Asset Management and Inventory: A Small Business Guide

Female waiter counting beer keg's using tablet : Stock PhotoManaging your assets and inventory are vital to the success of your small business.  Without an accurate record of your small business’s assets and inventory, it’s difficult to create precise sales reports and control the inflow and outflow of inventory. Follow this easy guide to start tracking your business’s assets and inventory with ease.

Recognize the importance of your assets.  From office furniture to computers and everything in-between, your company’s assets are what keep your day-to-day business flowing. Yet 55% of small business owners use manual asset management or don’t track their assets at all. If you don’t keep an accurate record of these assets, you may lose expensive items or allow them to get worn or outdated. Invest in a tracking system that works for you, whether it’s a comprehensive spreadsheet or automated software.

Understand the risks of untracked inventory. Despite being the main source of revenue for small businesses, 46% of small business owners fail to keep track of their inventory. If you don’t keep an accurate record of what’s on your warehouse shelves, you risk losing inventory to theft by customers or employees. A lack of inventory control can also lead to unhappy customers, especially if the product they want is out of stock. Tracking your inventory can also ensure you’re making informed business forecasts and planning for financial success.

Take the work out of inventory management. If you don’t know how much inventory is on your shelves, it’s hard to serve your customers what they need. As a small business owner, you may not have the time or staff required to track your inventory on a regular basis. Instead of handling this task on your own, outsource your order fulfillment and inventory management to a company like Ohio Valley Goodwill Industries. We have over a century of experience working with small businesses like yours, freeing you up to provide the quality service your customers deserve. Contact us for a free tour of our facilities.