Exploring the Challenges of Small Business Retail Inventory Management

If your small business is struggling to meet customer demand, inventory management is typically the culprit. Whatever your business does, having tight control of accurate inventory is critical to your bottom line. Retail solutions are available to help your small business operate efficiently to maximize profit. 


Inefficient Inventory Protocols

Annual or semi-annual manual tracking procedures require employee accuracy, are time-consuming, and ultimately not cost efficient. Automated inventory tracking systems are readily available in a variety of applications that can be customized to meet your business’s needs. Business owners benefit from automating the inventory system and properly training employees for accurate data entry. 


Insufficient Order Monitoring

Having an accurate handle on what your customers order is key to keeping inventory on target. Are their purchases seasonally dependent? Do price fluctuations of products affect quantity purchased? Inventory tracking software can provide instant analysis of these trends to help business owners predict demand for products, which in turn helps to prevent overstocking or understocking of merchandise, which affects cash flow.


Production Plan

Forecasting sales for your market can help control costs and thwart manufacturing delays. Experienced inventory control managers are an integral part of the manufacturing team. Your inventory control managers should be well versed in the latest inventory control technology and possess excellent communication skills so that everyone is up to speed in your organization.


Storage Organization

Designing your storage space to maximize access to inventory is crucial to success. Whether you have a single room of inventory or have an entire warehouse, a smartly organized warehouse allows for easy location of products and inventory amounts, which in turn, provides for faster order picking, packaging and shipping. Shelving, bins, etc. should be clearly identified and inventory management should be centralized on an automated inventory management platform. 


Special Inventory Issues

Businesses that produce fragile products, perishable, or heavily regulated products require specified warehousing operations to reduce the potential for loss due to expiration of product, damage and theft. Stock rotation and efficient packaging and shipping go a long way in preventing loss.


Industry Competition

Keeping a stable inventory is dependent on many factors, but none is more important than your ability to maintain your supply chain. Fluctuation in the market can result in additional manufacturing costs and alter production and shipping schedules. Shifts in the supply chain market can result in production line disruption. Knowing how to maintain appropriate inventory amounts and deal with shifts in the global market may require that you rethink current on-hand inventory versus delaying production due to changing pricing and availability.


The challenges of inventory management are many regardless of the size of your organization. Business owners rely on accurate inventory management to guarantee satisfied customers. Pollock Orora specializes in identification of business inventory needs, implementation, training and packaging solutions to help your business succeed. We are the company where SOLVED happens. Contact us today to learn more.