Inventory management is one of the most integral aspects of running a successful small business. Inventory is the main revenue source for many businesses, yet 46% of small business owners fail to properly track their inventory. Avoid making costly inventory mistakes by following our guide to inventory management.
What is inventory management?
Inventory management is an element of supply chain management, and is the process of ordering, stocking, and controlling the amount of a company’s product for sale. Business owners with effective inventory management processes have an accurate awareness of the amount and kind of inventory they have for sale.
Avoiding inaccurate inventory tracking
Without a clear understanding of what’s on your warehouse shelves, your business is exposed to a number of risks. Without a proper inventory tracking system, your business is vulnerable to theft by customers or employees. A lack of inventory control can even lead to unhappy customers, especially if the products they want are frequently out of stock.
Getting help with inventory management
As a small business owner, you may not have the time or staff needed to implement a thorough inventory tracking system. Avoid inventory headaches by outsourcing your warehousing and inventory management needs to a third-party like Ohio Valley Goodwill Industries. We have more than a century of experience providing inventory solutions to small businesses just like yours in Cincinnati, Northern Kentucky, and Southeast Indiana. An effective inventory tracking and management system can ensure you make informed business decisions and provide quality customer service. Contact Ohio Valley Goodwill Industries today to learn more and receive a free tour of our facilities.