Sales drive profitability in business and as such, many companies, especially those that deal with products have inventory. And having a lot of merchandise means you have enough stock to meet the demands of your clients. To continue running your business, you must be able to keep your inventory safe. If not, you will make losses and possibly run into debt. Read on to find out simple and practical ways to achieve this.
Provide secure storage
If your business deals with selling tangible products, they will most likely come in packages with safe storage rules. Follow those rules and make sure they are stored at the right temperatures. In the case where you do not have sufficient space to secure your inventory, you can consider renting out storage units.
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Handle inventory properly
The improper handling of inventory might lead to damage and hence revenue loss since you cannot sell a product with defects. Therefore, no matter the kind of products you are into, be sure to properly handle inventory. When displaying the products, be sure to space them out adequately to prevent them from rubbing against each other. Ensure that the displays are robust and secure, preventing any kind of fall or damage. If you deal in multiple products, ensure that you separate them and handle them appropriately. When customers want to view the products, ensure that they do so with caution.
Prioritize security
Major threats to businesses include theft and shoplifting. So ensure that you adopt the necessary measures. To secure your inventory, you should have some basic security elements such as security guards, CCTV cameras, and alarms in place. Other security features you should consider are metal detectors and anti-magnets on some products to prevent pilfering. If you have excess stock in storage areas, keep them monitored and regularly conduct checks to track the amount of stock you have left. When you do discover a theft, make sure you notify the appropriate authorities. Before employing anyone, be sure to vet them so that they do not pose any theft risks to your business.
Provide safety from natural hazards
Natural hazards can occur at any time, can be unpredictable, and cause a significant amount of damage. As much as possible, ensure that your storage areas are safe from possible disasters such as fire, rain, flooding or humidity. In the case of lightning strikes or spontaneous fire outbreaks, be sure you have the right kind of business insurance to cover the damage. Be sure that you are proactive to qualify for coverage, and take the necessary precautions to safeguard your inventory.
Keep inventory organized
When inventory is not properly organized, it makes it difficult to track the movement and sales of products. It also creates an atmosphere prime for theft. All these lead to loss of revenue, making it more crucial to keep your inventory organized even when in storage. A simple way of organizing and tagging inventory is by employing a bar code system. This will allow you to track items via scan and save a lot of time searching for a particular item in your stock.
Another option available to you is ,Radio Frequency Identification (RFID), which enables you to track items in your inventory continuously. But this requires the use of special software to read and transmit information from a tag to a reader. You can use RFID on products, packaging, and vehicles, and can even be equipped with security alarms, which will be set off if they are out of a pre-demarcated zone.
Take advantage of inventory management technology
As your business grows, keeping track of inventory needs to be improved and streamlined to make things run smoothly. It will serve your best interest to invest in inventory management technology to handle everything concerning inventory so that you can focus your skills where they are most needed. Employing the use of quality and reliable inventory management software will make stocking, tracking, and replacing products much easier. This will allow you to quickly make business decisions to keep satisfying the demands of your customers. When choosing an inventory management software, settle on one that seamlessly integrates with the rest of your systems.
Keeping your inventory safe is ensuring that your investments are safe. Products are the lifeline to your business, and theft or damage will lead to financial loss that will adversely affect your profits. Therefore, take the necessary steps to secure your inventory so that you can continue to serve your customers.