In the U.S. alone, there are more than 31 million small businesses. If you’re one of those, you probably have a lot of things to worry about on a daily basis. Inventory shouldn’t be one of them. As your small business grows, it’s important to ensure that you have enough inventory on hand so that your customers can have the products they need when they need them. Businesses with insufficient inventory can lose out on revenue because customers will be unable to purchase products or will take their business elsewhere in search of what they want. The problem, however, is that many small businesses don’t have access to the same tools and inventory management systems that their big competitors do. But you don’t have to have a huge corporation to manage your inventory successfully. These tips will help businesses of any size learn how to do it right.
1. Rent a storage unit near you.
Storage units are a great option for keeping inventory safe, especially if you’re an e-commerce store with a need for more storage
capacity. Depending on your sales volume, there may be several advantages to book a storage unit near you to stock inventory. For example, if you’re running out of space in your office or warehouse or simply don’t have room to store all of your products safely, using a storage unit can make sense. They’ll also help protect you from any kind of weather risk, which can be helpful depending on where you live and how big your business is.
Storage units are also a great option to store seasonal items, and even raw materials you use for your business. They’re secure and private, which means only you can access your property while it’s inside. And maybe most importantly, you don’t have to worry about vandalism or theft while your stuff is tucked away on site.
2. Use quality packaging.
Using quality packaging will keep your products safe while they’re being stored and make them more enticing to customers. But be eco-friendly! The need to go green is bigger than ever, and if you’re able to reduce your business’s carbon footprint in a major way, you’ll reap big rewards. You’ll also benefit from an image boost by showing off your environmentally conscious attitude to customers and vendors.
When deciding on packaging materials, it’s important to understand what kind of product you’re dealing with as well as how long that product needs to stay good (and fresh) before it’s sold. For example, perfumes are a liquid substance so glass or plastic bottles are best. Similarly, cosmetics should come in unbreakable eco friendly beauty packaging so that customers can feel comfortable taking them home without worrying about breaking something. Remembering why your product makes a difference and delivering that message to potential buyers is key for getting results over time.
3. Set up an easy-to-use inventory system.
You’ll save a lot of time and hassle if you set up a good system for storing your small business inventory. It doesn’t have to be complicated, but it should be consistent. This is key for any inventory management system. Whether you choose one room or three rooms, always keep similar items in that one area. If you don’t have a storage room, designate a part of your home (or garage) specifically for storing your inventory. Or better yet, rent a storage unit nearby.
Label boxes, bags and bins as clearly as possible. Not only will it help ensure nothing gets lost or misplaced, but it will also give you more confidence in being able to find things when needed. If things are organized neatly, you can quickly locate exactly what you need by looking through labeled drawers and shelves. Another tip is to use designated storage areas appropriately. For example, if you run a bookstore or art gallery, place bookshelves near where customers browse so they can easily reach them; put art on walls with spaces between paintings so buyers can see all available pieces without having to move much stuff around.