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5 Ways to Improve Your Inventory System
1.) No spreadhseets allowed!
- Experts say, “Adopt barcodes with an automated inventory system as early as possible. Always plan for bigger than you are.
2.) Live by the 80/20 rule
- Your focus should be on the 20% of your products/inventory that generates 80% of your profit
3.) Get rid of old stock
- Old stock only gets in the way of positive work flow. Liquidate it, dispose of it, move it.
4) Plan your warehouse space
- Fast movers should be the easiest to reach
- Average movers – fairly easy to reach
- Special orders – out of the way buy visible
- Dead Inventory – out of the way
5.) Practicing rule #4 leads to rule #5
- Practice first in; first out – this helps keep inventory fresh and clean no matter what you sell
* Excerpts taken from https://www.industrial-ip.com/barcoding-for-small-business-article/