TrenchPress

Inventory Time: Tips To Avoid The Top 5 Mistakes

Everyone makes mistakes, but when you make them over and over again, it can start doing real damage to your business. Here are the five top ones most businesses make and how you can avoid them.

NOT PREPARING YOUR STORE
This is the biggest mistake businesses make. They haven’t properly prepared their store. They haven’t done a physical count of all inventory, and they haven’t entered it into a good inventory management software program – one that’s capable of tracking all goods in the warehouse or storage room.

Prep your store by taking the time to lay out your inventory on a spreadsheet first and then transfer that information to your software program.

Once your inventory is in the system, it’s time to check your stock and make sure that it’s consistent with sales figures. In other words, make sure you have appropriate inventory levels so that you don’t run out of stock before your next scheduled reorder. If you do happen to sell out, and you know it’s not a seasonal rush or an anomaly caused by a special promotion, then change the restocking so that you carry more of that item next month.

NOT PREPARING YOUR COUNTER
You must prepare your counter if you run a retail establishment. If your employees are not properly trained on how to count product that’s set out for sale, then your inventory control goes out the window. It seems like such an insignificant aspect of your business, but it’s very important.

NO AUDIT OR INTERNAL CONTROLS
If you’re not auditing your inventory regularly, you’ll miss mistakes, potential employee fraud, or vender errors. Mistakes happen all the time in shipping. And, while you want to trust your employees, Employee theft is still a major problem in business, with estimates from the U.S. Small Business Association claiming 5 percent of a company’s annual revenue lost to employee fraud and theft.

In hard numbers, this means $50,000 per $1 million in revenue. It might not sound like much, but it’s an employee’s salary, possibly two. That means you could have at least one more employee making your business run more smoothly had you been able to keep that money in-house instead of losing it.

Of course, tight integration with a sales system will tell you about any disparity between the register and inventory, but it’s not always clear that it’s theft that’s taking place.

NO PREP FOR FLASH INVENTORY
If you conduct flash or burst inventories, you must have a clear cutoff date for that inventory. Anything that’s part of the transfer or shipment of that inventory should also be closed and resolved before taking receipt of it, and it should be reconciled afterwards.

NO ERROR RESOLUTION PROCESS
When errors do crop up, what do you do about them? They must be resolved prior to the final submission of inventory. If there’s a discrepancy, it could cost you hundreds of thousands of dollars in overstocked items.

7 Things You Should Consider Before Starting a New Business

Starting a new business and being your own boss, no doubt, is satisfying but it is a hard nut to crack, for sure. It is a fact that three-quarters of start-ups fail within the first three years and a third of those fall by the wayside in the first 3 months.

Hence, to give you the best chances to not only survive but also to thrive in this competitive business world, you need to follow these 7tips.

  1. Service or products:Make sure you carry out research and find out the gap in the market, which you will be able to fill with your existing knowledge and experience in a particular sector of any industry.  You should consult companies or individuals who don’t know you, for your friends and family will generally tell you what you want to hear.
  2. Plan: Create a full proof business plan. Many people ignore this step and end up backtracking. Creating your business plan at the beginning will help guide your vision and direction as you continue along you entrepreneurial journey.
  3. Location or Workplace: There are many options open for you to select your location or workplace. There is leasing unfurnished office space, fully serviced offices, and you have got the option to share your business with others, also. With more competition in this market it is worth shopping around, but make sure you compare like for like. Moreover, you need to register your office with an approved authority.
  4. Name: Most of you would be thinking, what is there in a name? But, it is the name of a company which is the first thing that customers usually see. It is the name which communicates the whole idea about your services and products.
  5. Audience: It matters nothing if your services appeal to everyone but no one. That is to say that whatever you create, design, think or promote should only focus on your target audience. Be connected with your customers through different media. Be loyal to your customers and make them feel easy to raise their voices too.
  6. USP: This USP (Unique Sales Proposition) is probably the most important feature that every business person should consider. It defines what is special in your offerings, what customers can’t get somewhere else.
  7. Funding and Market: It is always helpful to get government backed loans, venture capital, etc, to start-up your business. Approach various methods to market your goods in an effective way. For example, you can use web media, employ direct sales people, display advertising, signs and banners, etc, to enable you to reach to maximum possible audience.

Balfour Betty Plans On Closing Three Regional Offices In The UK

Two hundred jobs are being risked after Balfour Betty has made an announcement regarding its plans to completely shut down three offices. The regional offices that are going to be shut down by Balfour Betty are located in Rochdale, Doncaster, and Dartford. The proposed closure of these three regional offices is going to go forth as part of a review on the viability of the UK construction business. Read more

3 Tips for Marketing Your Restaurant on Facebook

Over the last few years, the internet has become an integral part of any marketing strategy, regardless of the type of business you have. It can be a particularly powerful medium for restaurants; people need to eat, and unlike some businesses which may never have the same customer again, you have an opportunity to make every customer a repeat one. Facebook in particular can be a very powerful tool for building loyalty, and leveraging your current customer’s positive feedback into getting new people into the door and at the table. Here are some tips for using the ultimate social media tool for the benefit of your establishment. Read more

The importance of order in the company

From a small cafe to a SME if there is anything that improves the functioning of the organization, will have to implement it. The order is one of them.

Both the quality, safety and efficacy in work performance will benefit. Time is money, and operate in a prime space where the order will help to improve production as the pace of work is ideal.

The order and cleanliness

There are several methods to meet objectives of order and cleanliness in the workplace.In principle, it may seem a minor issue, but if we think about the benefits and problems associated with disorganized work table, the issue is serious. Read more

2 Excellent Reasons Why Business Owners Looking to Sell Their Business Really Should Cease Hiding Cash

Let’s face it, a great number of business owners in cash businesses do not claim all or a substantial portion of their cash revenues to the IRS. Being a business broker from the Philadelphia region, I have observed this scenario from owners first hand. These owners do this for one reason; they want to spend significantly less money in taxes. A lot of owners feel as if they shell out enough in taxes and try to keep what they can. Others feel that all business owners do it and that they would not be able to survive otherwise. Whatever the explanation, the fact of the matter is that it is illegal. Read more

It Service In Melbourne – A Trusted Company For Your Business

IT Services in Melbourne provides implementation and management of quality information technology services. The IT service providers of Melbourne offer the best IT equipment and accessories to their varied customers. These service providers have experienced professional IT experts who are efficient in establishing networks for different private and commercial institutions. Read more

What Does An Offshore Merchant Account Have To Offer?

The very mention of an offshore merchant account has people a little surprised. It seems to be the new way to bank. This is not a new trend really but has not been talked about a lot. After reading this you would understand the advantages of having an offshore merchant account. The benefit of this kind of an account is absolutely infinite and once you have got yourself an offshore merchant account there would be tremendous growth for your business abroad. Read more

Scroll To Top