What's the most important item in your inventory? Is it the most expensive? Probably not. It is going to be the one that moves the fastest. Keying in on your prime movers and getting them priced correctly is key to long term profitability. By using our online inventory system, Stockpile, it's easy to keep up with inventory turnover and analysis such as this.
The longer your stock hangs around, the more it is going to cost you. If have some dusty items on your shelves, it is a clear sign that you ordered too many. Your market is not going to pay you that much in the long term for that item. That's not to say that you shouldn't have a few around, but your attention needs to focus elsewhere.
The fast sellers on the other hand have the best potential for long term earning. You need to be careful though. It can be easy to run out. Dialing in order sizes and prices to meet demand will require clear insight into how many units are selling and for what price over time. This is where an inventory management system can help.
Stockpile by Canvus apps is a free online inventory management system designed for small businesses like yours. It can help with features like:
* Charts of units sold and in-stock counts by month
* Low stock alerts
* Average Cost and Sales Profit tracking
* Mobile friendly, online access...and more!
Go ahead give it a try. Signup today!
