Is your Small Business shrinking in this Tough Economy?
Managing Inventory costs and Human Resources when your business is shrinking is essential to weathering the storm at a tough economy.
Your growth plans and the economy may not always agree, but AdvancePro is here to help! By keeping tabs on managing inventory and human resource costs, you will be better equipped to weather the storm.
Real-time business operations tracking helps you avoid these common industry pitfalls:
Never Oversell Your Products Again
Every time you make a sale, you are putting your reputation behind that transaction. By selling products without a good inventory management system, you run the risk of promising products to customers when you cannot actually deliver. This results in customers waiting, possibly for weeks, for orders that they may have already paid for. Using an inventory management system will help you build your brand as one of reliability and will enable you to provide an excellent customer experience.
Free Up Cash
Every dollar is important during slow periods. While you never want to be caught overselling inventory to your customers, the opposite problem can be just as devastating to your business. When you purchase inventory from your suppliers, you do so in hopes that you will be able to sell that product to your customers within a reasonable time frame. If you can’t sell that inventory, the cash you paid may be tied up on your shelves collecting dust. Inventory management systems can provide you with intelligent reporting to determine whether or not to place new orders.
Stop Chasing Orders
On every sale that you process, there are many stakeholders that need to be aligned in order to get orders out the door to your customer without a hitch. Without an inventory management system, information needs to be relayed by manual methods from one stakeholder to the next. An integrated operations management system would allow the sales rep to view inventory levels while he is at the client’s location. He would be able to place the order directly in the system and to alert the customer that the item is not currently available.
Easily Keep Accurate Accounts and Inventory Levels
Keeping inventory levels up to date and reconciling accounting information can be an extremely time consuming task, especially when you need to focus your full attention on generating revenue. An integrated operations management system enables you to keep your inventory up to date at all times by incrementing inventory and adjusting accounts as the transactions are happening in real time.
Make Well Informed Decisions
When business is slow, every decision can have a hugely significant impact on the success of your company. An operations management system that provides you with reporting capabilities is a vital piece of the puzzle to help you make smart decisions based on real information.
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