{"id":1899,"date":"2020-01-01T20:23:57","date_gmt":"2020-01-02T04:23:57","guid":{"rendered":"https:\/\/southernoregonbusiness.com\/?p=1899"},"modified":"2022-05-10T18:33:41","modified_gmt":"2022-05-11T01:33:41","slug":"budget-friendly-inventory-management-tools-for-small-business","status":"publish","type":"post","link":"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/","title":{"rendered":"Budget-Friendly Inventory Management Tools for Small Business"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/IrofKavH3VLyCGUxb_t-hqqI8fPinO1kTaQ2iuLzyRXsgyhULeyxKj__xanaHuUo_HwQDoDu67u2jfXTJmdnNylu6t8yIGwBk0QutnsOmg884P1OKonlEvB5Qi7p3oq8YpNxnPM\" alt=\"\"\/><\/figure>\n\n\n\n<p><em>By Marcus Lansky at <\/em><a href=\"https:\/\/abilitator.biz\/\"><em>https:\/\/abilitator.biz\/<\/em><\/a><\/p>\n\n\n\n<p>Whether you\u2019re running a retail store, a manufacturing facility, or a warehouse, inventory management is likely a constant challenge for your business. That\u2019s especially true if you\u2019re a small business in the early stages of growth. However, even small businesses on tight budgets have options for better inventory management.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4 Common Inventory Management Mistakes<\/h2>\n\n\n\n<p>How do you know when it\u2019s time to upgrade your company\u2019s inventory management practices? If you\u2019re regularly encountering these common inventory mistakes, you\u2019re due for a change.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Overstocking<\/h3>\n\n\n\n<p>Ordering too much inventory throws a wrench in your business\u2019s cash flow. In addition to the upfront costs of purchasing inventory, overstocking leads to higher holding costs as products sit on shelves longer before being sold. If you purchase more than you need before the end of a product\u2019s lifecycle, you\u2019ll have no choice but to <a href=\"https:\/\/www.prnewswire.com\/news-releases\/study-finds-markdowns-cost-us-retailers-300-billion-in-revenues-in-2018-300790350.html\">markdown items<\/a> and accept lower margins on superfluous stock.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Stockouts<\/h3>\n\n\n\n<p>Avoiding overstocks is important for optimizing your company\u2019s inventory management, but being too cautious brings its own set of problems. When a business doesn\u2019t have an item on the shelves, customers won\u2019t wait for a restock. While some customers buy a substitute from the same retailer, Retail Dive points out 40% of <a href=\"https:\/\/www.retaildive.com\/news\/online-out-of-stocks-cost-22-billion-in-sales\/528878\/\">U.S. shoppers<\/a> opt to buy elsewhere or cancel their purchase.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Misplaced inventory<\/h3>\n\n\n\n<p>In addition to increasing labor costs as workers search for misplaced items, poor stock management slows order fulfillment. That\u2019s bad news for businesses struggling to compete with the speedy shipping offered by retail giants like Amazon, especially as the <a href=\"https:\/\/www.mycustomer.com\/selling\/ecommerce\/ecommerce-delivery-trends-what-contributes-to-a-positive-experience\">delivery experience<\/a> is consistently cited as one of the most important factors in customer satisfaction.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Only counting inventory once a year<\/h3>\n\n\n\n<p>It\u2019s easier to avoid inventory mishaps if you know the current state of your stock. However, if you only perform a physical inventory once a year, you won\u2019t discover problems until it\u2019s too late. Infrequent counts also make it harder to identify patterns and pinpoint issues in your inventory management practices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Affordable Tools for Small Business Inventory Management<\/h2>\n\n\n\n<p>Avoiding costly mistakes requires infrastructure that improves the accuracy and efficiency of your business\u2019s inventory management practices. While many small businesses still rely on<a href=\"https:\/\/intuendi.com\/blog\/sales-forecasting-software-vs-excel-sheet\/\"> Excel spreadsheets<\/a> or pen-and-paper stock books to track inventory, manual inventory is both labor-intensive and error-prone. While it might save money in the short-run, relying on manual inventory costs small businesses more in lost sales and labor than it saves.<br><\/p>\n\n\n\n<p>That\u2019s especially true when you consider the affordable inventory management tools available to small businesses today, like these.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Barcode scanners<\/h3>\n\n\n\n<p>Upgrading from manual tracking to a barcode scanning system is a no-brainer. Barcode scanners turn inventory management into a highly-accurate paperless process that takes a fraction of the time of manual inventory. With an efficient way to track inventory, performing regular inventory counts becomes feasible, allowing for greater accuracy in reporting and forecasting.&nbsp;<br><\/p>\n\n\n\n<p>While there are high-end barcode scanners on the market, small businesses can get started with a handheld scanner for <a href=\"https:\/\/www.fleetio.com\/blog\/cost-comparison-barcode-scanning-technology\">under $200<\/a>. That\u2019s a small price to pay for the <a href=\"https:\/\/www.camcode.com\/asset-tags\/inventory-control-systems-types\/\">benefits<\/a> this inventory management system delivers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Inventory management software<\/h3>\n\n\n\n<p>You\u2019ll get more out of a barcode scanning system when it\u2019s paired with inventory management software. Inventory management software lets you dig deeper into product data and sales trends. With it, you can monitor stock levels, expiry dates, and lead times to determine the right time to reorder and analyze <a href=\"https:\/\/www.tradegecko.com\/blog\/inventory-management\/what-is-demand-forecasting-and-how-can-it-help-your-business\">sales data<\/a> to make smarter purchasing decisions in the future.&nbsp;<br><\/p>\n\n\n\n<p>Full-fledged enterprise resource management software may exceed a small business\u2019s needs \u2014 both in features and price \u2014 but Ordermentum explains that cloud-based <a href=\"https:\/\/www.ordermentum.com\/blog\/todays-best-inventory-management-software\">inventory management software<\/a> like Tradegecko or Zoho Inventory is affordable and scalable for a growing business.<br><\/p>\n\n\n\n<p>These tools may not eliminate every inventory management frustration in your small business. Even with automation, managing inventory still requires some degree of human touch. However, by improving the accuracy and efficiency of your small business\u2019s inventory management practices, these tools will help you avoid costly errors and scale your business profitably.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You may also be interested in this article &#8220;<a href=\"https:\/\/blog.aioneers.com\/supplychain\/improve-your-demand-forecasting-with-machine-learning\" target=\"_blank\" rel=\"noreferrer noopener\">Improve your demand forecasting with machine learning<\/a>&#8220;<br><\/p>\n\n\n\n<p>Image via <a href=\"https:\/\/unsplash.com\/photos\/2mH3hbrYMac\">Unsplash<\/a><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><em>About Marcus Landsky: Author of &#8211; <\/em><em>Be Your Own Boss: The Ultimate Business Ownership Guide for People with Disabilities.<\/em><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/wzgz4NWbJAmSFqb37_-CjHxs3hFGsqshDslFPl2KtNE7I_5i_2CFga5ozkbssOdtoaQSgulwUXUh1PJ48HbgmN7mL5eiso0bDp0rEqdS4BT9JV0c48EoXNuEWWGzf_nTsMryRwg\" alt=\"\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/qYbDH_kEdkz_1QYMfwaTtnvxMiz2VkeE4WBird8nkFaQuo6vg44sNVs3b91C9o-CzsPNv-gsgXxtMRa1IcvhQsf1E26mHvksTzetm8f4lVTfsXwusBJrGBeAlKQXaptTvz4W6jw\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><em>In addition to helping me with my physical challenges, the people close to me made me believe in myself and my own abilities. They weren\u2019t just rehabilitators. They were abilitators. <\/em><strong><em>I KNOW THE CHALLENGES THAT COME WITH HAVING A DISABILITY\u2026<\/em><\/strong><\/h2>\n\n\n\n<p><em>BECAUSE I\u2019VE OVERCOME MANY OF THEM MYSELF.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nHTTPS:\/\/ABILITATOR.BIZ\/ABOUT-US\/\n<\/div><\/figure>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n","protected":false},"excerpt":{"rendered":"<p>By Marcus Lansky at https:\/\/abilitator.biz\/ Whether you\u2019re running a retail store, a manufacturing facility, or a warehouse, inventory management is likely a constant challenge for your business. That\u2019s especially true if you\u2019re a small business in the early stages of growth. However, even small businesses on tight budgets have options for better inventory management. 4&hellip;<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_wp_rev_ctl_limit":""},"categories":[71,3,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Budget-Friendly Inventory Management Tools for Small Business - Southern Oregon Business Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget-Friendly Inventory Management Tools for Small Business - Southern Oregon Business Journal\" \/>\n<meta property=\"og:description\" content=\"By Marcus Lansky at https:\/\/abilitator.biz\/ Whether you\u2019re running a retail store, a manufacturing facility, or a warehouse, inventory management is likely a constant challenge for your business. That\u2019s especially true if you\u2019re a small business in the early stages of growth. However, even small businesses on tight budgets have options for better inventory management. 4&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Southern Oregon Business Journal\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-02T04:23:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-11T01:33:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lh4.googleusercontent.com\/IrofKavH3VLyCGUxb_t-hqqI8fPinO1kTaQ2iuLzyRXsgyhULeyxKj__xanaHuUo_HwQDoDu67u2jfXTJmdnNylu6t8yIGwBk0QutnsOmg884P1OKonlEvB5Qi7p3oq8YpNxnPM\" \/>\n<meta name=\"author\" content=\"Jim Teece\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jim Teece\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/\",\"url\":\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/\",\"name\":\"Budget-Friendly Inventory Management Tools for Small Business - Southern Oregon Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/southernoregonbusiness.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/lh4.googleusercontent.com\/IrofKavH3VLyCGUxb_t-hqqI8fPinO1kTaQ2iuLzyRXsgyhULeyxKj__xanaHuUo_HwQDoDu67u2jfXTJmdnNylu6t8yIGwBk0QutnsOmg884P1OKonlEvB5Qi7p3oq8YpNxnPM\",\"datePublished\":\"2020-01-02T04:23:57+00:00\",\"dateModified\":\"2022-05-11T01:33:41+00:00\",\"author\":{\"@id\":\"https:\/\/southernoregonbusiness.com\/#\/schema\/person\/c1b47f507954c3930fb2c456db1efbfa\"},\"breadcrumb\":{\"@id\":\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/#primaryimage\",\"url\":\"https:\/\/lh4.googleusercontent.com\/IrofKavH3VLyCGUxb_t-hqqI8fPinO1kTaQ2iuLzyRXsgyhULeyxKj__xanaHuUo_HwQDoDu67u2jfXTJmdnNylu6t8yIGwBk0QutnsOmg884P1OKonlEvB5Qi7p3oq8YpNxnPM\",\"contentUrl\":\"https:\/\/lh4.googleusercontent.com\/IrofKavH3VLyCGUxb_t-hqqI8fPinO1kTaQ2iuLzyRXsgyhULeyxKj__xanaHuUo_HwQDoDu67u2jfXTJmdnNylu6t8yIGwBk0QutnsOmg884P1OKonlEvB5Qi7p3oq8YpNxnPM\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/southernoregonbusiness.com\/budget-friendly-inventory-management-tools-for-small-business\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/southernoregonbusiness.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Budget-Friendly Inventory Management Tools for Small Business\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/southernoregonbusiness.com\/#website\",\"url\":\"https:\/\/southernoregonbusiness.com\/\",\"name\":\"Southern Oregon Business Journal\",\"description\":\"Giving Southern Oregon Businesses A Voice Since 2015\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/southernoregonbusiness.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/southernoregonbusiness.com\/#\/schema\/person\/c1b47f507954c3930fb2c456db1efbfa\",\"name\":\"Jim Teece\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/southernoregonbusiness.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2019\/08\/JimTeeceHeadShot7-16-e1649351904278-150x150.jpg\",\"contentUrl\":\"https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2019\/08\/JimTeeceHeadShot7-16-e1649351904278-150x150.jpg\",\"caption\":\"Jim Teece\"},\"description\":\"Jim Teece is a parallel entrepreneur. 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