In time of trouble your small business needs a safety net to survive. You need a backup plan that will enable you to weather the storm and remain profitable. Unless you have a rich uncle with the financial means to provide this security you'll need to create your own safety net. Today's post will have some tips plus we'll tell you how using a simple small business inventory system like Stockpile can help.
Save for a Rainy Day
The only adage really is good advice. You should always have some money in savings to help you through any lean times that may come your way. How much you need on hand depends on the size of your business and your operating costs. It can be tempting to grow your business quickly when times are good but exercising a little caution and maintain cash reserves can provide the security you need when the economy takes a down turn.
Stay Informed
One of the best ways to avoid being blindsided by negative consequences is to keep an eye on the market and your industry. If you see changes starting to occur you can make small adjustments to improve your position. This can save you from more severe outcomes down the line. The only way to make good business decisions is to stay informed so keep your eyes and ears open.
Make Sure Your Employees Are in the Loop
Often your employees are the ones best able to help you save money on a day to day basis. If they understand the position your company is in and the repercussions of not saving enough they can help you make changes to conserve. Even small things like better utilizing supplies or not offering customers as many bags, napkins, etc can save you in the long run. Employees may also work harder to get more done in less time if they know the company needs their help to sustain itself during an economic challenge. When everyone pulls together it's much easier to get through the tough times.
Have a Plan
Crossing your fingers and hoping for the best isn't much of a plan. You need to have a solid strategy for surviving challenges that your business may face. That should include financial decisions, personnel matters, and more. Of course, you'll need to remain flexible but having an idea of how to handle this situation can make you more confident that you'll get through it and reduce your overall stress. Sharing this info with employees can also ease their minds. Often a bad situation is compounded by employees who are afraid they will lose their jobs preemptively seeking other employment. If you have a plan to keep them on staff even when you have cut costs in other areas it can reassure them that their position is safe.
Use Stockpile
Stockpile simple small business inventory system saves you time and money and that can be a great start to creating your safety net. Plus, it allows you to track your inventory with ease which can reduce your operating margins. Creating item records is simple. You choose which fields to include so you can track all the info that is important to your small business. Areas and locations allows you to be very specific about where items are kept. This makes it easy to locate items. Keeping your records up to date is also easy. Since Stockpile is available for free you don't have to limit the number of employees who have access to the system. This means you can keep up with items regardless of how much they move around your business. You can even track items across multiple locations. Because Stockpile is mobile compatible you'll even have access to your data on the go. With this much power at your fingertips you'll always have a clear picture of your inventory position. That makes it easy to make business decisions about ordering, sales, and more. Avoid overstock and out of stock situations with ease and save time and money on a daily basis with Stockpile simple small business inventory system. Ready to see what we can do for you? Try Stockpile today!
