In the Business Review USA article “Wal-Mart banking on price cuts,” it says Wal-Mart is cutting prices on about 10,000 products in 3,700 of its stores in the United States.
Small-business owners are probably worried about how to compete against Wal-Mart’s price cuts, especially in the recession. Many consumers are focused on cost cutting, and so they want to find the best deal when shopping.
How can small and mid-size businesses hope to compete with a giant like Wal-Mart? With inventory management software, that’s how. The key is to become as efficient as possible in the way you manage your inventory. The best way to do this is with inventory system software, such as Fishbowl.
Using barcodes, scanners and easy-to-use databases increases productivity and cuts down on wasted time and equipment. You can update your inventory automatically as orders come and go from your warehouse.
You can also combine your inventory-control efforts with the accounting software QuickBooks to create a QuickBooks inventory management system that gives you the best of both worlds. This helps you avoid double data entry and it simplifies the whole accounting process.