Whether it’s for seasonal reasons or it’s just time for a change, it’s good to keep your business inventory fresh. New and exciting products are sure to keep customers coming back and your business thriving. But what happens if you overstock? What if an item that sold well this time last year isn’t as popular? Either way, an important part of the business life cycle is liquidation.
When it comes to liquidating your business inventory, there are a couple of ways you can go about it. No matter the process you choose to go with, CRS Moving & Storage is here to assist and help move your liquidated inventory to where it needs to go.
4 Ways to Liquidate Your Business Inventory in New York
As you check your inventory for the month, it’s important to keep an eye on what is selling and what is not. If you and your team have made the executive decision to liquidate any items or merchandise, there are a few ways to go about it. To decide what option is best for you, consider the following:
- Why are you liquidating?
- How fast do you need the process to be?
With those answers in mind, the following are four ways to liquidate your business’s unwanted or shelf-hogging inventory:
If you are not looking to quickly get rid of your merchandise, consider remarketing it! Often it’s not the product itself that is the problem, but the marketing. Change its location in the store or reconsider the target audience. Is there any way to tie it into the upcoming holidays as a stocking stuffer or good white elephant gift?
Remarketing can be a good way to liquidate the old inventory while rebranding your business. However, it’s important to keep in mind this may cost a little money on your end. If you are looking to quickly get rid of old items cheaply, this is probably not the best option.
One of the easiest ways to clear the shelves is by slapping a red clearance sticker on them. No fees on your end, but prep yourself to possibly lose out on some money. A clearance bin should leave you with empty inventory shelves.
Similar to putting your goods on clearance, bundling items is a quick and easy way to liquidate your inventory. You are not likely to lose as much money as you would by putting a singular item on clearance, and may be able to get rid of double the products at double the speed. Bundle similar inventory together so people are more likely to take advantage of the deal.
If you’re feeling the holiday spirit, donating your unused or unwanted items is one of the quickest ways to liquidate your old business inventory. It warms the heart and could really help out a family or person in need.
Additionally, your business would be eligible to receive tax deductions. In New York, donating taxpayers are eligible for an income tax credit equal to 85% of the donation amount.
Hire CRS Moving & Storage To Assist With Your Business Needs
At the end of the day, no matter why your business has decided to liquidate inventory, CRS Moving & Storage is here to help. Our team of professional movers will help safely pack and relocate your unwanted inventory. Additionally, if you are not quite ready to liquidate your inventory but you no longer want it cluttering up your business space, we have storage options that may be right for you. Our commercial storage units come with free inventory checks to keep you regularly updated.