Manage your Inventory like a pro

Inventory management is an integral part of running any kind of business - but for a small business, the burden becomes necessary. Knowing what product you have, and what product you need restocking is vital to let your business flourish in any industry.

Fortunately, we have a few tips and tricks up our sleeves to show how you can manage your inventory like a pro:

There is no need to stock an item that hasn’t been sold for the past 6 to 12 months - it’s time to throw it out.

You can, however, discard unnecessary items in creative ways - put on discounts, promotions, or lucky draws. That way, you can reign in not only sales but also new, potential customers.

And we mean it -

at all times

. Prioritize expensive products, and make sure the levels stay as stable as they can. Employees can do quick checkups for any signs of damage, or count them as they are brought in and out.

You can save yourself the hassle by investing in an inventory management software like Oscar POS. It is cloud-based and adjusts your stock levels even as you make sales anywhere, anytime. You can also receive day stock alerts - so you always know which items are in low or out of stock.

While we’re on that topic, I might as well include all the other benefits a good inventory management system can bring:

Prevent excess stock and raw materials

Forecast demand

Track inventory across several locations

Offer quick barcode scanning to speed up an intake

Don’t put your business at risk by treating inventory management as an afterthought. Be on top of your game from the get-go, and prioritize your inventory - so that your small business flourishes into a large, successful one.