Finance and inventory management for small business

#FINANCE AND INVENTORY MANAGEMENT FOR SMALL BUSINESS MANUAL#
#FINANCE AND INVENTORY MANAGEMENT FOR SMALL BUSINESS FULL#
#FINANCE AND INVENTORY MANAGEMENT FOR SMALL BUSINESS SOFTWARE#

Having control over your stock will help you to create a clear process for when stock is returned or damaged and will prevent the wrong stock from being sent out to customers. This means that the sales and marketing departments can set realistic forecasts and the purchasing department can order stock based on real historical data. Stock control gets rid of the guesswork in your forecasting and allows for much more accurate data when youвЂ™re setting figures. The excess stock also incurs additional warehousing costs due to spacing, and in some instances, the stock, finished goods or raw materials become outdated or spoiled before you even get the chance to sell it. The excess stock becomes tied up in the businessвЂ™s capital, which could have been used in other places. The opposite of a stock-out is overstocking, and while it may seem like having a high-level of stock at all times is a solution, it comes with its own issues. A Stock Management system will ensure that there is an appropriate level of stock for all situations.

#FINANCE AND INVENTORY MANAGEMENT FOR SMALL BUSINESS SOFTWARE#

Stock Management software provides real-time forecasts such as seasonal trends, to ensure a stock-out doesnвЂ™t happen.

This illustrates the need for a robust stock control system and why it is so important. Running out of stock not only damages the reputation of a business, but it can also create large financial losses due to the lack of sales. Depleting Minimum stock levels (also known as a вЂstock-outвЂ™) happens when the product, material or service is not available to meet customer demand, and usually happens when demand is higher than usual. What issues does Stock Control help to resolve? Running out of stockДЇor a company to successfully do business, it must have the products, materials and/or services that the customer needs. With fully integrated software, your stock control will be managed from each channel so that stock levels are kept up to date and customers are kept happy. If youвЂ™re selling products across multiple channels such as Amazon, eBay, over the phone or in-store, staying on top of and tracking these orders from all channels manually can become a minefield. Sell your products with ease using multiple channels YouвЂ™ll have the tools for complete control over your product levels, and the power to place a purchase order for restocking, in order to maximise efficiency and sales. To remain competitive and have an edge, you need to be able to meet customer demand in the most efficient manner possible, and this is where stock management comes in.

If your customers know that your products are always available and theyвЂ™ll get their orders fulfilled in good time, they're likely to return. This means that your employees can find products quickly, complete the order fulfilment process in a timely manner, and in turn keep your customers happy! Your customers will come back for more From placing your best-selling products together, to arranging your warehouse by brand or seasonality, you can rearrange your stock so that itвЂ™s easily accessible.

When you have a clear stock management strategy in place, organising and managing the warehouse becomes much easier. Organise the warehouseДЄ disorganised warehouse creates hundreds of problems вЂ“ staying on top of inventory is just one of them.

#FINANCE AND INVENTORY MANAGEMENT FOR SMALL BUSINESS MANUAL#

The software will eliminate any time-consuming manual processes, freeing up time for employees to focus on other areas of the business. Wholesale distributors can radically improveВ productivity and efficiency in their warehouse when they implement stock management software. The Benefits of Stock Control Enhance productivity and efficiency Stock management solutions also assist in ascertaining what is a best seller and what is not selling as well and evaluates when it is time to re-order stock for optimum business efficiency. This consists of inventory control, order management, supply chain links and stock value.

#FINANCE AND INVENTORY MANAGEMENT FOR SMALL BUSINESS FULL#

Good stock control is when a business has full knowledge of every product type in the warehouse. When a company has a more comprehensiveВ overview of their stock control, theyвЂ™re able to meet customer demand in a more efficientВ manner and decrease any cost thatвЂ™s associated with holding stock. Stock control management incorporates proactively managing new stock alongside stock that has been sold. Stock Control ExplainedД«enefits of stock control include having the visibility of all products a business currently owns including physical and cloud-based items. Find out why stock control is important, and how you can maintain an effective stock management system that will help your business scale.

When youвЂ™re in control of your stock, you'll see improvements in warehouse efficiency, better customer service and clear visibility of stock value and profit margins. Stock control should be a priority for any business owner.

Finance and inventory management for small business