The success of many small businesses depends on keeping accurate and updated inventory. Untracked, disorganized stock is an accounting nightmare and can lead to profit loss. Conversely, getting your business’s inventory in order can help you maximize your company’s efficiency and sales. Here are some tips to help you organize your inventory.
Toss unused inventory
If you have items that are outdated, unused or can’t be sold, then all they’re doing is taking up valuable space and adding to your clutter. Anything you haven’t used or sold in a year should the thrown away or donated. Make a rule that new products don’t come in unless existing products go out.
Identify your best sellers
For most small business retailers, up to 80 percent of their sales come from just 20 percent of their merchandise. Track your best-selling items and store them in a place that’s easy to access. Profits will depend on your best-selling products and the last thing you want is to run out of them.
Use the right storage accessories
Organizing your inventory doesn’t have to be expensive. Plastic totes or containers, and aluminum shelving units are cheap and easy to find at most home improvement stores. Just make sure you organize your products by type so they’re easy to find, and clearly label and itemize your containers
Invest in inventory management software
Spreadsheets will only go so far. Today, there are a number of software products and apps you can use to do much of your inventory tracking for you. Some are available online for free, making it easy and affordable to digitally manage your stock.
Move products off-site
If your inventory has outgrown your business space, moving it off-site is an option. In fact, renting a self-storage or commercial storage unit is much less expensive than moving your company to a large building or renting warehouse space. It’s also an alternative if you don’t want your home or garage to become cluttered with boxes and containers.
Consider climate control
Are the goods your business provides in need of special care? If so, consider protecting your merchandise from moisture, UV rays and extreme temperature fluctuations by renting a climate-controlled storage unit.
Commercial storage in the GTA
If you’re looking for commercial storage space in the Greater Toronto Area, U-Need Storage is the facility to choose. We offer climate-controlled units with 24/7 access and a best rate guarantee. We also offer mobile storage units and on-site self-storage. To learn more about our storage units, contact us today.