poyopti.blogg.se - Small business inventory list

Check your inventory value at any given time to understand how much capital you have tied up in inventory.Monitor profit margins per product so that you can identify opportunities to renegotiate with your suppliers.Identify your top selling items so you can prioritize keeping them well stocked.Here are a few of the insights that you can expect to derive from your point of sale system’s reporting capabilities: With this information, you’ll be able to make more informed decisions that help you shape your overall business strategy. These reports will cover everything from sales volume by product, profit margin analysis, inventory turnover rate and much more. One of the main reasons to use a POS, especially from an inventory management perspective, is the variety of reports you’ll have at your disposal. You can easily query your system to see how much you have of a product on-hand, and there are typically detailed inventory reports that you can use to better understand what’s going on in your business.

When you sell a product, your stock levels are automatically updated. With a POS system, outside of creating your product catalog (typically done once during initial setup) and receiving new stock, inventory management is an automated process. Plus, with so many moving parts, you increase the likelihood of errors, which can throw off all of your inventory data. If you try to manage it all with a spreadsheet or pencil and paper, it’s highly likely that the task will start to feel like a burden that you want to skip at the end of a busy day. This is the case because of the quantity of data and the rate at which inventory turns over within most retail businesses. Inventory management is a lot simpler when you use POS software. You can then enter the rest of the shipment into your system.īecause receiving an order accurately is such an important part of inventory management, you may want to handle this part of the business yourself, or rely on a trusted senior employee.

If there are issues, take note of them and contact your supplier.

If there are no errors or issues, go ahead and enter the shipment data into your POS, spreadsheet or other tracking systems.

The receiver should unpack all boxes and compare the contents against the list or purchase order.

The receiver should ensure that all expected boxes/packages are received (i.e.

Whoever is receiving the shipment should have a list of the items you’ve ordered or a copy of the original purchase order.

Here’s an example of what that process might look like: The best way to ensure that you receive an input stock from suppliers accurately is to create a standardized process and follow it every time you receive a shipment. Entering the wrong product quantity or mislabeling a product can cause a bunch of issues later down the line. Much like our first tip, you’ll want to ensure that you receive and input new stock from suppliers into your point of sale system as accurately as possible. By creating a matrix, you will be able to track the quantity, sales data and more for each variant on an individual basis. Each combination of size and color is a unique variant of one parent product. The classic example of an item with variants is a t-shirt that’s sold in multiple sizes and colors. If you sell items with variants, you’ll want to make sure that you enter each variant as part of a matrix.

That being said, here’s some of the data you’ll want to input for each product: Typically, this data would be entered into a point of sale (POS) system, but it’s also possible (but very tedious) to track this data with spreadsheets. By starting with rich, accurate product data, you’ll avoid errors down the line and have an easier time investigating any issues you might uncover. Successful inventory management is a direct result of strong data analysis. The first step in staying on top of your inventory is to organize your items with as much data and product information as possible. If you sell perishable goods, it can help you avoid spoilage.

Know the right quantity of items to keep on hand to maintain optimal cash flow.

Know the kinds of sales/promos to run to move underperforming stock.

Prevent out of stock issues for your popular products.

You’ll avoid potential problems and enjoy optimizations like: While these tasks may seem mundane, and even “simple” or “easy,” doing them (and doing them well) helps create a rock-solid foundation for your business to operate from. For most retail businesses, inventory management is going to encapsulate the following tasks: It’s a subset of the much broader supply chain management concept. Inventory management is a process and set of systems for managing inventory and stock.