Concept Accounting Solutions LLC

Here are some of the techniques that many small businesses use to manage inventory (part 3):

9. Hire a stock controller. 👨‍💼

Stock control is used to show the amount of inventory you have at a given time and applies to all items from raw materials to finished goods. If you have a lot of inventory, you might need one person who is responsible for it. A stock controller processes all purchase orders, receives deliveries, and makes sure that everything coming in matches what was ordered.

10. Remember your ABCs. 📝

Many businesses find it helpful to have tighter controls over higher-value items by grouping inventory items into A, B, and C categories.

11. Consider drop shipping. 📦

If your business adopts drop shipping methods, you can sell products without actually holding the inventory yourself. Instead, a wholesaler or manufacturer is responsible for carrying the inventory and shipping the products when a consumer buys from your store. That way, you don’t worry about inventory holding, storage, or fulfillment. Many owners who start an online store adopt drop shipping methods, but this supply chain fulfillment strategy can be adopted by many types of businesses across all industries.

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