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Topic: inventory management

7 Inventory Control Practices That Save You Money

Not only will effective inventory control save you money, but it can also improve cash flow in other ways. It’s important to factor inventory stock into your cashflow management because it represents money spent that won’t generate cash until your inventory has been sold. The longer inventory sits on your shelves, the more it costs, […] ... Read More

  February 12, 2019     

5 Best Practice Inventory Control Techniques for Warehouse Management

Good inventory control techniques for warehouse management start with an organised and well-maintained site. Managers should regularly inspect warehouse operations, ensuring that stock is stored in a way that allows staff to easily and safely access it. Below are some best practice inventory control techniques to help improve your operations and en ... Read More

  February 9, 2019     

How Can I Make Sure My Business is Ready for Action in the New Year?

You’ve had your Christmas party, you’ve shipped your final orders for the holiday season and you’re enjoying your time off. But it’s never too early to start thinking about the following year – and there’s plenty to think about when it comes to making the year easier on yourself and your employees. One of the […] ... Read More

  February 8, 2019     

Is Using Excel for Inventory Management Really That Bad for My Business?

If you run a small business – or if you used to run one and your business has gotten bigger – you’re probably familiar with Excel. This versatile little piece of software is great for budgeting, accounting, scheduling, project management, customer relationship management and more. In particular, Excel can be a really handy tool for […] ... Read More

  February 7, 2019     

Inventory Accounting: When Should You Use the Weighted Average Cost?

Accounting cost methods are used to control how a businesses inventory expenses appear on the company books. The weighted average is an accounting cost method used to value a company’s inventory by applying the average cost of on-hand inventory to each item of inventory stock. This means that both the cost of goods sold (COGS) […] ... Read More

  February 6, 2019     

Use These Inventory Management Tips to Save You Money

Inventory stock can earn you money or cost you money depending on how you manage it. If your inventory stock is managed properly, it will allow you to move products quickly and efficiently, earning you money faster. However, if you have shelves of dead inventory stock taking up space throughout your warehouse and other obstacles […] ... Read More

  February 4, 2019     

Success Stories of Just-in-Time Inventory

Just-in-time (JIT) manufacturing has been revolutionary for manufacturing and inventory management companies around the globe. JIT strives to maximise efficiency and minimise costs. The concept that underpins the JIT approach is simple, it aims to eliminate waste. Essentially, when inventory is required, it is delivered. The JIT approach differs fr ... Read More

  February 2, 2019     

Overhauling Your Inventory Management System as the New Year Rolls In

With the first quarter of the new year in full swing, it is vital that you establish and follow resolutions for your business. Perhaps one of the most important areas of your business to overhaul and revitalise is inventory management. However, for this to be a success we must visualise what the end goal is […] ... Read More

  February 1, 2019     

Tips For Your Small Business to Ensure Profitability During the Holidays

The holiday season is a pressing time not only for families but also for small businesses who are trying to figure out a fool-proof way to brave the rush of shoppers in one month to the anticlimactic downturn in the next. It does not, however, have to be doom and gloom. In this article, we […] ... Read More

  January 31, 2019     

How to Prepare Your Business for the Peak Season

The peak season can be an exciting and rewarding time for business owners, with the promise of a drastic increase in sales. However, it can also be a stressful time that requires a lot of planning ahead, and possibly even some new hires to help manage the influx of customers. In this article, we outline […] ... Read More

  January 29, 2019     

How To Improve Your Business’ Financial Health with Inventory Management

Since inventory is one of the biggest assets for a company, it’s no wonder that it can impact on a company’s financial health. If inventory is poorly managed, there can be a domino effect on the company’s financial statements. For instance, if you have old stock sitting on the shelves, taking up space and not […] ... Read More

  January 26, 2019     

4 Inventory Management Best Practices You Can Implement in Your Warehouse

Keeping on top of inventory, shipments and logistics for a warehouse can be challenging. Now think about doing that for multiple warehouses. Whether you’re managing one warehouse or several, you know it can be a demanding job. There are internal pressures to keep logistics moving swiftly inside the warehouse, to keep staff trained and to [&hellip ... Read More

  January 25, 2019     

Should Your Business Take the Plunge and Upgrade to Cloud-based Inventory?

Inventory stock is one of the most valuable parts of a business. This means that it needs to be looked after properly. When a business grows, your inventory stock will grow. However, not only will your inventory stock be growing, but you’ll need to expand your inventory management system. Otherwise, how will you cope with […] ... Read More

  January 22, 2019     

Are Sunny Skies Ahead For Your Business? Here’s How to Forecast for Peak Season

The peak season is what makes or breaks many businesses, with many relying on big business during certain months to carry them through the rest of the year. A distributor of winter sports equipment, for example, would make most of its sales in the lead up to and during winter, but if it can’t meet […] ... Read More

  January 18, 2019     

Lessons from the Festive Season: Key Factors Affecting Inventory Management During Seasonal Peaks

The holiday season is the most lucrative time of the year for consumer spending and with a trend towards online shopping more pressure than ever is being put on fulfilment centres and distribution hubs to meet consumer demands and expectations. Although different businesses will experience peak demand at different times of the year, many businesses ... Read More

  January 17, 2019     

It’s Time to Make Inventory Management Improvement Your Top Business New Year’s Resolution for 2019

Pat yourself on the back — you’ve made it through Black Friday, Cyber Monday and Christmas! Keep in mind though, there are still January sales to manage and many things can still go wrong for business owners during this period, especially with tracking and inventory management. There’s no time like the present to get your […] ... Read More

  January 16, 2019     

A Useful Guide for Small Businesses to Stress-free Inventory Management During the Holiday Season

With the holiday season representing as much as 20 to 40 percent of annual sales for some retailers, it is vital to minimise the risks of having not enough or having too much inventory stock during the holidays. When items are quickly going in and out of stock and returns are being made in larger […] ... Read More

  January 15, 2019     

Online Inventory Management: When to Move Inventory Control to the Cloud

Spreadsheets have been around for years and admittedly there are still some situations where using spreadsheets can be a good option for an SME’s inventory control. It’s a low-cost choice for businesses with a small number of SKUs and where you have just a couple of people dealing with inventory stock management. If you hold […] ... Read More

  January 5, 2019     

3 Tips for Better Inventory Management During the Holiday Season

Oh the holidays; the most wonderful time of the year – family gatherings and work parties fill the calendar as the countdown begins toward the end of the year. It seems like everyone is buzzing with a holiday spring in their step. But wait, what about the mad dash to sort out holiday gifts for […] ... Read More

  December 29, 2018     

How the Internet of Things is Changing the Way Inventory Management Works

The Internet of Things (IoT) is gaining momentum with businesses and individuals around the globe. It has the potential to be big – it has the power to transform how we interact as a society and the fundamentals of how businesses run. One of the biggest waves of change we are expecting to see is […] ... Read More

  December 21, 2018     

Optimum Omnichannel Inventory Control

Omnichannel retail is certainly where it is at, however it is not without its own challenges which must be overcome for long-term business success. As with any retail company, inventory represents a large amount of tied up cash, or assets as it were, and if mismanaged, this can be a significant area for loss. Therefore, […] ... Read More

  December 20, 2018     

FSN Analysis – How It Can Be a Useful Tool for Inventory Management

FSN analysis is yet another acronym used in inventory management, however, rather than just being a buzzword, it really does hold a lot of merit to the stock manager. It is one of several useful analyses of inventory that facilitate accurate control and should be considered by anyone wanting to better understand the delicate nature […] ... Read More

  December 19, 2018