Rent a warehouse
This is the most common type of inventory and is what most people think of when they think about inventory. It’s basically a physical location where items are stored in boxes or on shelves and can be retrieved by an employee who knows where it is located.
This type of inventory is best for businesses that don’t require much management, as it doesn’t require a lot of staff to manage it. It also makes it easy for employees to find items quickly, as they are all in one location. However, this type of inventory requires space and additional costs like rent, utilities, insurance, and security deposits which could be a little too much, especially for starting out.
Buy a small warehouse
When you start out as a business owner, it is best to buy a small warehouse and then expand it as your business grows. When you have too much inventory, it will be difficult for you to find what you need quickly and efficiently. This is the number one reason why businesses often suffer from the dreaded “sales slump” or “inventory glut” that leads to less than stellar sales figures. However, not all businesses are going to need this, especially if you’re just one person running the show. Instead, in a case like this, where you need inventory organization but lack space, you could rent out a room or buy a shed, and it works as a miniature warehouse.
Create categories for your inventory
This is crucial for businesses who have multiple products or services on offer, as it will help them make sure that they are storing their inventory in the most efficient way possible; it’s also one of the more basic things when working on your inventory and organizing it. But this can do a lot of good. You’re also going to want to think about how the items are stored too when setting up these categories. There’s a manufacturer of wooden crates that you could look into. Wooden crates may be old fashion, but they’re still considered a major go-to.
Use barcode labels instead of hand-written tags on products
Barcodes are easy to scan, so you can quickly check inventory without having to ask for help from other people in the office. While some people prefer the old fashion route of labels that are handwritten, it’s best to not go about this method.
Use a spreadsheet or database program that syncs with your accounting software
This way, you can easily track sales and inventory across all of your locations by using one system instead of multiple ones. It’s strongly recommended to do this. Most e-commerce websites like Shopify and WooCommerce can instantly connect with account software to help out with this. It definitely doesn’t need to be difficult.
Consider a mobile app for your business
Using an app allows you to have accurate inventory counts on the go and make it easier to manage. It’s similar to the suggestion above, where you’ll use a database that syncs with your accounting software and e-commerce website. Sometimes the program you use will already have a mobile app created that can be utilized.