Often, when businesses are growing, they tend to focus more on the day to day operations and leave behind some of the less outwardly pressing, mundane responsibilities. It is here that inventory management can become a casualty. Unfortunately, what may seem like a component that can wait is actually an element of your day to day operations with full-on, make-or-break potential. Counting inventory, restocking and properly timed reordering are the lifeblood of the business.
The Blight of Poor Inventory Standards
In a report by the U.S. Small Business Administration, one of the most frequent causes of small businesses failing comes from unsatisfactory management of operating inventory. Surprisingly, statistics point to almost half of all small businesses with over 10 to just under 500 employees not having any form of tracking system in place to monitor inventory status.