5 Tips to Better Inventory Management During the Holidays
4. Utilize technology. The latest inventory management software is literally right at your fingertips. There are tons of downloadable computer programs and mobile apps created expressly to make your life easier when it comes to keeping track of what you have in stock and knowing when to get more. The many options out there range greatly in price, and all have different bells and whistles to suit various businesses’ needs. If there's ever a time of year when it's of utmost importance to save time and resources, it's during the holidays. Inventory management software can help get the job done.
5. Evaluate last holiday season and set goals for improvement. This can be said for your company's holiday plans in general. Be it inventory management, shipping procedures, marketing blitzes or whatever else you have up your sleeve, don't overlook the benefit of studying your past successes and failures. Doing this will require maintaining detailed records each year. You'll want to know exactly how much inventory you purchased in previous years and what prices each supplier charged you so you can try to get the same deals — or better — in exchange for being a loyal customer that they can count on year after year.
By the same token, you'll also need to consider whether you had the right amount of inventory last year. Knowing this will enable you to adjust accordingly, doing your best to avoid out-of-stock items and excess inventory. Both cost you money. Keeping only the amount of inventory on hand that you need at a given time, and no more or less, can be a delicate balancing act during the holidays. Managing your stock based on past years’ trends can only help.
If you can check off all of those items before things get hectic this season, your small business should be in pretty good shape to maximize sales. 'Tis the season to be organized! It pays off.