Does your small business need inventory management software? You might think you’re too small to need it right now, but if you’re seeing any of these 10 signs in your business, you could actually benefit a lot from using inventory management software.
1. Rapid growth. As your business grows in size and complexity, you need more than Excel spreadsheets to keep track of your inventory levels. Inventory management software helps you deal with more products and higher demand.
2. New locations. Whether you just added your second location or your 100th, you face the same problem: managing inventory in multiple locations. Inventory management software lets you figure out which products are top sellers at each of your locations, and when to transfer those products between locations to meet demand.
3. Trouble reordering. As you keep track of more products, you might struggle with reordering each one at the right time. The solution is (you guessed it!) inventory management software. You can set up automatic reorder points so you’ll have the right amount of inventory at all times.
4. Losing products. Don’t you hate it when you misplace your keys or wallet? You don’t want that to happen to your valuable inventory. That’s why inventory management software uses barcodes, lot numbers, serial numbers and other tools to track inventory. It’s a great inventory locator!
5. Losing customers. The worst thing that can happen to your business is to lose customers because of stockouts or poor customer service. You can speed up delivery times, minimize stockouts and keep customers happy by using inventory management software.
6. Low working capital. Running low on funds? Take a look at your inventory records to see if you have a bunch of idle inventory sucking your working capital dry. Then use inventory management software to find the right balance of inventory on hand to keep costs down without sacrificing customer service.
7. Poor profits. It’s not always easy to tell why you’re not being profitable. Using inventory analysis, you can find out if you’re running out of certain products at one location but are overstocked on them at another. Then you can make inventory adjustments to maximize your resources.
8. Employee turnover. Do you keep having to train new employees or interns on how to manage your inventory? You need an inventory management system employees can learn quickly. That way, you’re not so dependent on one employee to do all of your inventory management, and you won’t suffer major problems if that employee leaves.
9. Double data entry. QuickBooks users often want to continue using the accounting software they’re familiar with, but they want to add more inventory management capabilities to it. Choose inventory management software that integrates with QuickBooks so you won’t have to put the same data into both. Fishbowl Inventory is the #1 QuickBooks-integrating inventory software.
10. Running a business. Simply being in business is a big sign you need inventory management software. Growing your business requires strategic planning and a lot of hard work. Make sure you have the right tools to get the job done.
Now that you recognize the signs that your company could use inventory management software, you should sign up for a free trial of Fishbowl today!