Small Business Inventory Management Tips
Consider using a flexible storage solution for your small business
Having the space to effectively organize your business inventory is the first step in successfully delivering and maintaining the integrity of your products. Having a secure and clean space can help make it easier for you to keep track of how many items you have and how old they are. Optimize your storage space by installing shelves is a great way to stay organized.
One often overlooked HUGE benefit to self storage spaces is that while you only pay for the storage unit space – there are no additional costs for utilities, taxes, security, etc. Knowing from month to month exactly what your expenses are for warehousing and storage is key to small business success.
Atmosphere Control is important for you and your stock
Having a controlled, secure and temperature-regulated environment will usually ensure that your items are ok. These conditions are usually provided by new and premium self-storage facilities. Since you, or your staff are likely to spend some time the storage unit, it is also important that you can work effectively and not be too hot or too cold. A facility that has only interior access will also help to keep dust and debris away from your stock.
Pay only for the space your business needs
Organizing by expiration date, or date purchased, is important to make sure you sell the older stock first. This is also known as the FIFO approach – meaning “first-in, first-out”.
It is also important to have enough space for new orders that come in. Every business experiences sales cycles and having flexible storage spaces to expand or shrink as necessary can save a small business a lot of money. When you have your inventory in self storage – you only pay for the square footage you have rented, and you are never locked in to a long term contract. This means that if you have a lot of orders for December but less for January, you can add and subtract space as you need it from month to month make adaptations that will best suit you and your business.
As your business grows, you may think of hiring new staff. From the beginning, it should be your priority to keep everyone informed about how the products are organized. This will prevent future hiccups or confusion that could cost the business time and money. In turn, this can make it more convenient for you and your staff to fulfil orders, receive shipments and easily access popular items. Increasing the efficiency of the business by having enough space can help make the business more productive.
Having business storage in a secure location is beneficial to your finances, assets and to worker wellbeing. As a business owner, having your stock in a place where there is security surveillance is important and investing in these security measures can be costly for a small business owner. A professionally managed self storage facility will have good security systems in place and the costs are all included in the storage space rental fees.
Logistics services provided by self storage facilities
Storage facilities can often help with the logistics of moving and delivering your products. This is helpful to small businesses that may not have the time or manpower to dedicate to deliveries.
Organizing your business can be made easy by being efficient, looking after your products and making use of quality service providers. Security and auditing your stock will help prevent any financial losses for the company and will help ensure the safety and correct tracking of your businesses goods. Assistance with logistics can ensure that you have more time to track and maintain orders.
Bow City Storage has a full range of unit sizes and options for you to choose from. As a locally owned business ourselves, we look forward to working together with local Calgary business community. We are here to help your small business succeed. Call us today, or stop in to learn more.