For many companies, part of being successful is having the ability to properly manage their inventory. It is extremely difficult if not impossible to end the year with the perfect amount of inventory. But proper planning throughout the year can help you manage inventory resulting in higher profits.
Having the proper amount of inventory is largely dependent on your ability to preplan for the upcoming seasons by using industry trends and data from previous years. For example, if you are a restaurant, you know Mother’s Day will typically be a busy day. Extra food and special menus will be needed to reap the benefits. Training your employees to help with keeping track of what is currently in your inventory prior to just ordering more of a given item, is vital to your success.
There are a few steps that you can take to help keep your current inventory accurate and help preplan for the upcoming seasons:
By watching the trends of what is selling, what’s new, and what the hot ticket items are, you will better be able to plan ahead and adjust your close out sales accordingly. Being proactive throughout the year will leave your inventory lean at year end and improve your bottom line.