Let’s face it, not everyone loves doing inventory. Yes, it can be tedious at times, and the endless counting is down right torture, but inventory is valuable! Whether you sell commodities like coffee, clothing, beer, or toys or you tread towards specialty goods, your products hold value and they will be swapped for cash before you know it!
Inventory management is the record keeping of a company’s stock of goods and monitoring and controlling weight, portion, dimension, amount and allocation. When inventory is taken correctly, it will greatly reduce the costs of holding those goods for a period of time. The best inventory management systems will alert you when it is time to replenish stock or purchase raw materials to create more.
Of course, this is important because without the correct inventory, you may run low or completely out of a product. If you do not meet customer demand because of low or no inventory, it will create a real problem for the business. Doing inventory correctly will save the company money over time. It will help to avoid spoilage and dead stock, as well as save on costs like storage, shelf space, and maintenance.
Practice the 80/20 inventory rule – generally 80% of your profits should come from 20% of your inventory stock
Be consistent in receiving stock
Order restocks yourself – Do not rely on vendor’s doing inventory!
Invest in Inventory Management technology
Use technology that integrates well
Seems like those last two items are very important! Unfortunately, most inventory management software is either overpriced or it does not “play well with others” – meaning it is not the best at integration. Well with Wrkmash, you are getting a completely integrative tool that not only has inventory management but also automatically tracks sales and expenses. It helps you categorize your inventory and keep track of vendors and more. Enough with the excel sheets and the constant trips to the store or the warehouse to correct your inventory issues. There is a better brain for your business.
Wrkmash Terms of Service
Wrkmash's privacy and security policies may be viewed at www.wrkmash.com/privacy. Wrkmash reserves the right to modify its privacy and security policies within reasonable discretion as the need arises. As the Wrkmash Application Platform (referred to as “Platform” in this document) is a hosted, internet based online application, Wrkmash may need to distribute important notices or announcements regarding the operation of the Platform. If you register to use the Platform, you agree that Wrkmash can disclose the fact that you are registered Wrkmash customer and the edition of the Platform that you are using.
Wrkmash hereby extends to you a non-exclusive, non-transferable, worldwide right to use the Platform, solely for your own internal business purposes, subject to the terms and conditions of this Agreement. All rights not expressly granted to you are reserved by Wrkmash and its licensors.
If you are a direct competitor of Wrkmash or employed or contracted by a direct competitor, you may not register to and access the Platform, except with Wrkmash's prior written consent. In addition, you may not access the Platform for purposes of monitoring its availability, performance or functionality, or for any other benchmarking or competitive purposes.
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During use of the Platform, you may enter into correspondence with, purchase and sell goods and/or services from, or participate in promotions of advertisers or sponsors showing their goods and/or services through the Platform. Any such, activity and any terms, conditions, warranties or representations associated with such, shall be solely between you and the applicable third-party. Wrkmash and its licensors shall have no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any such third-party. Wrkmash does not endorse any sites on the Internet that are linked through the Platform. Wrkmash provides these links to you only as a matter of convenience, and in no event shall Wrkmash or its licensors be responsible for any content, products, or other materials on or available from such sites. Wrkmash provides the Platform to you pursuant to the terms and conditions of this Agreement. You recognize, however, that certain third-party providers of ancillary software, hardware or services may require your agreement to additional or different license or other terms prior to your use of or access to such software, hardware or services.
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