Today’s small business owner faces many challenges: from cash flow to payroll to customer service to figuring out a solution to the pesky problem of inventory management. And that’s to say nothing of deciphering applicable tax law! It’s a daunting set of challenges that every entrepreneur or small business owner must tackle, but there are some tried-and-true tips to simplify the process. StorageMart President Cris Burnam has detailed a few key concepts in a brand new article on SmallBizClub’s website.
One of the main problems associated with poor inventory management is the possibility of mishandling or even misplacing your inventory. This wreaks havoc on your company’s bottom line, as you cannot sell or deliver on any products you’ve lost in your warehouse. One solution to this, as Cris mentions in his article, is to rent a self storage unit to store your inventory. The extra space provided by a self storage unit can be used as an effective tool for sorting out any disarray in your company’s warehouse, organizing or storing infrequently-used items or products, or even as an overflow area for those times when supply is higher than demand. Many self storage facilities offer month-to-month leases, so your business won’t have to throw away unnecessary amounts of money paying for a more long-term solution once you’ve eliminated the kinks in your current inventory management procedures.
Listen to Your Peers
Cris Burnam recommends relying on the advice of your peers and mentors when seeking an inventory management solution. Don’t be afraid to ask for help; finding out what works for similar businesses or start-ups can often lead you to a better understanding of what your company needs to thrive. Cris also urges business owners not to underestimate the importance of settling these pesky issues early on; inventory management lays the foundation on which the rest of your business’ efforts will be based.
Using the tips outlined in StorageMart President Cris Burnam’s article, you can make plans to correct any major flaws in your inventory management software before it can cause any serious harm to your business — or your bottom line.