Though the way we conduct business has drastically changed since the start of the COVID-19 pandemic, this time provides an opportunity for small business owners to quickly and proactively future-proof their business by automating inventory processes. Fishbowl, the #1 inventory management solution for QuickBooks users, provides eight tips to help automate your business to exit this uncertain time better than before.
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Conducting business has drastically changed due to the COVID-19 pandemic. Here are 8 tips to future-proof small businesses.
- Implement accurate, flexible, cost-saving inventory software now. A strong economy can hide a myriad of mistakes but implementing inventory software now will eliminate costly human error.
- Utilize existing staff resources to clean up and prepare data. Staff restricted from doing their standard roles can utilize their time on the data to make a move to your new solution.
- Tighten up your inventory control. Optimize your receiving processes, record actual landed costs, correct discrepancies on the spot for live inventory updates, and implement an accurate “pick-pack-ship” workflow.
- Adjust your reorder points. If you already have inventory software, check if you can set or adjust your automatic reorder points. Allow for the increase or decrease in demand for your products; look at your supplier lead times and adapt reorder points accordingly.
- Perform cycle counts. Conduct spot checks or cycle counts on your inventory. Use barcode scanning to do it quickly and accurately. Ensure stock levels are correct to best serve your customers.
- Revisit dormant customers. Look at which customers have not ordered recently. Call to see if they need their stock replenished.
- Manage payment terms. Make sure you’re getting paid on time so you can pay your suppliers, cover expenses, and get more stock.
- If you are a manufacturer, build sub-assemblies. Build sub-assembled components to get a head start on the manufacturing process.
“Businesses who respond now can be even stronger when things return to normal,” said John David King, CEO of Fishbowl. “Now is the time to think about how to quickly prepare to be substantially more efficient in the coming months.”
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