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Owning your own business can be exhilarating and rewarding, especially as your company grows. However, keeping track of incoming and outgoing products can be challenging, as it can directly impact your cash flow. Here are three inventory tracking tips for small business owners, and how professional services, like public warehousing, can help.

How to Track Your Inventory

1. Consider Inventory Software

Inventory software is designed to help you track your incoming and outgoing orders. As new shipments are delivered, receiving teams can scan pallets and product SKUs, automatically entering the inventory into your system. As products sell, they’re deducted from the totals within the system, giving business owners an accurate, convenient way to monitor inventory.

2. Conduct Stock Audits

public warehousingReference the order you placed and count the product—make sure the number matches with how many should be left over after customer sales. If you spot inconsistencies in stock levels, have your team do a full inventory count of your merchandise. Stock audits are especially important for high-value products, such as electronics, jewelry, and handbags.

3. Work With a Public Warehouse

If you don’t have a receiving team or time to audit stock, work with a public warehousing facility. These secure facilities are open to business owners and give them a chance to store products and use state-of-the-art inventory management software. Furthermore, since public warehousing facilities are off-site, company owners can lease small spaces, saving money while maintaining their existing inventory levels.

 

When you’re ready to update your inventory tracking system, turn to Hawaii Transfer in Waipahu. This transportation and logistics company helps business owners maximize their profits through organized inventory tracking and efficient practices. Visit their website to learn more about how their public warehousing facility can support your company, or call (808) 677-3111 to discuss your business’s inventory need with a specialist.

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