Inventory is likely the most expensive asset you have. Are you sure your current inventory is accurate? Summer is a great time to reclaim your inventory control system. Let’s get your investment in order before holiday sets in.
Out with the old
When was the last time you reviewed and updated your inventory? Start the process by removing all items you no longer sell from your inventory control system. Check for any stray units. Clear them out of the store and the system. You will be left with an accurate current product assortment and remove the possibility that new inventory will be received as an incorrect item.
Something’s just not right
Inventory issues often arise from human error - a product is not listed in inventory correctly, is placed in an incorrect category or marked as a different product when received, an incorrect item was sent, etc. Run a complete inventory report and look for items with “0”inventory, sales that stopped suddenly or negative inventory. Review each item, investigate and make changes accordingly.
What’s in a name?
Create a unique name for each item in your inventory that has even a minor difference from another. For example, don’t receive all fly spray at the same price point under fly spray. Receive each into the individual brand/type of fly spray. You will know EXACTLY what your customer prefers, so you can provide it. Now you have a clean current in-store inventory of items on hand.
What’s on order?
Next, review your orders to determine what is coming in and add these items to the system so they are accurately characterized when they arrive.
Switch from Annual to Perpetual on hand counts
Instead of one annual physical inventory count, consider doing smaller counts each week or month. Categories rotate throughout the year. The job is more manageable and reduces disruption of sales.
Your POS system is an integral part of your inventory control. Review what your system can and can’t do. Check to see if there is a new version or update. See what other options might be a better fit.
If your system doesn’t allow you to scan your inventory it’s time to make that happen. You’ll still need to set up the system as noted, but when set up properly scanning items as they are received, counted and sold saves significant time and money, removing most of the human error.
Need help with Inventory? Contact: Anne Cecil, ONO made in the 191, firstname.lastname@example.org