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3 Simple Strategies for Improving an Inventory-Based Small Business

Share! 3/7/2022

Starting a successful inventory-based small business takes hard work and determination. When it’s time to grow that small business, it can also help to have access to the right resources and tech tools that will make streamlining inventory processes less of a hassle. If you are looking to expand your inventory-based business, then you need these tips.


Answer Inventory Questions With Smartphone Apps


If you are looking for a comprehensive solution to your inventory issues, then you should look no further than your smartphone. You can use your smartphone to easily download and manage a variety of inventory control and management apps that can resolve just about any dilemma that may come up. These apps and tools require a strong and dependable internet connection to work properly, so you may need to upgrade your service, and in so doing keep the future in mind. Even if your geographical area has yet to implement 5G networking, it’s coming. Carriers are utilizing 5G in a growing number of locales, giving users unprecedented speeds and bandwidth.


So which inventory apps should you download first? myStock Inventory Manager is just one of the many inventory apps that can be useful for small business owners, although this app will only work with Android devices. Try downloading a few different apps to see which one may have the features you need to power your own inventory-based business. Finding the right app can take some time and effort, but doing so will save you even more time and money long-term.


Prevent Inventory Mistakes With an Adequate and Website


As a small business owner, you are accustomed to multi-tasking to get things done. As your inventory-based business grows, however, multitasking may not be your best bet for keeping up with all of that success. Because the reality is that people are terrible multi-taskers. Even if you can complete multiple tasks all at once, you are more likely to make mistakes when you are not focusing on a single task at a time.


In addition to impacting your productivity and efficiency, multi-tasking all day long can actually cause permanent damage to your brain. So if orders are coming in faster than you can fulfill them, it may be time to hire your first employees. Online resources can be valuable for doing so without violating any laws, and referring to online guides can also make it easier to delegate inventory tasks to new employees. You can attract quality candidates by creating a positive work environment and promising opportunities to develop their skills and reach their full potential.


With additional employees on a proper schedule, you can dedicate more of your own time to other pressing business matters. You will also need to provide inventory management training to your new staff members so that you can prevent mistakes that could cost your business time, money, or even customers.


As for your website, consider whether it’s in your best interest to make upgrades to handle an influx of sales. A qualified web designer can give your website a proper facelift and help you implement a reliable and functional online ordering system. You should also enlist help for data protection and recovery in the event of a cyber attack. If a new logo design is in order, you can help the process along by tackling this job yourself, as there are free online tools you can use to assist with your branding makeover.


Address Inventory Mistakes With Timely Service


Nothing is more disappointing to customers than waiting patiently for a package only to have the wrong item arrive. Making these seemingly simple inventory mistakes on a regular basis could lead to disappointing future sales for your business. Finding effective ways to manage your inventory processes should be your first step in preventing these blunders, but all businesses should also have processes in place to handle customer service failures in the event that an inventory mistake does occur.


Addressing customer issues and complaints is even more important for small businesses, since customer service is really what can set a small startup apart from larger corporations. So if you do make a mistake, take steps to address it ASAP. This may mean owning up to an inventory error before your customer even realizes there is an issue, but providing timely responses can go a long way in preserving valuable customer relationships.


When dealing with irate customers, helpful tactics include listening without being emotional, assuming the customer is always right, owning the problem, and looking at what you can do to correct the issue. With a patient approach, you’ll be in a better position to help calm your customer and rectify the situation.


When managing inventory and profits, it’s also important to recognize that customers will make mistakes as well, and an effective return policy can minimize profit losses.


Elevating an inventory-based business is a process that can come with some significant challenges. Arming yourself with the tools and tips mentioned in this guide can curtail many of the issues that can prevent your startup from achieving the next level of success. More importantly, you can save yourself the time, stress, and cost of being unprepared for potential inventory management issues.


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