Relying on Small Business Inventory Programs to Weather COVID-19
COVID-19 threatened, or completely demolished, nearly 1/3 of all US jobs, most of which were at small businesses. Over 100,000 small businesses have closed their doors permanently because of the damage done by the pandemic.
Those who haven’t closed yet are trying to figure out how they’re going to keep operating. Some are looking for ways to pivot so they can make a profit, while others are simply trying to keep from going under.
One way to reduce costs is to implement a small business inventory program. While it might seem counter-intuitive to implement something with an upfront cost when your business is struggling, doing so might actually be the thing that saves your company.
Here’s what you can expect when you implement a system like this.
Use a System Designed For The Way You Do Business
Small businesses don’t have the same inventory practices as larger companies. Many times, businesses like yours have small storage solutions, or travel to meet clients with specific products. There are more variables, and less established ways of doing things, especially if you haven’t been in operation for long.
When you get a small business inventory program, it’s designed to support the way you work. It doesn’t expect you to pivot to operating like a larger business, and has features that’ll help you make the most of your software. Plus, it often comes at a cheaper price tag than bigger ticket programs.
Eliminate Siloed Business Practices with Small Business Inventory Programs
When you get an inventory program designed for small businesses, you’re less likely to encounter the issues that come with siloed business practices. As a smaller company, you can’t afford siloed information. You need to see how your entire business is working at any given time. With the right program, you can connect it to your other software systems, and have integrated data.
Eliminating business silos means you automate several aspects of your business. Doing this also means you have less need to hire out busywork, and therefore saves you money.
Utilize Inventory Forecasts to Make Smarter Financial Decisions
Taking a holistic approach to business information also means you can forecast future inventory. When you’re better able to plan for the future, you’re better equipped to make smarter financial decisions. Identifying future inventory issues, whether that comes from an inability to sell, or a lack of storage, will give you the time you need to find solutions.
You can only create business forecasts when you have enough information to know how your company is currently faring. If you can see that you’ll be in the red for a long time, you can reach out to your community and see what options are available to help you get through difficult times.
Take Advantage of Downtime to Set-up the System
While it might seem like we’ll never get out of the pandemic, there will come a time when we know how to manage it. When that time comes, you’ll likely have more tasks to address than you can handle.
Taking the time to set up inventory management processes now means you already have that foundation started. You’ll be better equipped to scale and bring on more people when those processes are already firmly in place.
Regardless of your current situation, there are ways for you to weather this economic downturn and get the support your business needs to make it through.