Inventory Management is the cornerstone of running a product based business. Without inventory you have no product to sell! Managing your inventory can be a difficult task, that is why we have a whole series dedicated to Inventory Management!
Have you ever heard of the 80/20 rule? This is an inventory principle that states; in most cases 80% of your sales (or units sold) is based off of only 20% of your overall inventory. That 20% of your inventory is your rent payers, the rest is all supporting products. ABC categorization helps you break …
FIFO – First In First Out This is arguably the most used technique in keeping inventory fresh. This system is exactly as it sounds, the first product that came in takes priority over the following replenishment. Think of stocking milk, you always put the stock you already have, ahead of the shipment you just received. …
Have you ever driven past your neighborhood shopping center and noticed a shiny new “Consignment store” just popped up seemingly out of nowhere? It kind of makes you stop and think about the word “Consignment” … some of you may be stuck wondering just what the heck it is!
A healthy inventory is the life blood of any product-based business. Seems simple right? Without product, you have no way to make money. However, the challenge comes in keeping up with current trends, seasonal items, and economic conditions.
