Inventory management can be one of the most expensive aspects of running a business; by planning properly you can reduce the inventory saving your business hundreds or thousands of pounds.
Here are some inventory management ideas that help you save those pennies:
Hire a specialist consultant to help with your inventory management
Employing specialists to cut the hassle of stock administration is a preferred option with many companies as this leaves your company free to focus on other details. There’s no need to worry about no longer being in control of your stock as consultants rarely make any decisions without your approval and act as advisors.
Keep records in case of an unexpected inventory management crisis
One of the most important aspects of inventory management that many entrepreneurs neglect is to keep records of things manually. This not only reduces the cost of buying and maintaining computer software bit also acts as a backup in case the computer goes wrong, the software gets deleted or there is a fire or the computer is stolen.
Larger companies may invest in software such as Quickbooks or Peachtree that will help you track your inventory management but if you are investing in this, don’t forget to purchase backup software such as Norton Ghost or Symantec Backup Exec and it might be a good idea to send a backup copy of your inventory data to your accountant every month, so you don’t lose your details in the event of a theft or a fire.
Count and check everything manually
Make sure you can your stock and check everything manually at least once a month and set some time aside for a member of staff to do the inventory when items are needed or moved around in the warehouse. If the inventory records are kept on a computer, then enter or scan the physical inventory information and have the computer compare the records. If the inventory is managed manually, then someone will have to record the current inventory and then compare it to the record.
For more information about inventory management, call the team at Hillman Consulting who will provide you with expert advice about logistics and inventory. You can also phone them directly by calling 01926 430 883.