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4 Inventory Management Tips for Fast-Growing Businesses

Every business owner has their own unique strategy for organizing and managing their inventory. But as your business grows, you’ll probably need to tweak your system

If your business is experiencing rapid growth, you may be having difficulty when it comes to managing your inventory. Suddenly, you need to place larger orders with your suppliers, your physical storage space feels cluttered, and you need to streamline your inventory tracking system. Although all of this can be overwhelming, these are good problems to have; after all, it means that your business is becoming more profitable! If you are running a fast-growing business, these tips will help you effectively manage your inventory.

Hire New Team Members

As a business owner, you’re extremely dedicated to your company. You might feel like you need to take care of everything yourself, from answering customer emails to bookkeeping. But entrusting certain tasks to reliable contractors or full-time employees can help free up time in your schedule. As your business grows, you may want to hire a chat support specialist to respond to customers and keep them updated on their orders.

You can hire chat support specialists by posting about openings on online job boards such as Upwork. It will likely be easier to hire a freelancer, but in the future, it may be beneficial to transition a contractor into a full-time customer support role.

Organize Your Inventory

Perhaps you store your physical inventory in your attic, garage, basement, or another small spare room in your house, or maybe you rent a storage unit. No matter where you keep your inventory, there’s a good chance that this space has gotten cluttered and disorganized with the fast growth of your business.

Now that you are ordering, storing, and shipping more products, you’ll need to come up with an efficient organization system for your stockroom. Summit Storage Solutions recommends deep cleaning your stockroom, reducing your aisle space to create more room for storage, and using labels to ensure nothing is misplaced. Also, keep employees informed about these changes.

Use the Right Software

You’re likely already using a certain software system to keep track of your orders from your own suppliers as well as the orders you ship to customers. But with your business growing so quickly, you may want to consider upgrading your software system.

Now is also a great time to polish up your business’s website, especially your e-commerce functions! Make sure that your online shop is very user-friendly and aesthetically pleasing.

Consider New Suppliers

As your customer base grows, you’ve probably begun thinking about expanding to new sales platforms, from Amazon to local vendors in your city. However, it’s just as important to consider finding new suppliers for your inventory. After all, you want to make sure that you’re buying the highest quality materials at the most reasonable price, and shopping around for new suppliers can help you increase your profits. Chron suggests looking for reputable suppliers through a local trade association. Spend some time reading trade catalogs for your industry and reach out to vendors you’re interested in working with.

Running a business is never easy, and when your business begins expanding quickly, it can feel like your to-do list is a mile long. And when it comes to managing your inventory, you may be scrambling to place new orders, organize your supplies, and stay on top of customer feedback. Hiring the right people on a freelance basis, carving out time to declutter your storage space, and choosing user-friendly tracking software can make a world of difference for your business!

Guest Post Written By: Dean Burgess from Excitepreneur.net

Photo via Pexels

What Retail Arbitrage Is And The 3 Main Types Of Arbitrage

In this post we explain what is retail arbitrage and the 3 main types of arbitrage…

Arbitrage is the simultaneous purchase and sale of an asset to profit from a difference in price. It is a trade that profits by exploiting the price differences of identical or similar financial instruments on different markets or in different forms.

Let’s give a simple example of an arbitrage opportunity. Let’s say you buy a toy doll from New York for $5, but are able to sell the doll for $15 in San Francisco. If you are able to buy the doll from New York and sell it in the San Francisco market, you can profit from the difference without any risk.

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Private Labeling Business Model (With Pros & Cons List)

A private label product is manufactured by a contract or third-party manufacturer that is sold under a retailer’s brand name. As the retailer, you will specify everything about the product—how it’s packaged, what the label looks like, anything else that goes with it—you will pay the manufacturer to have it produced and delivered.

The opposite of this is buying other companies products (with their brand names on them) and reselling it, which is known as arbitrage.

Private label is mostly synonymous to a white label product. Where a white label product is a product or service produced by one company (known as the manufacturer or producer) and other companies (known as the marketers or entrepreneurs) rebrand the product as if they had made it. The only real difference is that with private labeling, you have more choice.

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