Stock Management Solutions For Small Businesses

Stock Management Solutions For Small Businesses

As small businesses grow, you may start to become overwhelmed if you do not keep the business organized and effectively manage your stock. Here are some solutions.

 

 

  • Use flexible storage solutions

 

Having the space to effectively organize your business is the first step in successfully delivering and maintaining the integrity of your products. Having a secure and sizable space can help make it easier for you to keep track of how many items you have and how old they are. 

Organizing by expiration date is important to make sure you sell the older stock first. This is also known as the FIFO approach – meaning “first-in, first-out”. This is important for both perishable and non-perishable items. The latter may be more prone to damage if it is left in the storeroom for too long. 

It is also important to have enough space for new orders that come in. Every business experiences sales cycles and having flexible storage spaces to expand or shrink as necessary can save a small business a lot of money. They allow you to pay for the square footage you need. This means that if you have a lot of orders for December but less for January, your business can make adaptations that will best suit you. 

 

 

  • Stockroom management 

 

 

As your business grows, you may think of hiring new staff. From the beginning, it should be your priority to keep everyone informed about how the products are organized. This will prevent future hiccups or confusion that could cost the business time and money. In turn, this can make it more convenient for you and your staff to fulfil orders, receive shipments and easily access popular items. Increasing the efficiency of the business can help create more time to expand the business or increase productivity. 

 

 

  • Security

 

Having business storage in a secure location is beneficial to your finances, assets and to worker wellbeing. Secure locks and security systems can prevent theft and damage to property. This is very important for smaller businesses that may not be able to easily recover from security threats. 

 

 

  • Audit your stock 

 

Even with good stock management, it is worthwhile to periodically take count of your inventory. Bulk storage can help by creating a centralized space for operations but it is necessary to keep track of large quantities of products. Audits can help highlight any stocking issues, damage or theft. It is also a way to see if your current stock management techniques are effective or not. 

 

 

  • Quality control 

 

Having a controlled, secure and temperature-regulated environment will usually ensure that your items are ok. These conditions are usually provided by self-storage facilities. But, during your audits, you should check on different items to see if they are being stored correctly and whether they may have deteriorated over time. This will help you better organize your space in the future.

 

 

  • Logistics services

 

Storage facilities can often help with the logistics of moving and delivering your products. This is helpful to small businesses that may not have the time or manpower to dedicate to deliveries. Other benefits are that the company only has to deal with one contract provider for both their warehousing and delivery needs. 

Organizing your business can be made easy by being efficient, looking after your products and making use of quality service providers. Security and auditing your stock will help prevent any financial losses for the company and will help ensure the safety and correct tracking of your businesses goods. Assistance with logistics can ensure that you have more time to track and maintain orders.