Small businesses are the backbone of our economy. Owning and managing one can fill you with an overwhelming sense of pride and satisfaction that you are getting your work out there to the world. However, running a small business often comes with its own difficulties. Getting your business up and running takes equal parts time, passion, and dedication. Finding small ways to maintain excellence and strive for success is vital to the longevity of your small business.
Inventory management is an overlooked yet crucial part of running a business, but it’s fairly easy once you know how to do so. In fact, a professional storage company can even do it for you. CRS Moving & Storage has operated for over 20 years now and offers a wide variety of services, including inventory management.
3 Reasons Why Inventory is Crucial to a Small Business’s Success
Though it may seem time-consuming and labor-intensive, having a proper inventory management system in place is crucial to your business’ success. Truthfully, a business of any shape or size needs to have a good inventory system, but it’s most important when you’re just starting out. Three ways in which it can help improve or maintain your business’s success include the following:
Inventory is the monitoring and tracking of all of your business’s goods. This includes completed items, materials for constructing items, and so on. Inventory keeps track of and counts these items, as well as updates their status: are they in good shape, broken, or missing?
With an inventory management system and regular check-ins, you ensure that no goods are suddenly missing from your shelves.
If you are on top of the status of your goods, you do not have to worry about selling any broken or malfunctioning merchandise to any customers. This emphasis on quality control also boosts customer satisfaction. It gives you and your team a good idea of where you stand on the amount of inventory you have left to sell before needing to work on replacements and replenishments.
Part of starting off as a small business is developing strong customer relationships. Word of mouth and good customer reviews go a long way when it comes to propelling your business forward.
Improve Cash Flow
Another important aspect of inventory is that it allows you to properly forecast demand. The data you acquire from your daily, weekly, or monthly counts gives you a unique look at your business’s previous success. Are you busier in the wintertime? Do sales seem to slow in the summer?
Having the ability to accurately forecast the needs and demands of your client base will not only improve your cashflow, but help you to maximize your sales opportunities as well. Gone are the days of ordering too many parts for a dry season or accidentally purchasing a double batch.
Consult With CRS Moving & Storage About Your Storage and Inventory Needs Today
Many small businesses operate out of their owner’s home or even garage while they are first starting out. CRS Moving & Storage offers storage facilities where you can get help with all of your small business storage and inventory needs. With access to wifi and a regularly updated in-house inventory management system, our qualified and professional team can help you every step of the way.
Our facilities are climate controlled and have both 24/7 onsite security and client access. If you are considering implementing an inventory management system to help with your small business’s success, give us a call to see how we can help. Initial consultations are completely free and can be done over the phone, video call, or in person. To start, use our contact form or dial (718) 424-6000.