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How to Grow Your Inventory-Based Small Business and Live to Tell the Tale

Regardless if you’re in wholesale or retail, you will likely agree that inventory tracking can be complicated. Unfortunately, much of the success of your business lies in inventory, too, making accuracy, maintenance and selection a crucial aspect of your small business that you just cannot sweep under the rug. Therefore, it may be high time to start treating inventory, not as a necessary evil, but the possible be-all and end-all of how to grow your inventory-based small business.     The key is in breaking it down into small, bite-sized pieces that you can easily manage and organize systematically, rather than tackling it piecemeal when the spirit moves you. Consider the following components: Your inventory management There’s no doubt as to the importance of solid inventory management. The real question lies in  doing it right. One legitimate concern is, of course, the question of how much inventory should  you carry at any given time. While the basic answer lies in the law of supply and customer  demand, there are actually more factors to consider, such as shelf life, seasonality, storage, and  cost.     This is where inventory control comes in. As labor-intensive as this task might seem, there are  always ways to simplify. A way to do so is by investing in inventory management software.  When implemented right, a good system not only helps you track inventory but it will also  potentially boost your bottom line by streamlining the process. And with a streamlined process,  everything else really just falls into place. Your storage Storage is a significant factor when it comes to inventory management. Know that different  products have different turnover rates. Moreover, certain products may require special storage  conditions. So while some products are okay in your basement, for example, others may be  better suited in climate-controlled self-storage or even a warehouse. There are really no specific  hard and fast rules when it comes to inventory storage, but there are best practices, and to  some extent, you will need to play it by ear. Your manpower More inventory often means more work. Not exactly something to complain about, but with a growing business it can mean biting off more than you can chew if you’re on your own. New  Castle Systems notes that expanding your inventory into a warehouse will inevitably necessitate  hiring additional hands, not only to make your life easier but also to keep your business running  smoothly and efficiently.    Of course, this then opens up the challenge of finding and vetting employees, often at a  moment’s notice. Unfortunately, traditional staffing agencies often can’t deliver manpower fast  enough. It’s a good idea to explore different avenues, such as a platform that specializes in  finding top-notch laborers on an on-demand basis, effectively cutting your search time for labor  staff by a significant amount. You may also consider outsourcing recruiting efforts. Your website Lastly, as your business grows, you need to be able to keep up with customer demand. While  this, of course, entails having sufficient inventory, this also means having the right [...]

THE AMERICAN SPENDING CRISIS

Did you start your own business and find you’re left with a lot less in your pocket than you anticipated? Stressed over finances? You’re not alone. The total debt of American non-financial corporations as a percentage of GDP has reached a record high of 73.3%. The Economist The trend trickles down into households. Americans have racked up another astounding spending [...]

Small Business Tax Tips for 2018

Small business and personal taxes are due at different times of the year. Tax day this year - for individuals - is April 17th. Why? April 15, 2018, falls on a Sunday and District of Columbia Emancipation Day will be observed on Monday, April 16, 2018. Small Business Tax Calendar For business? Well, are you a Corporation or LLC? Your [...]

Teamwork vs. Me Work – A Happy Workforce

Managing your staff is a fine balance of setting boundaries and creating a participatory teamwork environment. “Teamwork” turns into “me work” if employees don’t work well together, even if they are the best and brightest in their field. A Teamwork Top-Down Approach Successful leaders set the stage. A well-equipped workforce is vital. Jobs don’t get done without the right tools. [...]

Is Employee Satisfaction Really Linked to Profitability? The Test of Time Says Yes.

Building a profitable company is one of the most important goals for any business, no matter the size. But how a business goes about making their company profitable has changed a lot over the years. In the 1970's and 1980's managers focused on market share while today they look at other factors. Especially relevant, these factors play a much bigger [...]

Top Areas to Automate for Higher Productivity

Technology is transforming the way we operate and execute our businesses. Contrary to popular belief, technology is not really replacing humans but it enhances our roles. Repetitive and large scale jobs don’t need continuous human intervention. These jobs are done significantly faster and with higher efficiency by deploying the right technology. While we tend to reduce the overhead costs of [...]

Operations Part 3: Management in a Nutshell

In Operations Part 1, we started by covering policy, process, and procedure. We defined them and touched on why they are an integral part of your business. Then in Operations Part 2, we switched gears to talk about what to look for and how to manage the operation and its processes effectively and efficiently. So Operations Part 3 will cover [...]

Operations Part 2: Are You Managing Efficiently?

Business owners or stakeholders have a common goal and that is having a sustainable business. In the last blog, we discussed policy, process, and procedure, defined them and touched on why they are an integral part of your business. So this topic will cover managing efficiently: what to look for and how to manage the operation and its processes effectively. [...]

Operations Part 1: Policy, Process & Procedure – Do You Know the Difference?

It’s surprising how a majority of top business owners use the terms policy, process & procedure interchangeably. Incorrectly defining the objectives associated with these three pillars of business could affect overall productivity. It can also degenerate the profits of your company through inefficiencies. 3 Ways “Policies” are an Integral Part of Your Business: A policy is a set of guidelines [...]