Inventory tracking is no joke. A lot of the time, this is something handmade business owners put off because of the dread of doing it. We won’t lie; getting started tracking your inventory can be a lot of work. However, it doesn’t have to remain that way if done correctly. Hence, why managing your inventory with a system like Inventora (where we do the work for you) can be so helpful. In this article you’ll learn reasons why you should be tracking your inventory regularly.
Organization of Your Workspace
Is your shop cluttered? If yes, we are guessing because supplies and products scattered everywhere… does it sound like we are there? We have been there! Co-founder of Inventora, Dianna, is a handmade candle business owner and went through this exact struggle. Organizing your inventory will help reduce clutter and allow you to maximize the space in your shop. This will also help you be able to visualize better when you simply have outgrown your workspace…. which is a good problem to have!
Reduce Supply Overspending
If you’re in the process of starting a business or have past experience starting a business, you know how important it is to be cost efficient. Managing your inventory can be a huge factor to reducing overspending. When you manage your inventory, you know at all times how much of each supply and product you have at hand. Meaning, you won’t be wondering if you need more, then find a box of supplies after you place a new bulk order. Having too much inventory can become detrimental in the early stages of business.
Forecasting Product Demand
As we mentioned above, too much inventory is not a good thing. When you manage your inventory, you’ll avoid having too many products in stock. This can also help allow you to see better how much you’re selling of each product. Inventora, can show you exactly how much you’re selling of each product, and deducts the supplies it takes to make that products when it’s sold. This can allow you to manage your business more efficiently and be more proactive when making orders for new and existing supplies.
Delivery Speed Improvement
Inventory tracking is good for your customers moral towards your business! If you’re regularly managing your inventory, you’ll be able to get your customers paid for items delivered to them quicker. You’ll spend less time sourcing material and producing your products, thus giving you a quicker turn around from the point of purchase to delivery. This is great for you too! By managing your inventory regularly, you’ll notice that profits will also be flowing in at a quicker rate. If you’re using Inventora, you can use the production feature to help you have your product inventory ready for the exact days you need them.
Positive Inventory Turnover
For most industries, a good inventory turn over is between 5-10 at a restock level of 1-2 months. Regularly managing your inventory will help you keep that ratio at a positive rate. Therefore, allowing you to not waste your time and resources, as both are so valuable! This will increase both efficiency and productivity in your business. The sooner you can get a handle on your inventory turnover rate, the better shape your small business will be in. Similar to this is auditing your products and materials. With Inventora’s audit feature, you can easily stay on top of any miscounted stock levels.
Although, these are just 5 reasons you should regularly be tracking your inventory, there are so many reason beyond that! Inventora is a great resource to use to help you manage your inventory without hassle. We believe managing your inventory should be easy. Spend less time counting, and more time crafting with Inventora!
How has Inventora helped your handmade business? Is there a feature you’re dying for us to release? Let us know in the comments below!
