As a small business owner, you need to make a lot of difficult decisions pertaining to your inventory practices. When it comes to managing your books, finances, and consumers, your inventory plays a huge role in your business.
If you’re a new small business owner, here are some of the top inventory considerations you should contemplate in order to keep your business — and your customers — happy.
Invest in forecasting
Forecasting is the act of monitoring market trends to make educated decisions for your company. This can inspire you to invest in a unique new product but it can also help you compare financial projections to your company’s sales reports history.
This logistical step is essential when you want to get a leg up over the competition. On the other hand, it can also save you from making a fatal mistake when it comes to making risky investments.
Establish par levels
In layman’s terms, a par level is the minimum amount of a product you should keep stocked in your inventory at any given time. For example, you might need only three items of an item that isn’t bought often, such as a specialty item or a foreign product. Meanwhile, you might need a minimum of 100 products to meet consumer demand.
Par levels help eliminate the need for guesswork when it comes to ordering more goods. When the product inventory dips below your par level, you know it’s time to order more. It takes a few logistics on your end, but it will save you a headache in the long run.
Rely on expedited freight services
There’s nothing worse than getting an inventory shipment too early or too late. In order to keep your staff and consumers in the loop, rely on expedited freight companies to track your truckload logistics. After all, a delayed shipment might result in the loss of customers while an early shipment could destroy your organization process. This is especially necessary if you’re working with LTL freight services or oversize freight. In fact, there are more than 5.9 million commercial motor vehicle drivers operating in the United States alone.
For more information on LTL freight services and pharma logistics solutions, contact the experts at DTS today. We offer the best in intermodal shipping, freight services, and more. Don’t wait for your inventory to overpower your small business: contact Diversified Transportation Services for a better business strategy today.