Staying organized is essential for successfully running a small business. One of the most important steps to staying organized is accurately tracking and managing your inventory. Ordering too much of something leads to increased storage cost and overstocking, not enough of an item, and your customers aren’t able to purchase your products. With so many different moving parts tracking your inventory can become a hassle that is bound to turn more than a few of your hairs gray. Luckily for you (and your hair), some great apps have been created to help you track your inventory turnover. However, with so many apps available, it can be hard to figure out which one will work best for you. If you want to save time searching for the best inventory control app, keep reading below for three tips to help streamline your search.
Learn About Inventory Control
The first step to optimizing your inventory control systems is understanding it. Creating the most effective inventory system is extremely important for just about every business around the world. Which means there have been 1,000 of informative articles written over the subject, by some of the smartest business minds around. First, look for apps that will give you access to trustworthy and reliable inventory management articles. By reading and studying these articles, you will quickly learn some essential techniques for making sure your store is stocked in the most efficient way possible. Reading lets you learn from other peoples mistakes, and in the world of business and inventory control, making a mistake means losing money. So avoid other peoples mistakes and take a few minutes out of each day and brush up on some of the new inventory management theories.
Hit your Stock Objectives
Accurately tracking your inventory provides you with valuable information. It helps prevent loss of money from theft, as well as track the shelf time of each item in your store. After you have started to track your inventory, look for an app that lets you create objectives. The best inventory apps will send you reminders when you are running low on a particular product. By combining the reminders with the sales rate of your products, you can effectively eliminate both overstocking, and shorting your inventory. By tracking products, you can figure out your profit per item. If certain items aren’t making your profit objectives, you can slowly start to phase them out and build yourself a more significant profit margin. A bigger profit margin means you’ll have some more room for error while running your business, which means more innovation and profit.
Best Inventory Tracking Apps
While trying to find a few examples of useful inventory tracking apps, I came across this comprehensive list of apps. These apps give you access to beneficial information, as well as give you different systems for tracking and managing your inventory.
Use Multiple Systems
It is never good to be utterly reliant on one program. A little bit of redundancy goes a long way. By using multiple systems, you can double-check your work and make sure your numbers match up on both at the end of the month. By cross-checking your numbers, you’ll be able to quickly see if there is a glaring error in your tracking system, or some fishy operations taking place under your nose.
Along with the theme of using multiple different systems, make sure to keep backups of all of your inventory information. Lots of inventory trackers will let you save the files as an excel spreadsheet. Doing this allows you to save your work periodically. While technology is beneficial, it isn’t perfect. By backing up your system, you’ll save yourself hours, if not days, when a system eventually does have a fatal error and crashes.
By tracking your inventory accurately, you’ll save money, and be able to manage your business better. While you look for the best inventory tracking apps, keep these three tips in mind, and you’ll quickly find a few apps that are perfect for you and your business.