7 Steps Small Business Owners Should Take When Ordering Inventory
In order for a small business to be successful, it’s essential to have the right inventory on hand to meet customer demand. However, ordering inventory can be a tricky process for small business owners. This is especially true if they are not familiar with best practices for managing their stock.
Here are seven steps small business owners should take when ordering inventory:
1. Assess your inventory needs.
The first step in ordering inventory is to determine what items you need to stock your shelves. This should be based on your sales data, customer feedback and market trends. Make sure to take into account seasonal variations in demand, as well as any promotions or special events that you have planned.
2. Create an inventory budget.
Once you have determined your inventory needs, the next step is to create a budget for your inventory purchases. This should take into account the cost of the items you need to purchase, as well as any additional costs such as shipping or taxes. Be sure to set aside a sufficient budget to cover your inventory needs, while also being mindful of your overall financial situation.
3. Choose the right suppliers.
Choosing the right suppliers is crucial to the success of your inventory ordering process. Look for suppliers who can provide you with high-quality products at competitive prices. Consider factors such as delivery times, payment terms and return policies when choosing suppliers.
4. Place your order.
Once you have assessed your inventory needs, created a budget and chosen the right suppliers, it’s time to place your order. Make sure to communicate your needs clearly to your suppliers and be sure to ask for any discounts or promotions that may be available. Be sure to also confirm the delivery date and any other important details such as shipping costs, taxes and any other special requirements.
5. Track and monitor your inventory.
Once your inventory has been delivered, it’s important to track and monitor it closely. This includes keeping accurate records of what has been ordered, what has been received and what has been sold. This will help you to identify any discrepancies or problems with your inventory and make any necessary adjustments.
6. Have a plan for overstocking and out-of-stock situations.
It’s important to have a plan in place for dealing with overstocked or out-of-stock items. An overstock can lead to unnecessary expenses. An out-of-stock situation can lead to lost sales. Have a plan to handle these situations, such as offering a discount on overstocked items. As well, you may need to find alternative suppliers for out-of-stock items. Doing so can help to mitigate these risks.
7. Look into securing a merchant cash advance.
For many years, Synergy Merchants’ clients have been taking advantage of our unique merchant cash advance program to purchase new inventory. Regardless of your credit history or length of time in business, you can be approved in less than 24 hours! For more information, please don’t hesitate to call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org. You can also apply online for a free, no obligation quote!