When you are conducting a business that involves goods, it is very important that you keep a check on the inventory. The inventory is one of the most important part of any business. These days one of the most common type of business is through the internet but this too involves a lot of stock. So managing your inventory is a very big part of the business. Here are a few tips that should help you to manage your business inventory.
Understand the different product types
Any business will have a number of products under its belt. Make sure that you understand the different products that form the sole of your business. A very important thing to do in this case is to classify it according to type. The most important classification is whether it is perishable or non-perishable. If it has a long shelf life then you need not worry about it. But the products that have a short shelf life needs to be dealt with at the earliest.
Make sure you have product specifications and barcodes
Each product needs to be classified and then categorised. Putting a barcode against the product is a good way to ensure that all the different products are classified according to the specifications. You need to have a written record regarding the specifications of the products. This can be great boon to the actual working of the business as well. You can easily explain the product details to the customers if you know the specifications.
Track your sales and to the sellers
Make sure you track all the sales that are being made. It is best to have a digital platform where you can account for the different sales that are being made. This will not only make your accounting process easier but also ensure that you have a good stock taking process as well. You need to make sure that you keep a track on your sellers as well. In cases of cases of return, you can easily deal with it if you know exactly what has been sold to which dealer.
Perform monthly audits of the inventory
This is one of the best ways to keep a track of the stock or inventory. If you are looking to analyse the state of your inventory then you should perform audit of the stock. You can either appoint an outside organisation to do it or even have an internal department to perform the same.
Perform daily audits for inventory and the daily orders
You need to make sure that you perform a daily audit of the inventory so that you can keep an account of the different products that are being purchased and sold each day. You do not have to perform a stock audit of the complete inventory. Daily audits should be specified for goods that have a lot of movement.
These few tips on inventory management should help you to keep a track of you inventory or manage it for the best results for your business.