The modern world requires smart decisions even in the smallest businesses. Though, some of the new business owners decide to start by using pen and paper for their inventory management. According to the latest research, you can increase profitability by up to 50% by carefully managing stock online. Therefore, you should find a way for the best inventory management for small business. Thus, forget the pen and paper and find a real-time cloud-based inventory management software.
Preferably, the software should have a simple user interface, process automation and great support. These three main features may help you stay competitive in today's ruthless business world.
This fantastic software is called Multiorders. It helps you automate the inventory management together with shipping and order management processes.
What is inventory management
To begin with, inventory management can be defined as part of a supply chain which aims to balance the product quantities and the sale time. For example, you sell summer dresses for ladies. You want to have enough items and choice of sizes for the summer. However, you want to sell them when buyers are looking for them. Which means late spring and all the summer. Then, you also want to have no dresses left after the summer season is over. This whole process is inventory management. When you do it successfully, it helps you track your inventory to streamline the process.
If you are not successful and by the time autumn comes, still have vast quantities of summer dresses, you will experience difficulties mainly because your money will be tied up in excess stock.
The best inventory management for small business
As mentioned above, the best inventory management for small business requires software. Though, what should the best inventory management software for small companies to have? We will help you determine that and will give an excellent software example.
First of all, inventory management software should have an impact on your cost reduction. Which means it must help you save time and fasten the whole process. Secondly, it obviously should help you keep track of the inventory in real time. Therefore, no more manual labour and countless hours spent on re-checking the quantity of remaining stock.
Thirdly, it must help you avoid out of stock events, overselling and forecast demand. For example, the software should ensure that you always have enough stock. Most importantly, when you are low on stock, it should notify you so that you could create a purchase order. Besides, it must update your total inventory after each sale in real time. This is necessary to stop overselling. By having all of these features an inventory management software will enable you to forecast the demand and arrange your inventory.
Lastly, it must automate your shipping process. This includes printing shipping labels, shipping presets and multiple carrier selections. Besides, it should update your sales channels with the tracking number after you dispatch the order.
The best inventory management software for small businesses
As promised here is an example of the best inventory management software for small businesses. This amazing software is called Multiorders. It helps you automate the inventory management together with shipping and order management processes.
It will track your inventory, notify you about the reached reorder point and update stock in all sales channels automatically. You will be able to print shipping labels in only two clicks and set the format of essential documents.
Furthermore, together with all the features mentioned above, you will get expert support team and bright future perspectives. Because, when it's time to expand, you can integrate all of your e-commerce sales channels and still manage them from one centralised dashboard.