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As a new business owner, there’s a lot to think about. Initially, inventory management might not seem like the most important task on your to-do list. However, over time, you’ll discover that it’s one of the key ingredients to keeping your business running efficiently and profitably. Here are some inventory management tips to help.
What is Inventory Management?
Supply chain issues haven’t just produced higher prices and slower lead times – they’ve actually exposed some of the big inventory management mistakes many businesses have covered up for years. In fact, you might say inventory management is more important today than it’s ever been.
In essence, inventory management is the process of ordering, stocking, and leveraging business materials and products. The goal of inventory management is to avoid ordering too little, which makes it difficult to meet customers’ expectations and/or fulfill orders. At the same time, you don’t want to overstock items, which can suck your cash flow dry and cause unnecessary stress on your people and systems.
As any good entrepreneur will tell you, effective inventory management is found somewhere in between these two extremes. In other words, it’s about aligning inventory with demand for minimal waste and lower possible costs. While easier said than done, there’s almost always room for improvement.
4 Tips for Improving Inventory Management
As you tackle the topic of inventory management within your own business, here are several tips and best practices you can use to gradually improve your efforts:
Invest in Your Vendor/Supplier Relationships
It’s easy to get so caught up in the mathematics of inventory management that you forget about the relational side of things. If you aren’t investing in the relationships you have with vendors, suppliers, and logistic consulting partners, you’re undercutting your efforts and doing yourself a disservice. That’s why we re… Read More
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