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Inventory Add to toolbox

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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.

There are some ESSENTIAL factors to consider about inventory for your business:

  • Cost of storage and handling your inventory – premises, people required to receive and organise stock, finding suitable time to manage inventory yourself
  • Insurance and taxes -  property and insurance as well as different country legislation associated with the amounts and types of stock you can store
  • Obsolescence – does your stock go out of date/perish within a certain time frame? Can anything be done to increase the inventory life cycle?
  • Theft and damage – systems and controls in place to prevent this as well as good controls for severe climate changes if this occurs in the city of storage facility
  • Opportunity cost of spending money in other parts of the business as opposed to using it to look after your stock

Inventory Management has to be done with close attention to detail. One such technique is to ask yourself the question:

  • How many weeks of supply do I have? 

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.

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