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Inventory is the raw materials, work-in-progress and completely finished goods that you store for the purpose creating your service/product and selling them to your customers.
These are considered to be the possessions or assets of the business.
Inventory Management has to be done with close attention to detail. One such technique is to ask yourself the question:
If you can answer that question you will know better about just how much inventory it is necessary for you to stock. This will enable you to keep track on a weekly and thereby monthly basis, helping you to use your money efficiently in your business.