Proper inventory management for small businesses can be the difference between selling at a profit and incurring a loss. To truly be an asset to a business, an effective inventory management system must be implemented and a knowledge of the complexities of the business' supply chain must be readily available to the business owner.
To be effective, a small business should design an inventory management system that tells those who need to know what is on hand, where it is located, and if an item is out of stock, how quickly the stock can be replenished. A successful business will require efficient methods for managing inventory and controlling the flow of goods, information, and resources through the company. Inventory management also involves working with suppliers to ensure that inventory levels stay constant, costs are consistent and controlled, and accurate records of products ready to sell are kept.
While it can be a tricky balancing act, effective inventory and supply chain management keep a business running smoothly. Find documents, resources, expert advice and information to help you create successful inventory management and supply chain strategies for your business.