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4 Tips to Help Control Your Business’ Inventory and Save Money - Carol Evenson - ContactCenterWorld.com Blog

4 Tips to Help Control Your Business’ Inventory and Save Money

Effective inventory control can not only save you money but will also boost your cash flow in other ways. Inventory stock must be included in cash flow management since it represents money spent that will not create cash until your inventory is sold. The more time inventory sits on your shelf, the more it costs, depleting financial reserves and taking up valuable space. Inventory control tactics will enhance inventory turnover while also saving you time and money. When you have good inventory control, you'll know exactly what you have and how much of it you have. Stock levels on hand have an impact on sales since they determine how much you have available to sell and how much you need to buy. You can use a variety of inventory control techniques to save money and enhance cash flow. Begin by focusing on the seven important areas outlined below.

 

  1. Audit Regularly

Whether you sell a cutting-edge CPU wafer or hairbrushes, inventory control and cost reduction require a frequent audit of your inventory stock and overall operations. Spot checking inventory during the year to compare inventory reports to actual inventory stock allows you to spot inconsistencies more frequently than a single year-end stocktake.


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Even if you use inventory control software and automatic tracking, it's a good idea to do a manual audit, comparing the count to the inventory records, especially for problematic or fast-moving items.

 

  1. Adjust Stock Levels

Set minimum levels for each of the inventory items that should always be on hand to improve inventory control. You know it's time to order more when your inventory stock falls below these specified levels. You can save money by reducing holding costs such as storage, insurance, and handling by holding the basic minimum stock necessary to meet sales demand. Minimum stock levels can vary for every product, depending on how rapidly the item sells and how long it takes to restock it. A few times a year, check minimum stock levels to make sure they're still appropriate and modify them to reflect current demand.

 

  1. Be Flexible

Customers nowadays want more than just the lowest total pricing. Today's clients value short lead times, high-quality products, on-time delivery, and excellent customer service just as much as a low price. Non-compliance with these standards can easily result in lost business, losing you money, and possibly resulting in an inventory surplus over the course of the business year. Flexible manufacturing refers to the ability to make things that are easily adaptable to changes in the product's type and quantity. Manufacturers must have some flexibility in their operations in order to improve customer responsiveness and adapt swiftly to changing client demand.

 

  1. Hone Your Forecasting Skills

The ability to estimate demand as precisely as feasible is a crucial technique to improve inventory control. While there are many variables that make precise forecasting difficult, there are a few things to keep in mind when anticipating future sales. Current market patterns, historic sales over the same period in past years, seasonality, current and predicted growth, and the general economic condition are just a few of them. By analyzing this data to detect patterns and trends, a strong inventory information system will help obtain sales history that will assist you in developing projections and future sales. Excess or obsolete stock ties up working capital, compounds holding costs, and takes up valuable floor space that could be used for more popular, fast-selling items. Accurate forecasting saves money by reducing the risk of waste, spoilage, and excess or obsolete stock, which ties up working capital, compounds holding costs, and takes up valuable space that could be used for more popular, fast-selling items.

 

Implementing a few best practices into your inventory control can drastically reduce loss, make your operations more efficient, and save your business a ton of money. Put these tips into practice right away for best results. 

Publish Date: July 2, 2021 3:33 AM

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