Track products, batches, and lots for the entire duration a raw material or product is located at the business’s facility Maintain enough stock to account for normal increases in demand Know when items are expiring and when promotions may be needed to move stock prior to that date And each department’s set of goals can be achieved with a single small business inventory tracking system:
INVENTORY CONTROL FOR SMALL BUSINESS SOFTWARE
Each area of the business talks to the other, ensuring production keeps pace with demand.Īll the specialized functions performed by each department can be aggregated and housed in the business’s inventory software setup. Sales trigger other actions, and when enough sales of a certain product occur, levels drop to reorder points, then triggering a purchase order. When an item is sold, it is instantly removed from inventory.
INVENTORY CONTROL FOR SMALL BUSINESS UPDATE
Each can enter information and update that same data set to a central system to generate the same numbers for sales as it does for warehousing. You need an integrated business system where everyone is singing off the same hymn-sheet where data is entered only once, and where everyone is relying on a single version of the truth.Ī simple inventory system for small businesses will unify information from every department so each is working with one data set. If you want to create a joined-up company, then you need to underpin that effort with a joined-up system, and that is where spreadsheets fail. Spreadsheets are great, but they are only great as a local departmental solution. But when management receives different numbers because each department logs inventory activity at different stages of production, having accurate information to make decisions about the future is next to impossible. Both are doing their best to maintain accurate inventory information when reporting their data to management. For example, warehousing sets up one system. You just need a change in staff for systems to be disrupted. Sometimes the calculations and formula are limited to a single person in the company, which creates a point of weakness.
Startups, new businesses, and businesses on the path to growth and expansion often begin managing inventory in a simple, inexpensive manner such as using an Excel spreadsheet for working with department specific data and formulas. Small business inventory management will evolve over time as a company grows and/or adds additional products.
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