As a small business owner, you’re probably well aware of the fact that your customers are more likely to share bad experiences with others than good ones. In other words, any time you fail to live up to someone’s expectations, you’re almost certain to damage your reputation with future clients. If this is something you want to avoid, it’s high time to take a close look at how you manage your inventory.
Maintaining the Balance
Proper inventory management is more important than you might think. If you don’t keep your stock organized and at the right levels, there’s a good chance your customers may not be able to find what they want when they come to you.
More than 70% of online shoppers say they will find another retailer immediately instead of waiting for an out-of-stock item to be replenished. Of course, having too much inventory can haunt you, as well, because it wastes space and puts you at risk of your goods losing their value.
Strategies for Balancing Your Inventory
One of the best ways to get a handle on forecasting and managing your available space is utilizing an inventory management system. Only about 18% of small businesses had one of these automated technology platforms integrated into their operations, as of 2020. If the disruptions caused by the pandemic weren’t enough to convince the other 82%, they should have at least converted some of them.
Beyond the advantages such a system can deliver for you, there are numerous other tips you can use to help keep your supply chain running smoothly. These include tagging your inventory properly so your team can find items as quickly and easily as possible. Don’t let goods pile in your aisles, where they can become lost in the shuffle and create obstacles for employees. Barcode scanning and other tools can provide you with real-time tracking of every item that passes through your warehouse.
Partnering with a third-party logistics provider is another positive step you can take to help ensure you meet customers’ lofty standards. When putting experts in charge of your warehouse and fulfillment, you’ll have more time to focus on improving other areas of your business and the peace of mind that comes from knowing your inventory is handled by those who have the right experience and capabilities.
To learn more about why balancing your inventory management is so important and what you can do, take a look at the accompanying resource.
Infographic created by WSI, a 3pl distribution company
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