How to manage your inventory as a small business
Starting a small business is often stressful, challenging, somewhat lonely — there is no one to tell what to do (for better or worse) and the plethora of information online can sometimes be more intimidating than stressful. Stock management is just one of those challenging things to deal with, so we have some tips to help you optimise the storage space you have in order to bring your business to the next level.
Out with the old, in with the new
Marie Condo-ing works in all situations, even inventory. While it may seem wise to keep unsold goods in your self storage space, they can pile up after a while. Besides, unsold products that have been lingering around your storage facility for good may not be in the best quality. It would be wise to do a clear-out at least every fiscal year (why not now, since Chinese News Year is coming soon) and get rid of any old documents and miscellaneous items that are cluttering up your storage space.
Heavy things on the floor, light ones shelved
One of the most important safety tips for your storage space is to keep the heaviest merchandise close to the floor to prevent them collapsing when you move the items around. Lighter merchandise should be shelved so you or your colleagues will not trip over them. Keeping the floor of your self storage clean is important to preventing clutter.
Upwards and outwards
Utilise the high ceilings in your storage space, and get some high shelves and racks instead of piling everything on the floor. Having more floor space allows you and your staff to retrieve things easily instead of being besieged by clutter. Also be sure to put the current season’s items closest to the door, the previous after that, and so on. This allows all your employees, even the new ones, to know exactly where things are.
Track the output
The 80/20 rule for inventory means that 80 percent of your sales will most likely come from just 20 percent of the merchandise, so tracking your products is of the utmost importance. You could try out some inventory management softwares which can tell you which products are best sellers. Once you know which products they are, you can store them towards the front or in easily-accessed spots.
Invest in the right storage unit
Here at Storefriendly Singapore we have many different options depending on your business needs. We have storage and workplace combinations of various sizes, as well as the necessary furnishings to help you out. We sell cardboard boxes, secure plastic boxes and other wares so the trouble of finding furniture is greatly reduced.
For more information and tips, call us at 1800 731 111 or write in a self storage enquiry here.