Inventory Success: Tips for Small Businesses

30 Oct 2018

taking inventory

Owning and operating a small business comes with a lot of responsibilities on the path to celebrating victories. Succeeding in the competitive market not only takes careful planning and ingenuity, but it also takes utilizing technology and tools available today to increase efficiency and improve strategic planning.

Inventory tracking and management play one of the most significant roles for a business. Without it, lost revenue opportunities and financial losses from overstock problems could do serious harm to a small operation.

Here’s a look at some the ways modern inventory management solutions can help small businesses thrive.

Take Manual Evaluations & Human Error Out of the Equation

Human error is inevitable. Sometimes a miscalculation or forgetfulness can get in the way of inventory needs. Nothing’s worse for a small business than not having a product in stock that a customer requests, or letting items sit on the shelf taking up valuable space. Both are poor for business. Remove this possibility by relying on a solution that does all the calculating and reminding for you so you can focus on other areas of the business that need attention.

Get Insights into What to Stock

Depending on the type of business you own, you’ll need to understand inventory in more ways than just what products to offer. If you’re a restaurant, for example, you’ll need to consider food spoilage and expirations or if you sell clothing and other goods, perhaps business fluctuates and increases around the holidays – this should be taken into consideration when planning inventory.

With inventory management solutions you’ll be able to track, analyze and forecast key insights like when to up your inventory orders, what is selling most and should be reordered and even uncover products are bringing your business a loss. This critical data can go a long way in ensuring you’re offering the market exactly what they’re looking for.

POS Integration for Ultimate Benefits

Having inventory management integrated into your POS system is the best way to get the information you need to help your small business grow. Clover, a POS system for restaurant, retail and service businesses, provides inventory applications together with its point of sale system. That means you can take an array of payment types from customers, manage front and back-end functions and get the information you need to manage and grow operations all from one system.

Inventory tracking apps such as, Shopventory, SimpleOrder and stockIt are available via the Clover App market and make it possible to manage and forecast stock, create sales reports, easily place orders with vendors as well as access automated tools, make changes, run reports and updates – and so much more.

Interested in a POS system that will provide your business with the most benefit? Want to work with an experienced team who can guide you through the process and support you as you grow? Work with Turnkey. Fill out the form below and we’ll be in touch soon!

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