Inventory management is a way for business owners to track the products or goods that they’re going to sell – from sourcing raw materials to storing and selling items in a store.
Why is inventory management important?
Reliable inventory management can be one of the most valuable assets for a small business. Knowing what you have and how much you sell can help you make better decisions on what to stock up on, and when to schedule deliveries.
Ideally, you want enough stock in your inventory so that you can meet the demands of all your customers without too much left over. Overstock or “dead stock” can easily go out of date or be damaged, meaning you’ll need to dispose of it or sell it at a reduced price. On the other hand, not having enough stock could mean disappointing your customers and losing potential sales. You want to try and hit the sweet spot, so that your deliveries arrive in time for your customers, but you don’t have too many items taking up space in your stockroom. So how do you do it?
How to ace your inventory management
There are lots of ways to optimise your inventory, and help you run your business even better. So you don’t get overwhelmed by options, here’s a suggestion for how to start using inventory management to get the biggest benefits for your small business.
FIFO stands for ‘first in, first out’. This approach to the stockroom is recommended to ensure that if product packaging or designs change, you don’t end up with old versions stuck at the back of the shelf. If you’re stocking perishables or food, it’s especially important.
Analytics and inventory management apps
An easy-to-use point-of-sale (or “POS”) app can track all your stock and sales, to give you insights into which products are your best sellers, and which ones aren’t so popular. Then, when you come to order, you can make more accurate sales forecasts and avoid overstocking.
Sync your inventory
Many modern POS apps with inventory management features will sync with other providers, like e-commerce and accounting platforms. This means that whether you sell an item in-store or online, your stock numbers and sales are kept up to date automatically, and accounted for accordingly.
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How Zettle helps with inventory management
The free Zettle Go POS app has an in-built inventory management feature that helps you keep track and update your inventory. It’s intuitive and easy to use, with understandable insights to help you make the best decisions for your business. All of that, from one app on your smartphone – so you can take care of business even when you’re on the go.
Benefits of Zettle Go inventory management
- Track your inventory in real time, from an app on your phone
- See clear sales analytics
- Sync your online and offline inventory with e-commerce integrations
- Add stock quickly using an easy uploader
- Get alerts on low stock so you’re never caught short
- Track your best sellers, forecast demand and avoid overstock
Zettle Go is a complete POS system, so as well as keeping an eye on inventory levels, you can also take payments, send invoices and track staff productivity too.
Want to learn more? Read more about how Zettle can help your business at the links below.