I grew up in a family of film lovers. We had stacks and stacks of Sony VHS tapes, each containing several movies barcode inventory system for small business recorded from television broadcasts. Whether you wanted to watch Brigadoon or Turner and the Hulk, we had it all.
As our collection grew, so did the headache. Our VHS tapes were not arranged in any particular order, so if you wanted to find a film, you had to sort through dozens of tapes until you saw a label with the handwritten name of the film you had chosen.
I thought all film collections were in such disarray. Then I went to my friend Bill Carter’s house. The Carters are bigger movie buffs than my family, and they have thousands of VHS tapes of movies in their family room. You’d think their collection would be more confusing than ours barcode inventory system for small business.
But the Carters had a system. Each VHS cassette has a label with the handwritten names of the various films and a unique number. This number corresponds to a comprehensive alphabetical list of film titles that the Carters keep on a flip chart. You could find Turner and Hooker in seconds, whereas at my house it might have taken half a day to find them.
This experience taught me a few things at a young age. First, VHS tapes are bulky and difficult to organise. If Reed Hastings had jumped into a time machine and pitched his Netflix idea to me in 1989, I would have been his first investor (with the $11 I had in my piggy bank at the time).
Secondly, there is the importance of management systems. A disorganised and modestly sized inventory is a mess, while a large inventory that is classified and understood can be a miracle. You only get out of an inventory what it costs to understand it barcode inventory system for small business.
Managing everything with small business inventory software
While the Carter family movie loose-leaf folder is a marvel, it can’t meet the needs of the modern small business. You need reliable inventory management software to run your business effectively.
“Before a small business can commit to reasonably supplying its customers,” explains business expert Gary Marion, “it needs to have the confidence that it has what its customers have ordered.” To control its inventory in this way, a small business needs to have processes in place to count, verify and audit all the products in its warehouse. The inventory control system should aim for 100 per cent accuracy. This means you need to know what you have in stock and how much is available for delivery barcode inventory system for small business
What exactly is small business inventory software?
It’s a resource that allows you to keep track of your goods and inventory. We’re not just talking about what’s in your warehouse, these advanced programs capture the whole picture. So you know where things are upstream in the supply chain, how deliveries are progressing, what the current stock levels in your warehouse look like, how many orders you are currently processing for your customers and when orders will be delivered.
Can you imagine how useful this visibility would be? If you don’t currently have such a system in place, you are very limited. It reminds me of when I was fishing on a river in Alaska a few years ago. The sun was dazzling the water on that bright summer day. Most of the other fishermen were wearing polarized sunglasses, which reduced the intensity of the light and allowed them to see into the water. I accidentally left my sunglasses at home, so all I could see was the water directly in front of me. If I looked left or right, the brightness of the sun would block my view.
I spent four hours on that river without catching any fish.
Other fishermen saw the countless fish in the water because of the increased visibility and cast straight at them. I bet the average catch per fisherman was 7-8 fish. However, I was limited to a small area of water directly in front of me that I could see. Of course, I could cast in other directions if I wanted to, but I’m just guessing. Random casting is not an option when you are trying to target salmon.
Similarly,
As a business owner,you’re at your best when you can see your stock from all angles. Even complex supply chains become approachable when you can focus on specific segments. Understanding and managing different situations increases dramatically.
What is the current state of your stock management?
Every small business has its strengths and weaknesses. Maybe your stock management is at the top. Or maybe you’re struggling to expand your horizons beyond what’s in front of you. Whatever the case, it is clear that improvements can always be made.
The Wall Street Journal reports that “supply chain chaos across the business world is taking a big bite out of small U.S. companies, which have fewer resources to resist or fight price increases and fewer ways to pass on higher prices to customers.”. According to a survey of about 800 companies by business consulting firm Vistage Worldwide Inc, 44 percent of small businesses reported temporary shortages or other supply chain problems in March. The U.S. Census Bureau’s small business survey, conducted in early April, found supply chain disruptions in sectors such as wholesale trade, manufacturing and construction. Supply chain problems are caused by a number of forces, from worker coronavirus infections and temporary business closures to increased demand as vaccines become more common and restrictions are eased.”
Now is the most important time to get your stocks under control. If you don’t make a real effort to manage it, there will be chaos, headaches and maybe even tears.
You can start taking positive steps by testing your current stock management methods. First, conduct an inventory audit. This is where you review your inventory and then compare it to your financial statements to make sure they match up. An important first step in streamlining your processes is knowing what you have under your roof.
But what about your customers?
Get in touch with your customers to find out more about their small business performance. You can do this with a simple email survey. Here are some questions to ask.
What other problems have you experienced with your orders?
Once you have gathered information from your audits and customer surveys, you are ready to act. And to do that, you need to find the inventory management software that best meets your unique needs.
Choosing your small business inventory software
As with any other business solution, there is no universal master when it comes to inventory software. The system that works for you may not meet my business needs at all. That’s why you need to get an overview of trusted sources and then perform your own due diligence to find the option that perfectly fits your needs.
First, talk to other entrepreneurs in your network. Find out what systems work for them and what are the red flags to watch out for. Compare these opinions with online reviews to start narrowing down your options.
You should also consult a trusted business mentor who can analyse your current problems and recommend solutions. Whether you contact your mentor through an established industry relationship or a resource such as SCORE, their wisdom can be of great benefit to you.
Research shows that 70 percent of small businesses that have been mentored are still viable five years later, nearly twice as many as those that have not been mentored, explains a Forbes report on small businesses.”” Finding the right mentor can prove invaluable to the long-term success of your business.
Mentors provide guidance, advice and education in areas you may not have experience in. Before you start your journey to find the right mentor, identify the areas where you have the most problems. While even the best mentor won’t solve all of your problems, finding a mentor who is patient, understanding and has strengths in areas you may not have can be infinitely helpful stock software for small business.
With the advice of a mentor, you can narrow down your options even further. Here are 6 key considerations for your inventory software or inventory management application
