Small businesses need to implement inventory control and have an understanding of logistics. It is vital in a highly competitive environment – whether it is retail, wholesale, e-commerce, or supply – to keep track of every link in the supply chain. Anyone can make a bad decision or see an otherwise sound investment tank due to forces outside their control. With a small investment in barcoding equipment, inventory control, and pick–to–light systems, business owners can make an investment in their future and ride out economic tough times when larger and better-financed companies can’t make it.
But technology can’t do it alone.
When you have stock that isn’t moving, it is time to find a way to offload and clear it away for items that sell consistently. To that end, and depending on the product, you may need to place the SKU on a severe clearance telling either at or below cost or even in some instances sell it for scrap. You may need to take a loss, but that loss will be temporary and not an ongoing drain on company resources.