Inventory
One of the most challenging aspects of running a business is learning how to effectively manage your inventory so you have what your customers need and want without having too much excess, which can be a waste of money. Whether it's deciding what and how much to order, when to order, keeping an accurate count of your products, or knowing how to handle excess and shortages, knowing how to control inventory properly will help ensure your business's success. Understand the goals of any inventory control system.
An inventory control system should accomplish three key goals. Knowing these goals are helpful in letting you know if your current system is effective, if it can be improved, as well as how it can be improved.
• Your system should let you know what is in your inventory at all times.
• Your system should have a means of detecting and updating changes in your inventory.
• Your system should involve a plan for how much inventory to order and keep, as well as when to re-order.
An inventory control system should accomplish three key goals. Knowing these goals are helpful in letting you know if your current system is effective, if it can be improved, as well as how it can be improved.
• Your system should let you know what is in your inventory at all times.
• Your system should have a means of detecting and updating changes in your inventory.
• Your system should involve a plan for how much inventory to order and keep, as well as when to re-order.
