Managing Inventory for home based business: Tips & Tricks

With the advent of Internet and advancement of technology, today, many people are making money from the convenience of their home. And, lately home-based business trends are experiencing an immense growth in this new year 2015.

More and more individuals are starting their business at home due to many reasons, however, low cost and convenience are its major benefits that makes it to be a successful business trend.

Now, if you are one of them who has stopped yourself from jumping into this successfully growing trend just because you are worried about coping up with stock ins and outs, then continue reading this article.

home-based-business

Below are 3 essential tips and tricks that will effectively help you manage inventory for your home-based business

1. Make it a point to regularly track your products

Most of the home-based business owners dropship their customers orders, however for those who stock inventory and fulfill orders on their own, keeping a regular check on inventory is must to ensure products are always made available for your customers.

For instance: If you have a sell handmade products, and you decide to store your inventory at home. What can be the best practice to organize and track your inventory?

An ideal way is to select a cool, dry area that is not trafficked by kids, or even other members at home. Try and create shelves, allocating SKU’s for each products you stock. This will not only make it look neat, but also, will allow you  to track products easily and always maintain accurate inventory levels for your home-based business.

Trick: You may have few stocks to deal with, which you may think to track manually. This does not sound impossible, however there will be chances of errors that may end up losing you sales orders. And, loss of even a single sales order will impact the growth of your home-based business. Therefore, consolidating all your inventory in one centralized system will be an ideal way to keep a track on stock. As, such systems allow a real-time view of your products, ensuring you will never have to deny your customers due to no stock available.

2. Always updated stock levels after a sale is made

Running a business from home, mostly you’ll prefer to keep less stock in hand. This means, updating your stock counts every time a sale is made, becomes very important to make products available to customers, all time.

Trick: Adopting an inventory management system will help you automate your stock updates, ensuring you never go out of stock. Such systems will also allow you create stock alerts and safety lock to make sure you procure and receive products in time.

3. Have a clear visibility of all your suppliers

Whether you stock inventory on your own or dropship orders to your customer, you’ll have to deal with suppliers. And, having an easy access of all your suppliers will help you quickly coordinate with them, especially when you need them the most (emergency stock requirements).

Trick: Investing in a dropship management system will not only help you to consolidate and gain real-time visibility of your suppliers from one place, but also gives you a chance to build stronger relationship with them. This develops a unique trust, and having an ability to receive products in time, will ensure a strong inventory management practice for your home-based business.

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