Magnitude is a Tucson brand marketing, public relations, and interactive agency. Our services include inventory control, startup support, advertising campaigns, data management, and social media marketing solutions in both digital and print. We Think Total Business. We believe that to thrive in mobile based and social commerce, companies must adapt and iterate quickly. Moreover, we understand the urgency of now and pride ourselves on rapid execution and adaptation.
What is Inventory Control?
Businesses need inventory control to “calculate all costs associated with their products and keep track of what they have on hand.” In other words, it is a system that any company can develop to help lower costs, prevent fraud, keep track of what they have and where they have it, asses current assets, and provide financial reports. Inventory control done right can make a huge difference for the bottom line of every company out there.
Pulling reports after an inventory
Control your inventory to make the most of it and maximize profits. It is imperative that each company has a system created to safeguard assets not just in terms of preventing fraud, but also to make sure it meets demand, keeps customers happy, is well organized, and doesn’t store more than it needs. Make sure your capital is not stuck in products that are not projected to sell until your next order.
How do I control my inventory to maximize profits?
Many places struggle to keep an optimum inventory in check. Avoid being caught up in unpleasant situations such as stock shortages, profit loss, overstocking, and customer complaints. Inventory has to be one of your top priorities. Follow these simple steps and make sure you control yours successfully.
Know when you should place your next order
When you place an order, you can either order too much or too little. If you order too little, you don’t keep your capital limited, but you risk shortages and customer complaints. Moreover, if you order too much, you risk not using the product, occupying space in your store you could use otherwise, and keeping capital tied up. Design a system that takes the period, past sales, and projected sales per item into consideration to help solve this issue.
Use technology to control inventory better
Research
You want to know the best way to manage your inventory, but for this, you need the best tools. See what software other companies in your industry use. Your software might be great, but if there is a better alternative, why not try it out? After all, it can increase the profit of your business.
Find a supplier that has your back
It is not always easy to keep up with customer demand. More so, when it varies from month to month or even week to week. So, find a supplier that is ready to help you keep afloat when you order too much or too little. There are many companies out there willing to deliver the merchandise you need the day after you place your order or take it back if you don’t need as much as you thought.
Store product to control inventory better
Why should you use our services to control your inventory?
Breaking into the small business world is difficult, but we are here to guide you through it. If you need help to optimize your inventory, we’d be happy to discuss your project needs with you. Our team can also write your business plan or develop your advertising campaign. Contact us, and we can talk about the details of your journey.
If you would like to know more about inventory control, check out these articles.
“9 Impactful Warehouse Management Tips To Improve Inventory Control.”
“How to Set Up an Inventory Control System.”
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