A year-end inventory is sine qua non in any business.
2016’s been a crazy year. We’ve seen various political ballyhoos here and there, but the PH business sector remains rock solid and no nonsense as usual. Business owners concentrate more on how they can improve sales and give their customers more versatile item selections. With social media possessing more potency, we’ve seen business trends and customer preferences get influenced.
In making plans for 2017, it’s crucial for you to track your year-end inventory to know which items sold and which ones didn’t. Follow our guidelines below to help you work faster and more efficiently:
- Divide your inventory based on sales. Inventory is usually classified based on its type or the brand it carries; but one other helpful and time-saving way to categorize it is to classify based on sales. Always refer to your actual earnings and never on rough estimates. By following this procedure, you get to identify which ones you’ll order more, and earlier than the others. It gives you time to plan and leaves less room for shortage. When you notice that items have been sitting in your stock room for over 8 months, try putting the item on bargain to salvage sales.
- Use POS. Point of Sale (POS) devices are a good investment because they give accurate data on which things really sell. Having POS helps in having a systematic and automated year-end inventory which makes computing more precise and speedy.
- Check out upcoming trends. Maximize the power of the internet and do your own research on what business experts foresee for the coming year. Test their theories against your own and try to put new items on your shelf. Introduce the new items to your customers and see how they respond.
Mustard Seed Systems Corporation (MSSC) provides business solutions, including POS devices and SAP, that help entrepreneurs grow and manage their business faster. For inquiries about MSSC’s products: