No Result

View All Result

Monday, November 25, 2024

Home
Artificial Intelligence
Cyber Security
Mobile Phones
- Apple
- Google Pixel
- Huawei
- Nokia
- Samsung
Software
Technology
Write For Us

Home
Artificial Intelligence
Cyber Security
Mobile Phones
- Apple
- Google Pixel
- Huawei
- Nokia
- Samsung
Software
Technology
Write For Us

No Result

View All Result

No Result

View All Result

Business

Prisma Stake: Investors Increase Involvement in DeFi

Business

Aircraft Maintenance 101 – Tips & Tricks Revealed

Business

Améliorez votre expérience des paris sur le tennis grâce à ces stratégies

7 Wonders of Underwater World

Business

7 Wonders of Underwater World

The world is full of wonders. The fascination of earth lovers lies in knowing the wonders of the Earth- and...

Read more

How To Get Bitcoins?

Business

How To Get Bitcoins?

Now that the crypto market shows a downward trend, many people try to get rid of their assets. Some Bitcoin...

Read more

Tips For Successfully Scaling Your Business

Business

Tips For Successfully Scaling Your Business

When you are looking to make sure that your business is a success and can grow in the best manner...

Read more

Bitcoin and Cryptocurrency: Here’s What You Need to Know

Business

Bitcoin and Cryptocurrency: Here’s What You Need to Know

Money has vastly evolved to include other forms of currencies, including cryptocurrencies like Bitcoin. And because the cryptocurrency world itself...

Read more

Is Colocation Right for Your Business?

Business

Is Colocation Right for Your Business?

Businesses have several choices for storing their digital files. Traditionally, companies stored their information in-house on company-owned and managed servers....

Read more

Usage of Artificial Intelligence in the Gambling Sphere

Business

Usage of Artificial Intelligence in the Gambling Sphere

Gambling has a long history, having appeared in ancient times, and it has passed a long way to become one...

Read more

Scaling your business to enter new territories is always scary. You never know what is going to happen and how the market would react to your presence. But before going global, you need to know your own territory first. We are talking about scaling your business across the country. Depending on where you live, your country's market could be a huge one in itself. Making your mark on the national scene is no small deal. That's what you should aim for, even if your ambitions are to go global. What role does inventory management have to play in a national expansion? Every product-based business is out there selling something to its customers. Inventory management refers to the art and science of managing inventory in a way that doesn't cost you too much while optimizing availability. Every business has an inventory, but how you manage it makes a world of difference. Hands-on inventory management is a term coined by Ed C. Mercado, who talked about managing inventories in his book titled Hands-On Inventory Management. Mercado primarily talked about a way of managing inventory that satisfies all customers but is also cost-efficient. If you want to take your business across the country, starting with hands-on inventory management is a must. Controlling inventory costs By definition, controlling inventory costs is the first step toward hands-on inventory management. Your goal is to reduce the amount of money you have to spend every month, quarter, or year on inventory expenses. But that's not all. You have to simultaneously ensure that your customer's experience is not hindered. There are many things you can do to control inventory costs, and it involves following a strategy designed for it. Let's begin with Minimum Order Quantity (MOQ) and how to use it to your advantage. Minimum Order Quantity (MOQ) MOQ is the minimum number of units you have to order from your wholesaler. While MOQ is important for the wholesalers to make profits, it's not very useful for small businesses. Learning how to align your demand with the MOQ is important to manage the inventory efficiently. Negotiating MOQs with various suppliers is the next thing to do. If you are operating in a niche where some suppliers have a monopoly, consider building long-term business relationships with them. Otherwise, expand your suppliers' network and rigorously negotiate for the best deal. Dealing with dead stock Dead stock is a persistent problem for most product-based businesses. But getting rid of dead stock is both essential and necessary to scale a business. There are several ways to approach the dead stock question. The most obvious answer in terms of finances is to return it to the supplier. The problem is that many suppliers do not accept returns after a period. Others would charge you a penalty for returned items, and some give returns only in store credits. If returning is not an option, here's how you can repurpose dead stock. Giving away dead stock as freebies and giveaways is a great way to improve customer engagement. Alternatively, you can donate the dead stock and get a tax remittance against it. You can also consider selling the dead stock at a low price. No matter what you do, it's important that you get rid of dead stock and not let it become an obstacle to getting new stock. Use an inventory management software Most small businesses do not use inventory management software. However, using one can change the way you deal with your inventory. The benefits of an inventory management tool are self-explanatory. It helps you manage your entire inventory from a unified interface and provides advanced inventory tracking options. Miscalculations are one of the biggest issues that contribute to the difficulty of accurately managing the inventory. With inventory management software, you can be assured of accurate calculations since there's no chance of human-driven errors. Using a tool designed to help you manage your inventory is the best investment for hands-on inventory management. A cloud-based inventory management software also ensures that your data is safe and accessible at all times. Analyze buying patterns While inventory management software helps with analyzing buying patterns, you should also add your insights to it. For instance, the buying pattern of consumers has turned significantly towards e-commerce in the wake of the Covid-19 pandemic. The sellers who were early to identify this change profited even in the middle of the pandemic. When you have an informed prediction of where sales will be in the coming months, managing inventory accordingly is simple. However, you cannot be accurate with predictions at all times, not even with advanced analytical tools. That's why it's important to keep a leeway in case your predictions are wrong. Conclusion Taking your business across the country is much more feasible with hands-on inventory management. We hope this guide helps you adopt some of its principles.

Business

Scaling Your Business Across The Country With ‘Hands On’ Inventory Control’

Scaling your business to enter new territories is always scary. You never know what is going to happen and how...

Read more

Evolution of online casinos - how the quality of games and their security have improved

Business

Evolution of online casinos – how the quality of games and their security have improved

Online gambling business started appearing in the 1990s when internet was taking off commercially. Casino software developer Microgaming was behind...

Read more

9 Wise Cyber Security Tips for Businesses

Business

10 Wise Cyber Security Tips for Businesses

In the new digital era, a single click can end up costing your business thousands or even millions. In an...

Read more

Business

How to Find Difficult Veins for IV

When you need to start an IV, finding a vein can be difficult. Sometimes the veins are tiny and hard...

Read more

Page 16 of 38 Prev 1 … 15 16 17 … 38 Next

No Result

View All Result

Home
Artificial Intelligence
Cyber Security
Mobile Phones
- Apple
- Google Pixel
- Huawei
- Nokia
- Samsung
Software
Technology
Write For Us

© 2020 and Developed By The Tiny Tech