Go-To Inventory Management Processes for Fast-Growing Businesses

If you want your fast-growing business to succeed in today’s incredibly competitive business environment, then you need an inventory system that can keep you well informed about what you have, what is going out, and what comes next. After all, if you can’t deliver the products that you promise, then your customers will look elsewhere. So today, we're going to explain how to streamline your processes so you can get products out the door quickly.

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Get Your Affairs in Order

Before you can bring your inventory management to the next level, you need to set yourself up for success. For starters, you’ll want to find qualified workers who can operate your systems and that can be depended on to always keep their fingers on the pulse on what is next. If possible, look for employees with past experience because they can give you guidance down the line.

If you really want to focus on your inventory management then you should ensure that the rest of your business runs smoothly so you don’t have to worry about everything at once. If you are still getting your company up and running then a good idea is to set it up as a limited liability company. Starting an LLC is a great idea because it helps your company to run more efficiently due to the fact that it requires less paperwork, provides more options, and will help you out come tax time. Keep in mind that LLC rules differ by state, so do your research ahead of time or consider hiring a law firm to set one up for you.

Another great way you can benefit your business is by going back to school. Specifically, a degree in data analytics will give you the skills you need to interpret the information you’re receiving and adapt to today’s rapidly changing business world in real time. 

Tighten Your Inventory Management Practices

In order to properly keep track of your inventory and ensure that you always have what you need in stock, FDM4 notes that you need to have a good organization system. Every company is different in this regard. Some organizations sort their inventory alphabetically while others sort them by the type of product or market. Whatever you do, pick a system and stick with it and ensure that everyone on the staff knows how it works so there is never a misunderstanding.

Keep Track of the Staff

Once you have your system in order, you will want to ensure that you always have your staff ready to go and that there is always someone on watch. Shift scheduling is incredibly important in this regard. Make the employee schedule available on the same day of every week and require a notice of one or two weeks for time-off requests. 

You’ll also want to have a good time tracking system in place. Make it easy for employees to clock in and out and use that software to track their time so they are sticking to their scheduled shifts. The Center for Management & Organization Effectiveness points out that it’s also important to pay attention to when an employee is overworked. An employee who works for more than eight or nine hours will likely start to feel fatigued and their concentration could falter, and if it does, then they could lose track of the inventory and have a mess on your hands. If you need to bring in more employees for shorter shifts then so be it.

Good Customer Service

No matter how good your inventory system may be, mistakes can still happen, and if a customer doesn’t get what they ordered, then you should make it easy for them to contact you so management can make it right. While phones are a good start, you could also offer a chat option so customers can easily contact you while on the go. Make sure that your customer service reps are empathic and ensure that they notify management if there seems to be an issue with the inventory.

There’s a lot that goes into best inventory management practices, from forming your business to keeping track of your operations. As you can see, inventory management is very important for growing businesses, so consider these tips and put your company on the right path. 

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