![]() It helps to sort your inventory so you know which items fall into the same category, and then you can manage accordingly. What is the best program for inventory management? For example, you’ll handle your finished products differently from your raw materials. Various inventory management software programs are available for small businesses, and the best one for your business depends on multiple factors. TradeGecko is easy to use and has many integration options.Our sister site, has an inventory software buying guide that explains five popular inventory management software systems: For instance, you’ll want to consider your budget, your business type and certain features you’re looking for, like mobile apps and cloud backup. Odoo is easy to learn and makes it simple to track orders, but it has little customer support and can’t directly import e-commerce products.Fishbowl is organized and easy to use, with sales- and order-tracking features, but it can’t import products from your online sales channel.Stitch is user-friendly software for both digital and physical stores.GIVE TWO REASONS YOU SHOULD COMPLETE A HOME INVENTORY. Contalog is best for e-commerce businesses but makes it difficult to finalize orders.ģ.Here you’ll find the 10 essential tips to effectively manage your inventory for increased profitability and cash flow management. Prioritize your inventory.Ĭategorizing your inventory into priority groups can help you understand which items you need to order more of and more frequently, and which are important to your business but may cost more and move more slowly. Experts typically suggest segregating your inventory into A, B and C groups. Items in the A group are higher-ticket items that you need fewer of. Items in the C category are lower-cost items that turn over quickly. The B group is what’s in between: items that are moderately priced and move out the door more slowly than C items but more quickly than A items. Make sure to keep records of the product information for items in your inventory. This information should include SKUs, barcode data, suppliers, countries of origin and lot numbers. ![]() ![]() You might also consider tracking the cost of each item over time so you’re aware of factors that may change the cost, like scarcity and seasonality.Įditor’s note: Need help managing your business’s inventory? Fill out the questionnaire below to have our vendor partners contact you with information on inventory management software. ![]() Some businesses do a comprehensive count once a year. Others do monthly, weekly or even daily spot checks of their hottest items. ![]()
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