Managing Small & Large-Scale Inventory

Whether you’re a small local business or an ever-growing larger company, managing inventory can be a stressful and daunting task to upkeep. It’s more than just keeping track of the number of products you currently have.

You need to consider the following things. Whether or not you should restock a product, and when, as well as monitor profit margins. Entering a single tally on a spreadsheet often won’t help a business succeed and thrive.

It takes time and energy to accurately track inventory.

If your current inventory process isn’t working for your business, consider implementing these simple but effective techniques.

Count Upon Arrival

Counting inventory can be a long and arduous process that very few people enjoy. Big-box stores have entire evenings they set aside for the necessary activity. But you can cut down on the amount of time it takes to process and record inventory by doing so upon its arrival.

Once your product shipment arrives, you will want to cross-reference the order with your records to ensure you receive everything you purchased. It’s an easy way to avoid being shorted of product and therefore causing supply issues for your brand. An efficient way to record this is by creating accurate purchase order forms for yourself and the supplier you are purchasing from. 

Track Sales

This is where your spreadsheet or a digital tracking system of your choice will come in handy. It’s a no-brainer that you should track your sales – it’s what will tell you if your business is thriving or not. But it can also help when it comes to stocking inventory and preventing dwindling and shrinkage.

By tracking your sales in this manner, you can develop an estimation of when you need to order products again. The process will eventually become routine and ensure that you never run into shrinkage. It will also help streamline the inventory tracking in terms of product count. 

The Benefits of Outsourcing

Sometimes when you’re expanding or naturally growing your retail business, managing inventory becomes more difficult than ever before. That can be due to the increased amount of inventory and the lack of helping hands. Whatever your reason may be, enlisting the help of industry professionals can help reduce the physical and mental burden of one of the most critical aspects of running a retail business or eCommerce business.

The kind of company you will want to outsource to is called a 3PL (Third-party logistics). These companies take care of critical aspects of a retail business, including warehousing, fulfillment, and logistics. Because they keep your inventory in their warehouse, they can also help you track it.

A 3PL will ensure these aspects of your company run like a well-oiled machine. You will work with them to ensure your business is thriving, but it will ultimately be less stressful for you and your in-house employees. More importantly, a third-party provider can help you position your products closer to your customers – improving time to delivery and saving on shipping costs.

Outsourcing Providers

Located near all marine and rail terminals in Baltimore, Maryland, Overflo is a company that handles warehousing, distribution, and fulfillment. Serving the East Coast, our warehousing services ensure that inventory tracking is a stress-free task for your company! Let us help you manage this critical aspect of your business – contact us today for a free, no-obligation quote.