Keeping track of your inventory is essential to guarantee the success of your business. However, it’s something easier said than done.
Whether you own a restaurant, retail store, or catering business, managing your inventory is no easy feat. It holds particularly true if you’re a start-up business that’s going through a period of rapid growth.
What is Inventory Management?
In a nutshell, inventory management means having a set of tools and systems to track what items, goods, or ingredients you have in stock and the quantity of each that you have in hand.
By keeping track of these figures, you can be confident that you’ll not run out of inventory as you know when you have to re-order and how many to get. What’s more, it also keeps your funds from being tied up in excess inventory while maximising sales and storage space all at the same time.
Continue reading below for some tips on how to better deal with the complexities of tracking and managing your inventory.
Keeping Track of Your Storage Inventory
- Use the FIFO Approach – Selling items in the same chronological order as they were purchased or produced will guarantee that they’re sold in their best possible condition. You can do these by storing new items at the back so the older products will be pushed forward to the front.
- Audit Your Stock Regularly – Keeping track of your stock on a regular basis will give you an idea on which products are moving fast and which are not. This data will help you devise a better strategy to maximise your finances and storage space as well.
- Identify Slow-Moving Inventory –Excess stock wastes both your storage space and capital. Thus, if you have items that haven’t been sold for a long period of time, you might have to consider some strategies to get rid of them such as through a discount or promo.
- Keep Best Sellers Easily Accessible – Besides slow-moving inventory, you also have to identify the items that make more money than the others. You will want to stock up on these and keep them in handy so you can ship them easily without creating excess clutter.
- Don’t Forget Quality Control – Regardless of the industry you’re in, you have to make sure that all your products are in their best condition for selling. It could be easily done by having employees conduct a regular quality inspection.
How Mismanaged Inventory Can Impact Your Business
Poor inventory management is basically money lost on your business. When you don’t keep track of your inventory and you don’t know how much you have or how much you’re selling, it’s also likely that you’re buying more than what you need without realising it.
At a basic level, your inventory management process should help you achieve the following:
- Get a clear picture of what stocks are running out
- Maximise resources—space and finances; and
- Streamline business processes
Store Your Inventory at Mandarin Self Storage
Proper inventory management requires the right tools and careful planning.
In addition to these tips, renting a storage unit can help you better keep track of your inventory. Warehouse storage rentals in Singapore can help eliminate the mess that may be involved in running your business at home, as it keeps your inventory from getting mixed up with personal items.
Renting a storage unit at Mandarin Self Storage gives you this and many more benefits, some of which are as follows:
- Everyday Access
- Increased Security
- Month-to-Month Lease with No Security Deposit
- Free Use of Storage Equipment (Forklifts, Trolleys, and More)
Store your inventory at Mandarin Self Storage today! We offer flexible storage space rental solutions in Singapore.