When operating a small business, it is vital to keep track of all inventory and records of every transaction in your business. According to the wasp barcode, 46% of SMEs either don't track inventory or use a manual method of stock-keeping. This can be detrimental to a business if it is not taken into consideration.
Running a small business can sometimes be a lot of work. However, if you're still tracking inventory with spreadsheets or notes, then you're not only vulnerable to human error, but you could be making losses in the process. To prevent these errors, keep proper track of your inventory, and keep up with the changing business environment, your company needs to be equipped with one of the best stock control software automation tools.
Over the years, inventory planning and demand forecasting have become more important because a sloppy inventory system can cause severe setbacks to the business's overall functioning. This is where a cloud-based small business inventory software such as StockTrim comes into play.
StockTrim is a plug and play revolutionary inventory planning and forecasting software that uses machine learning to analyze your available data and predict demand for new products without any sales history. Some of the important reasons you need StockTrim for your business includes:
Scenario: The Tale of "Sarah's Sporting Goods"
Sarah's Sporting Goods is a small, family-owned sports equipment store located in a quaint town. For years, Sarah, the owner, and her small team managed inventory the old-fashioned way - with handwritten spreadsheets and notepads. While the store had a loyal customer base, they were facing several challenges because of their manual inventory tracking methods.
1. Overstocked and Understocked Items:
The most significant issue they encountered was an inconsistent balance between overstocked and understocked items. Since they had no real-time visibility into inventory levels, they often over-purchased popular items while underestimating the demand for others. For instance, during the soccer season, they stocked up on jerseys and soccer balls, but after the season ended, these items sat idly on the shelves, tying up valuable capital.
2. Inaccurate Stock Counts:
Manual tracking also led to discrepancies in stock counts. Occasionally, items would mysteriously disappear from the inventory without any record, leading to financial losses and customer frustration. These discrepancies also made it difficult to fulfill customer orders promptly, negatively impacting the store's reputation.
3. Time-Consuming Inventory Audits:
Sarah's Sporting Goods had to conduct frequent inventory audits to reconcile discrepancies. These audits were time-consuming and often required closing the store temporarily, affecting sales. Employees spent hours manually checking each item and recording counts, which could have been better utilized for customer service and business growth.
4. Missed Sales Opportunities:
Without accurate data on popular items and customer preferences, Sarah's Sporting Goods missed out on sales opportunities. They often ran out of stock on in-demand items, leading customers to seek alternatives at competitor stores. This not only resulted in lost sales but also eroded customer loyalty.
5. Seasonal Challenges:
The store's seasonal inventory challenges were exacerbated by manual tracking. They would either overstock or understock based on gut feelings rather than data-driven insights. During peak seasons like the holidays or back-to-school sales, they would often struggle to meet the sudden surge in demand.
6. Employee Burnout:
Employees at Sarah's Sporting Goods were overwhelmed by the manual tracking process. They spent considerable time on administrative tasks, such as updating spreadsheets and counting stock, leaving them with little time for customer engagement and support. This led to employee burnout and reduced morale.
In this scenario, Sarah's Sporting Goods faced numerous setbacks due to manual inventory tracking methods. These challenges ultimately hindered the store's growth potential and profitability. It's a compelling example of why small businesses need to transition to more efficient and accurate inventory keeping solutions like StockTrim to overcome these setbacks and thrive in today's competitive market.
There is no point in having one of the latest and most efficient tools if it is difficult to operate or cumbersome for your staff to use. Implementing StockTrim is an easy and cost-effective way to facilitate the automation process and to improve operational efficiency across the workplace. Reading further, you'll understand how to implement StockTrim into your business with ease.
Once you order one of the available plans here, StockTrim is intelligently programmed to examine and analyze your optimal inventory levels. After placing your order, you'll make sure your suggested orders are highlighted in red to keep you in stock, while ensuring your adequately stocked items are highlighted in green.
Getting StockTrim inventory software is a genuine need for any business. This is because if you have control over your inventory, you definitely have effective control over your production's most essential aspects. StockTrim will enable you to control costs and help you save money by keeping in check wastages. In addition to that, you will love how organized your business becomes once you have implemented the best stock-keeping software for your business.