Whether a business sells most of its product online or in a store, the success or failure of that business depends on strong inventory management. This type of management goes beyond just finding storage for all that inventory (although that’s very important!). Instead, it requires constantly keeping your eye on the “big picture.” Here’s how to up your inventory management game:
Make a Plan and Then Execute
Inventory management is a fluid process that needs to follow an established plan. That plan needs to seamlessly incorporate all aspects of your business including marketing, catalog, ecommerce and merchandising.
All of that planning should be applied against a master promotional calendar. This calendar should inform you when there are spikes in the business and when seasonal items need to be ordered. All of that information should be based on past performance.
Use Multiple Vendors
Inventory management also means vendor management. You know what your best selling items are. If you have a hard time keeping them in stock, then it makes sense to reach out to a second vendor to help fill in the gaps. Of course, this only matters if the original vendor is unable to fulfill your orders.
Keep Communication Flowing
Can you imagine doing business back in the day before emails or texts? Now it is easy to stay in contact with your vendors. As you set up those partnerships, find out their preferred method of communication. If for any reason they begin dropping the ball, then you need to find out what is going on and if there is a breakdown in those communication lines. As you make decisions with regard to promotional plans, your vendors should be informed as well. Don’t make them the “last to know.”
The most important aspect for inventory management is having room to store all that inventory. Hopefully, you won’t be holding onto it long but the time between delivery from a vendor and selling/shipping there has to be storage room. This is where working with a company like Junk King Albany can be a help. They’ll be able to help clear out any storage space whether that is a room in back of a restaurant or an entire warehouse. Hiring Junk King Albany to help clear out all your unwanted inventory will improve productivity all across your business.