Small businesses need to start using inventory software as soon as possible. Why is it so urgent? Because they don’t have much of a safety net anymore. “Before the economic downturn, many businesses could overlook inventory data because sales increases made up for inefficiencies in operations,” says Ted Hurlbut, a small business consultant in the CNBC article “New Rules of Supply and Demand: Sacrificing Inventory to Save the Store.”
As you can tell, that’s no longer the case. You can’t grow your way out of every problem. Eventually, businesses have to correct bad habits in order to survive, and one of the biggest problems that can hurt a small business is inefficient inventory management. Now is the time to start fixing it by using small business inventory software.
Let’s talk about three reasons why you need to use inventory management software in your business:
1. Run Leaner
Inventory management software is an extremely useful tool for businesses to cut costs and be more profitable. With it, you can reduce staff size, make your workers more productive, reduce your inventory size, and optimize your manufacturing, shipping and other business operations. All of this leads to a healthier company poised for growth.
2. Integrate with QuickBooks
If you’re currently using QuickBooks for your accounting (like the vast majority of U.S. small businesses) and you’d like to add more functionality to it, you should use inventory software that integrates with QuickBooks. A QuickBooks inventory management solution saves time by eliminating double data entry and keeping your inventory and accounting records accurate and in synch.
3. Plan Ahead
Instead of always playing a game of catch-up with your inventory management, you should try to be more proactive and flexible in your planning. Inventory management software gives your small business access to all the data you need to do this. You can get detailed reports on product sales, trends, delivery times, warehouse performance and more. With this information, you can prepare for seasonal demand changes, supply chain disruptions and more.
Don’t let inventory management fall by the wayside because it’s either too difficult or it doesn’t seem important. A company’s inventory is usually its biggest asset, and if you don’t keep close control over it, your business may have trouble surviving hard times. Use Fishbowl to run leaner, integrate with QuickBooks and plan ahead.