Inventory tips for small businesses

An easy-to-implement inventory management system is the universal foundation upon which many great small businesses build their empires. It can ensure that all stock is accounted for, replenished and protected while contributing to productivity and profitability. Below, we discuss top inventory tips for small businesses to help you take your business to the next level.

FIFO or LIFO?

The first in, first out (FIFO) or last in, first out (LIFO) practice greatly depends on the type of inventory you’re storing (perishable vs non-perishable). Still, it is suitable for every type of business. Whichever one you choose will impact how you customise your warehouse/storage unit layout and ultimately improve stock takes and restocking.

your inventory layout

Investing in high-quality and durable racks and shelves allow you to create a custom warehouse layout that speaks to your business’s unique needs. Additionally, by creating a designated space for each item/section, you can increase productivity, better protect your items and stay on top of which items are low-turn stock and bestsellers.

Perform regular audits

As a small business, losing track of demand forecasting is one of the quickest ways to lose profit. By regularly auditing your inventory levels, you can ensure stock availability, identify low-selling items and establish the minimum amount of best-selling products to always keep in stock.

Consider your storage options

Traditional warehousing can needlessly eat into your profits or start-up capital. A business storage unit has become the go-to non-traditional warehousing solution for many small businesses that require flexible lease agreements and secure space.

With many customers preferring the convenience of online shopping, a business storage unit cuts out the necessity of high-rental brick-and-mortar stores, allowing you to store inventory, pack orders and dispatch them from one location with the cost of enhanced security features already built into your monthly rate.

At Louth Self Storage, we offer small business storage units, cost-effective warehouse storage and outdoor container storage options in a wide variety of sizes. As an added benefit, our friendly team will help you upsize or downsize your unit to better manage your inventory at no extra cost. Give our friendly team a call on 01507 327008 or visit our top-rated facility in Manby Park to learn more.