Whatever the nature of your business, whoever your target market and whatever your brand’s USP, if you buy, sell or trade any physical commodity, you need to ensure that your inventory is properly stored. “Properly” is, of course a relative term, especially for businesses with humble origins. After all, if you’re currently running your business as a side hustle, it may be perfectly proper to store your inventory in your garage, attic space, spare room or on any available square foot of floor space you can. Needless to say, however, this is not sustainable, especially if you expect your business to grow in line with rising consumer demand. Unless you make your money from dropshipping (buying low cost, high volume commodities from online vendors overseas and marketing them to consumers on social media at a low margin) your inventory storage needs will only become greater and more complex in line with your business growth.
To store your products with peak efficiency you’ll need to ensure…
Your inventory storage is cost effective
When running a small business from home your storage needs tend to be cost effective enough since you’re able to keep your inventory in your own home. Nonetheless, as your business expands you’ll need to adopt more robust storage solutions. Still, renting out warehouse space may not necessarily be the most cost effective way to store your products. Check out canningvalestorageunits.com.au to see if a useful intermediary measure might be to rent out a storage unit in which to keep your inventory. Whatever solution you need to make sure…
It’s dry, cool, safe and secure
When you’re running a small business, your reputation is everything. Nothing is more likely to damage your reputation than broken, water damaged or soiled products. But that’s what you’re sure to end up with if you don’t personally investigate your chosen storage facility to ensure that it’s cool, dry, safe and secure. That wouldn’t be a great look on your nascent brand and it risks sending the wrong message to your customers. It’s also likely to cost you a great deal in wasted inventory.
You use forward staging for high velocity goods
High velocity goods are goods that travel at high speed. That is to say, they fly off the shelves shortly after you get them. Needless to say, some goods will be higher velocity than others and you’ll need to identify your fastest moving products and use forward staging to facilitate ease of access. What’s forward staging? Simple! It’s the practice of putting faster moving items towards the front so that they can be selected and removed quickly and easily.
You storage is informed by consumer trends
Forward staging is just one example of how you can optimise your inventory management solutions in line with consumer trends. Identifying your fastest and slowest moving products, knowing the physical dimensions of the products you store and which items’ velocity fluctuates in line with seasonal demand.
The better you know the behaviour of your consumers the easier it is to manage not just your inventory but every aspect of your business.