Inventory System for Small Business
There are about 33 million small businesses in the United States. Most of them either track their inventory manually or do not monitor it at all. This causes them to either run out of products or order excess stock. In both cases, the business can face major setbacks. That’s why employing an inventory system for small businesses can be an effective business strategy.
In this article, we’ll discuss what a small business inventory control software is and its benefits.
What is an Inventory System?
An inventory system, aka inventory management system, helps you track the ordering, production, and sale of stocks. Having your stock tracked in real-time helps make your business more efficient. You have a bird’s eye view of your inventory, letting you make good business decisions.
A lot of small businesses prefer to use Google Sheets or Excel to do this. However, this method requires significant manual work and is prone to human error. So, using an inventory system for small businesses is more efficient and time-saving.
Benefits of Inventory System for Small Business
The following are the benefits of an inventory system for small business:
Improved Visibility
An inventory system for small businesses improves the visibility of your inventory movements. When needed, you can have the availability status, location, and other product details in just a few seconds. Having a clear picture of your inventory also makes it easy to sort through according to customer demand.
Reduced Stockouts
Stockouts can be a nightmare for any business, especially small ones just starting out. When customers don’t find their choice of products in your business, they look for alternatives from competitors. An inventory management system helps solve this by helping you improve your shelf-replenishment practices.
Reduced Costs
When you don’t have a clear picture of your inventory, it’s common to overstock products. The excess products mean encountering more business costs. This includes renting extra storage space and hiring labor to handle them. With an automated system, you’ll know exactly how many products you need for a healthy inventory. This will save you the above-mentioned unnecessary costs.
Better Customer Experience
Having an inventory system means you can always promptly respond to customers regarding the availability of a product. Apart from that, a well-organized inventory means you can quickly fill customer orders, offering quicker delivery. All these things work wonders for improving the customer experience of your business.
Increased Productivity
Not monitoring your inventory can cost you a lot of time. Manual management is better but still requires a significant amount of human involvement. On the other hand, inventory management systems keep businesses untangled with their automation. This means you can spend the saved time on more needy business matters.
How Much Do Inventory Programs for Small Business Cost?
On average, inventory management small business software will cost you $150 per month. However, for small businesses, there are some more affordable systems starting at a minimum rate of $10 to $ 30 per month. The price basically varies depending on the number of features you get in a system.
There are also a few open-source and free solutions available, but they have some downsides. These software have limited features, little to no customization, and poor security measures. That being said, these can be good to test the basics of an inventory system for small businesses. Once satisfied, you can think of investing in more practical options.
Conclusion
If you’re running a small business, you need to make smart investments that will make your business more productive. An inventory management system is one of those investments. It’ll help you keep track of your products and always maintain healthy inventory levels.
Apart from that, the software can help you improve customer experience and smoothen business workflow. So, with an inventory management system, your business will save time and money, making it more likely to prosper and grow.