Tracking and keeping up with inventory is one of small businesses biggest headaches. First you must understand the terminology of the business, and also understand how best to work with the vendors that supply your product.
There are four principal ways of organizing your inventory program.
FIFO - First In First Out refers to selling the oldest of stock first. This is the method to use if you are selling dated goods, anything perishable, or numbered items such as collectables.
LIFO - Last In First out refers to most items that will remain in your inventory for any long period of time. These can be books, repair parts or anything that doesn't change over time and you will always try to keep in stock.
JIT - Just In Time inventory is simply where you attempt to predict market trends and only order those items you feel will sell within a certain period of time.
Drop-Ship - This practice is becoming more acceptable with the advent of internet marketing. A customer places an order and you forward the order to a dealer who then ships to the customer.
Once you have decided the method that is right for you, then you must decide how you are going to track it. While you can do just fine with pencil and paper, there are better options.
Specialized inventory programs are available for just about any type of business. Usually, they are very easy to use; the major drawback is the price. These programs generally run anywhere from a few hundred to a few thousand dollars.
If you have purchased an 'Office Software Suite' by any of the major manufacturers and it includes a database program, chances are there is an inventory control database ready to be customized by you. This will take time and effort, but is well worth it.
Your accounting program may also include an inventory module. Some of these range from crude to highly intuitive and accurate.
If you have nothing else, create a spreadsheet to track your items. Most newer computers come with some type of spreadsheet program already loaded. Column names should include: Item Number, Description, Vendor Item Number, Number In Stock, Reorder, and Price. The drawback to this method is that you will have to manually change the Number in stock each time you make a sale.
The most important part of any inventory program is your relationship with your vendors; those that supply you with the items you sell. They are your bread and butter.
In dealing with your vendors, make sure you understand their lead times. The items you order today may ship tomorrow, next week or next month. Always make sure you get an order confirmation number and ask when it will ship and how. Shipping times can add an extra week to delivery, which can be the difference between selling an item or losing the sale when you don't deliver when promised.
Knowing lead times and shipping times can also help keep you out of panic mode. If you know in advance that it will take a month to restock, you can set your reorder numbers at a point where your program alerts you to reorder now. On items that sell quickly, that number should be higher than if it sits on the shelf for any period of time.
For hard to sell items, make sure you understand the vendors return policy. Some will allow returns on unsold items and some will not. Knowing this in advance can help you to adjust your stock ordering numbers.
Also, be sure and know the vendor's guarantee policies. Is it thirty, sixty, ninety days or longer? Do you accept the return from the customer or must the customer return it to the vendor for exchange or refund?
Keeping track of inventory doesn't have to be that difficult. The key is good organization. Once you have your inventory under control, you are already a step ahead of your competition.
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