If you own a manufacturing, distributing or retail business, I don’t need to tell you that inventory is a major factor on your bottom line. But I’m bringing it up because so many clients that I work with treat their inventory as if it’s only “stuff” that takes up space on their shelves or in their warehouse.
That’s the wrong way of thinking about your inventory, and it’s an attitude that can do great harm to your operations. You need to think of and treat your inventory as cash, because it’s that important to your business. After all, you had to spend cash to get it to your shelves, correct?
You wouldn’t leave piles of cash lying around on a shelf in your warehouse or on a desk somewhere. That’s just asking for someone to take advantage of you, and for your business to take a loss. But so many business owners don’t put the proper controls in place to prevent theft or loss.
When you are busy making sales or keeping customers happy, making an effort to keep count of your inventory may seem like time you don’t have. But I’d argue that if you don’t make the effort, inventory control can doom your business.
Here is what I insist that my clients do to take and keep control of their inventory:
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