As the owner of a retail business, you wear a lot of hats. Some days you are the head for your team to look to, some you are focused solely on your products and ensuring that there are quality items in your store, and others you are a student looking for ways to improve. The team at Visual Retail Plus recognize all of the roles that a business owner has to take on, and that’s why we’ve created a POS and inventory management software that helps make your daily routine just the slightest bit easier.
One of the larger tasks that retail business owners have to complete is inventory management. From staying on top of your inventory to determining which products you’re going to be adding to the sales floor, it can be time-consuming and overwhelming, to say the least. Our inventory management software was designed to provide you with the tools that you need to make this process a little less stressful. Wrapped in a sleek design, the Visual Retail Plus POS system is a great addition to all retail businesses.
In today’s blog post, we’re going to touch on a few of the things that can help make managing your inventory a less challenging task.
Prioritize Your Products
Let’s face it, some products are more important than others. When you place an order for your inventory you know which products are going to fly off your shelves. You also know what type of product your typical customer has in mind when they stop in. That being said, it’s good to go through your inventory and determine which products need to be touched a little more than others.
Whether it’s conducting an audit or ordering more frequently, determining which products need to be checked on daily, weekly, or monthly can help you maintain your inventory, save money, and ensure that there is always enough of these top-selling products to hold you down. The point that we’re going to touch on next is something that you can keep in mind as you determine which of your products are at the top of your priority list.
Set Par Levels
Whether you’ve been in business for years or you’re just getting started, setting par levels for each of the products that you have in your store is a must. A par level is what you’ve decided is the bare minimum amount of each product that you need to have on hand. This is good to do for a handful of reasons, the first and foremost being that you save money and you’re always prepared!
It’ll take some time to determine what the ideal par level is for each product — mostly trial and error — but when you’ve figured the set levels for your inventory it’ll make the process of ordering inventory so much easier!
One of the more challenging jobs that you have as a retail business owner is keeping an eye out for trends and feeling them out. Trends come and go, in just about every industry, but it’s your job to recognize which trends are going to be popular enough for you to invest in.
If you tap into the trends that are taking over the market routinely, then you’re going to be a lot more comfortable when it comes time to order inventory for the months to follow. A few prime examples of times where trend forecasting is beneficial is during the transitioning of seasons, before major shopping holidays like Black Friday and Cyber Monday, and during any special events that you host as a business.
By properly reading the trends in the market, you’re able to properly plan and order inventory to make sure that your retail business remains a success as time moves on. The inventory that you have in store is one of the most crucial pieces to make your success a reality.
Check Your Sales
We’ve just touched briefly on how current market trends make a big difference in the products that you place an order for. While watching for market trends is a great way to ensure that your business always has the products that people are looking for, you can also keep an eye on your sales and what people are purchasing more frequently.
If you go through your sales and notice that one product is drawing in more attention than others, it may be worth it for you to order products that are similar. By keeping all of these products in a similar place within your store, you may notice a boost in sales, and you get some great direction from the sales that are already happening. We like to call that a win-win!
Auditing on a Routine Basis
Though it’s not always a fun task, auditing your inventory and your business as a whole is a must. Not only does it help you clean up shop a bit, but it makes it easier to figure out what is working and what isn’t. In regards to inventory, this is crucial.
There are so many different ways that you can audit your inventory, so let’s do a brief overview of each one.
Going through your physical inventory and doing an audit often happens on an annual basis, but it’s not bad to schedule it quarterly. Truth be told, most retail businesses will audit their physical inventory because for tax and accounting purposes, but going through a year’s worth of physical inventory can make for a tedious process.
We recognize that this is a time consuming and tedious task to take on and that it can disrupt the routine of your business. Though that may be the case, you will be glad for the time you spent auditing your inventory when you realize that you’re on top of it.
Spot Check Auditing
If you have been using an annual audit system for years and you’re comfortable with this setting, implementing a spot check audit could enhance the accuracy of the system — which is great! Spot checking audits require you to pick a product and auditing the numbers. It doesn’t have to happen on a schedule and there doesn’t have to be an order, but the goal is for this additional step to minimize confusion and discrepancies when it comes time for your annual audit.
If you’re seeking a method of auditing that allows for you to constantly go through your inventory and audit the numbers, cycle counting is something you should try! Ultimately, cycle counting shortens the cycle in which you’re completing your audits. So, if you’re not looking to perform annual audits and want to do them on shorter cycles, you can introduce cycle counting on a daily, weekly or monthly basis. When paired with a high-quality software, cycle counting can be extremely beneficial for a business and the quality of their inventory management.
Try Visual Retail Plus
When you pair the points above with a high-quality inventory management software, you wind up enhancing the process and improving your business. If you’re ready to introduce a streamlined process to your business, it’s time to talk to the team at Visual Retail Plus.
This POS and inventory management software was designed for retail business owners, by retail business owners. In our years of experience, we recognized a need for a software that made managing the multiple roles of an owner a little bit easier. This user-friendly system makes for a smooth transition with endless benefits for you, your team, and your business.
Interested in learning more? Contact our team today and we can provide you with a demo of our POS software. See firsthand how easy this software is to use! As our team member walks you through the demo, share your goals and needs with them so that they can provide you with insight as to how you can make the most of this new software.