Organizing Your Inventory as a Small Business
For small business owners, staying on top of the vast quantities of inventory that come in and out of your doors can be challenging. No matter if you run an e-commerce business, manage seasonal merchandise, or simply need to monitor your stock, keeping organized is of the utmost importance when it comes to inventory management for small businesses.
When you have more inventory than space to organize it, Right Move Storage is here to provide actionable tips and tricks for managing small business inventory.
What Is Inventory Management?
As you stare at mountains of boxes in your warehouse or workspace, it can be overwhelming to begin developing a new inventory organization method. However, having a handle on inventory management is crucial to any business’s success.
In well-established inventory management practices, business owners have down to a science the number of raw materials and finished products they are buying, storing, and selling to meet demand without leading to overstock—having more of a product than will sell. Maintaining optimal inventory levels while using cost-effective organization and storage options helps simplify inventory management, maximizing available space and facilitating seamless operations.
Best Inventory Management for Small Business Practices
1. Know What You’ve Got
Before you uproot your management system and start anew, write down what you already have stored and in stock. While you can accomplish this by manually counting and documenting inventory, doing so can quickly become labor-intensive and time-consuming.
Using inventory management apps and software improves tracking and organizing your products. By frequently monitoring stock, you can improve workflow and prioritize customer satisfaction, identifying popular items, when to restock, and items that aren’t selling well.
2. Develop a Storage Solution
Regardless of your business’s size, finding a storage space with enough room to accommodate constantly changing inventory levels is no small task. Depending on the size and variety of your products, you may have additional requirements, like a temperature-controlled environment or a space with drive-up access.
If you’re running out of room, you can find affordable small business inventory storage at a local self storage facility, many of which explicitly cater to small business storage solutions and feature helpful amenities.
3. Conduct Annual Audits
Upkeep for your product inventory becomes much simpler when you perform routine inventory checks, helping confirm that your physical stock matches what’s recorded.
To accomplish this, you can facilitate a physical inventory count, which involves manually counting every item in your stock, providing exact figures for your entire product range. If that sounds cumbersome, cycle counts focus on a small selection of items at a time, gradually building a clearer picture of your overall inventory levels.
Inventory Organization Tips
Now that you have a space for storing inventory, you can start on the right foot by devising a way to keep everything organized. Follow these tips to help you have a good foundation for efficient inventory management:
1. Prepare Products for Storage
It’s essential to responsibly prepare your items before placing them in storage. Begin by cleaning items thoroughly, conducting a quality check, and sorting everything into clear categories to make organization easier. Delicate objects, like glassware or ceramics, should be encased in Bubble Wrap for extra cushioning.
At the same time, larger pieces, such as wooden furniture or upholstered items, should be protected with soft, breathable blankets or sheets. Store smaller items in containers, labeling each container clearly so you can quickly identify its contents.
2. Create a Clear Plan
Don’t decide where things will go once you step into your storage space—this should be done well in advance. Design a floor plan and overall room layout for your business storage, assigning a specific spot for every item. This will make your next inventory check a breeze.
Install freestanding shelves to better use vertical space and avoid stacking items in a way that could become hazardous. When organizing, leave clear walkways between inventory sections, allowing you to grab what you need without trouble.
3. Use the Pareto Principle
The 80/20 rule, often called the Pareto Principle, suggests that 80% of a company’s income generally comes from 20% of its products. High-performing products should be stored in the most visible and accessible spots within your business storage space, speeding up the process of fulfilling orders and restocking shelves. This organized setup also helps you monitor stock levels. Every time you visit storage, you’ll quickly know whether you have sufficient inventory to meet customer needs.
Solve Your Inventory Storage Needs at Right Move Storage
For small business storage units that can adapt to suit the needs of your evolving business, Right Move Storage is the place to go. With a wide variety of storage unit options and sizes available at locations across the country, discovering the perfect storage solution for your needs is simple with us.
To rent or reserve your self storage unit, locate your nearest Right Move Storage facility or contact us online today. Have additional questions? Explore our FAQ page for helpful answers.