Preventing and Dealing with Inventory Mistakes in Small Business
Today we have another guest post – this one from Marcus Lansky (see his info at the end). Thanks Marcus.
Most small businesses have some sort of inventory to manage, and any mistakes with that inventory can end up costing the owners of those businesses big time. So, how can small business owners keep inventory issues from derailing their success? They can start by asking themselves these essential inventory management and mistake prevention questions.
Do You Have Enough Staff to Manage Your Inventory?
If you’ve built your business from the ground up, you’re likely used to wearing a variety of different hats. You may be managing your inventory while you oversee other operations in your small business, but this multi-tasking approach can lead to some pretty serious mistakes.
While we all do it in our everyday lives, people are not good at multitasking; attempting to take on too much will only leave room for lost profits and damaged customer relationships. So, if your business is booming it may be time to hire some help. For instance, you could use a job board such as Upwork to find an inventory manager to help improve your existing inventory management systems or build a comprehensive web dashboard. Do you prefer to take the lead when it comes to your inventory? If so, you hire an Upwork virtual assistant to help you out with more administrative tasks, such as scheduling meetings.
Do You Have The Right Tools to Manage Your Inventory?
It used to be that managing inventory meant spending countless hours counting and sorting through your products. While counting products can still be an integral part of your overall inventory management system, know that there are tools and systems designed specifically to make that process more efficient and less time-consuming. An example of inventory tools that can be beneficial for your small business is free inventory software. Several free inventory management programs exist on the market right now, including Stockpile, Orderbot, and TradeGecko, so you can see if one of these free systems will meet your business and inventory needs. If you have some more room in your budget, you could also research other inventory software options that include paid programs and systems. Many paid inventory management systems offer free trials so you can try a few out to see which is best for your small business.
Finally, don’t overlook the perks of switching your inventory processes over to a barcode system. Using a barcode system can enhance the accuracy of inventory counts and customers’ orders while also helping to save you and your staff valuable time.
Do You Have Processes in Place to Mitigate Your Mishaps?
Even with the best staff and systems in place, mistakes will happen. So, as you look for ways to shore up your inventory management and control systems, also look for ways to create a damage control plan for any potential issues. If those issues are serious, you will need to make sure that your small business can stay objective, honest, and find ways to overcome any losses in profits or customers. Hopefully, your inventory issues will never rise to this level, but being prepared to take on a crisis is always a smart move when you own a small business.
For smaller mistakes, learning and adapting will be your best bet for moving past them and helping your small business become much stronger. Assess what went wrong and be honest about any mistakes you may have made, that way you can come up with practical solutions for preventing future errors. You should also be prepared to deal with upset customers. Inventory mishaps and mistakes are bound to impact your small business at some point. If you take the necessary steps to at least help prevent them, however, you can at least keep small inventory problems from becoming bigger issues for your business. So, combine your inventory prevention measures with problem-solving plans to keep yourself properly prepared.
Born with a severe spinal condition, Marcus Lansky took the challenge to be able to walk again. With the will and aid of numerous individuals from the medical field and a whole lot of cheerleaders, he was able to take his first steps and take on the world. You can find him at https://abilitator.biz/
Shawn Kinkade Kansas City Business Coach
1 thought on “Preventing and Dealing with Inventory Mistakes in Small Business”
That’s great stuff!
I’m an absolute beginner, but want to get more familiar with AI.
Think it’s the future.
I’ve recently read an article how it can help to improve inventory management: https://inoxoft.com/how-to-improve-inventory-management-using-ai/
It’d be interesting for everyone.
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