How to Get Accurate Inventory Reports In Lagos: The Ultimate Guide

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Keeping track of your inventory can seem like a never-ending game of whack-a-mole. Even when you think you have everything in check, something always seems to slip through the cracks. To make matters even more challenging, keeping track of inventory requires a lot of time and effort on your part. After all, there’s only so many hours in the day, right? As a business owner, your time is extremely valuable. The last thing you want is to spend that time sifting through paperwork and tracking down every single product in your store. Fortunately, there are ways to keep tabs on stock while also keeping your time commitment to a minimum. From creating detailed spreadsheets to implementing inventory management software—these tips will get you back on track with your inventory in no time.

Create A Detailed Spreadsheet Before You Buy Anything

Before you purchase a single product, take a moment to create a detailed spreadsheet. Include everything you can think of, including the product type, quantity, price, location where it is stored, and any other relevant data. You might think that you can easily keep tabs on products with a quick glance at the shelf, but it’s often much easier to misplace products or forget about them entirely when you don’t have everything written down. You should also make sure to reference your spreadsheet every time you sell a product. This way, you’ll be able to track how often certain products sell, which will help you determine which ones to order more of and which ones to get rid of. Your spreadsheet should be updated every single time something changes. This will ensure that it stays accurate and up-to-date.

Track Everything By Going Old School

Okay, so this one might seem a little strange, but hear us out. Keeping track of your inventory by hand isn’t just a retro way to do things. This actually has plenty of benefits. When you manually track inventory, there’s no way to misplace items or forget about them. Each product you have will be written down on a list that you can keep close at hand. This makes it much easier to track inventory without losing track of it. Simply follow this list each time you place an order or when you receive a delivery. You’ll quickly have a good idea of how much product you have on hand at any given time. Manually tracking inventory also affords you the chance to build better relationships with suppliers. While software and apps can help you track inventory, they also limit your ability to communicate with these suppliers. By going old school, you can send suppliers handwritten notes that are more personal and leave an impression. They’ll be more likely to work with you and provide you with the best deals possible.

Use An Electronic Inventory Management System

If you’ve been keeping an eye on your inventory for a while and you’re still struggling with accuracy, it might be time to consider investing in an inventory management system. An inventory management system is a software platform that tracks every single product in your store. It also keeps a record of your sales, helps you manage your suppliers, and can even send you alerts when something is out of stock or needs to be restocked. An inventory management system is going to be a significant investment, but it’s one that will definitely pay off in the long run. Most systems are subscription-based, making the upfront cost more affordable. The more products you add to your system, the cheaper each subscription will become. An inventory management system will free up a ton of your time by doing the heavy lifting for you. You’ll be able to view reports and track your products with just the click of a button. It will also allow you to communicate with suppliers more effectively, which could lead to better deals.

Rotate Your Inventory

All products have a “shelf life,” and some are more sensitive to this than others. Foods, beverages, and cosmetics, for example, have a much shorter shelf life than products like electronics or toys. By rotating your inventory, you can keep track of which items are in the process of going bad and which ones are still good. This will save you a lot of frustration in the long run. When it comes to rotating products, some businesses have strict policies. For example, you might want to rotate all of your food products after a certain amount of time. You might rotate other types of items every three months. The more organized you are about this, the easier it will be to keep track of what needs to be removed from the shelves and what needs to be stocked. This will also help prevent you from accidentally selling expired items.

Try Out AI Platforms

If you’re struggling with managing your inventory, you might want to consider investing in an artificial intelligence (AI) platform. Many businesses offer AI-powered inventory management solutions, and they can be an excellent way to bring order to your store. A platform like this can help you predict demand, manage customer service, and even boost your sales. There are several AI platforms out there, including Stockl and Tagtog. A quality AI platform will help you find products that are trending and predict what your customers will buy next. You can then restock your shelves accordingly, which will help you save time and money. On top of that, you’ll be able to manage inventory more efficiently, including receiving notifications when items need to be restocked. You’ll also be able to track company productivity, customer satisfaction, and more.

Conclusion

Keeping track of your inventory can be a challenge, especially for new business owners. There are several ways to tackle this, though. Before you buy anything, take a moment to create a detailed spreadsheet. Track everything by going old school and manually writing everything down. You can also use an electronic inventory management system to track everything and make it easier to manage. Rotate your inventory to make sure everything stays fresh, and try out AI platforms to make things even easier. With these tips, you’ll be able to keep tabs on your inventory without breaking a sweat.