $100 per month, depending on the features you want and how hands-off you want to be. You may switch your inventory management solution as your company expands and your requirements change.

Hire outside help as your business grows

If you have a constantly changing inventory volume, it might be beneficial to hire someone to help manage it. This way, tracking your inventory doesn’t become your only job, and you can focus on other important aspects of growing your business.

Sometimes all it takes is a little forethought and organization to get started. It’s advantageous to start these habits when a business starts up, but there’s no such thing as too much time to modify an ineffective system for your company. If you need a storage container for your business inventory, UNITS Moving and Portable Storage of Atlanta is here to help.