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The key to expanding your growing inventory-based business and increasing sales is proper inventory management.
You may have started your business storing stock in the office or commandeering the garage at home.
But to meet growing customer demands, you’ll soon need another solution.
Check out the following advice from Adventago.
Creating Growth
As you grow your business, there’s a lot to focus on, having an effective sales team to drive traffic to your site is important, and you can’t overlook product quality.
However, you don’t want to put off finding warehouse space, because lack of stock could cost you sales!
Customers spend hours choosing the right product, and they don’t want to waste any more time. If they want to purchase your product but it’s out of stock.
They’ll likely go to your competitors rather than wait for you to restock, having inventory in stock is essential for growing your small business.
Ordering Inventory
When it comes to ordering inventory for your growing business, you need to find the perfect balance between customer demand, and the cost to your business.
Having inventory in stock will lead to more sales, but having too much inventory is costly, and you might financially weaken your business.
How much inventory to stock depends on your rate of sales, and you’ll need to closely monitor your site analytics to determine the right amount of inventory to stock.
Storing Inventory
When you first launched your business, storing inventory in the corner of your office was a viable option.
However, as your small business grows, you’ll need a sustainable long-term option that will allow for future growth and free up your office space for new staff.
A warehouse will provide a safe place to store your inventory, as well as keeping your home and workplace clean and clutter-free.
Expanding To A Warehouse
If you want to grow your business, expanding to a warehouse will give you room to stock more inventory, reach more customers, increase productivity, and grow sales.
Start by finding the right location, it should not be in the middle of a city so it’s easy to ship and receive inventory.
But it should still be close enough to the office that you can visit the warehouse when needed.
As you start to expand and process large numbers of orders per day, find automated inventory management software to track the growing volume of orders and inventory.
Quality software will save you time and money, and you won’t make any costly errors when monitoring inventory.
To take full control of your inventory with this simple software, look for a platform with barcode-scanning capacity so you can scan inventory and send orders to workers in your warehouse.
Hiring Employees
As you expand your inventory into a warehouse space, you may need to hire warehouse employees.
Warehouse staff need to be efficient workers, physically capable of performing the job, and able to work in a fast-paced environment.
Remember, these staff are responsible for keeping your warehouse organized and efficient, and incompetent staff can prevent the growth of your small business.
On-Demand Labor Staffing
You have several options when choosing how to hire the staff you need, working with a staffing agency to fill your warehouse jobs is only a good option if you have a lot of time.
When you need laborers on short notice, a staffing agency may struggle to find qualified employees.
On-demand staffing provides the laborers you need without risking your productivity or growth.
Rather than going through a long hiring process, including interviews and training, you’ll have a workforce on standby, ready to work as soon as you need them.
You’ll be matched with laborers who have the specific skills you need to keep the warehouse running smoothly.
In Conclusion
Expanding your business is all about stocking the right amount of inventory and having employees you can count on.
Great employees can be hard to find so do the right thing for your business and work with a company that specializes in on-demand labor staffing to find great employees.
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