One of the biggest costs for retail business operations is inventory. Inventory is a necessary cost of doing business for retailers of all sizes. After all, without inventory, you wouldn’t have any products to sell! But many small businesses are starting to look at innovative ways to save money on inventory or otherwise manage their… Read more
Start Quiz Believe it or not, how you manage your inventory affects how much cash your small business generates daily. If you’re mismanaging your inventory, you’re putting yourself at a disadvantage. A higher turnover ratio has a better impact on your cash flow. But how do you know where to start? Calculate your inventory turnover… Read more
Inventory often stays backstage while sales, marketing and servicing take precedence in most retail businesses. After all, if you don’t advertise your products, how will you sell? Yet many retailers fail not because they haven’t made themselves visible enough, but because once they gain traction, their backend doesn’t support the business anymore. Don’t let inventory… Read more
The phrase “inventory management” might sound complex and expensive, like something that only a big company would need to worry about but the truth is, owners of even the smallest retail businesses can use some key inventory management tips to make sure they are minimizing costs, preventing losses, maximizing efficiency and getting the most out… Read more
