Six) Catalogue absolutely all of your products
You as a business really shouldn’t leave anything to chance. The single biggest enemy of any small business is disorganization. There’s no reason you should lose track of any of your products. Catalogue absolutely everything, even the pens you’re selling up front at the cashier. Getting all of your products organized will turn out to be a godsend just when you need it, and can sidetrack your finances if you don’t.
Five) Note different varieties of products
If you’re already cataloguing, you might as well take the extra step. This may seem like being overly organized, but you’re running a business, not a guessing game. Knowing your products and having every possible category catalogued will help enormously down the road. Run a restaurant? Catalogue Coke Zero and Coke Light, see which sells better and act accordingly. Sell clothes? Know whether people love black t-shirts and never buy the hot-pink.
Four) Catalogue sets of products
This can help any small business a ton. You can build one from scratch, base it off trends (like people buying chocolates and flowers around Valentine’s day) or track the product sets you already have. It’s just another method of keeping your businesses’ inventory organized, and keeping you in the loop about how to run everything like the boss that you are.
Three) Track performance of inventory
This might seem like it’s obvious but way too many small businesses overlook it. At Xoko we want to help you keep track of your inventory, it’ll help you see what’s working, what’s not, what to invest more into and what to cut out of your business entirely. Think of it this way: if a product is costing you KSh 50,000 a month to produce but you’re only making KSh 10,000 from it, that’s a major cash deficit that you don’t need in your life. Invest in tracking the performance of your products: trust us, you won’t regret it.
Two) Streamline your stock ordering
Why wouldn’t you want to improve this? Ordering stock can be long, tedious and can lead to missteps. Building in an automated system can help you stay on top, notice trends and stay ahead of the curve. Our systems at Xoko can help make your stock ordering simpler, faster
One) Check your data against the inventory
This might seem like a tedious task, but don’t overlook it. Simply checking the numbers in your system versus the ones physically in stock can save you headaches, help work out glitches and in the long run, make your business more money.
What other ways do you know that have helped you with your inventory management? We want to hear from you. Hit us up on Facebook and Twitter.