How to Manage Your Business’s Inventory in Uncertain Times

With operations changing, excess inventory needing to be placed somewhere secure yet accessible, and customers still seeking products and services, managing a business right now can be tricky. We’ve been working closely with local businesses to help them pivot and adapt to these unprecedented times. One common concern that has surfaced frequently throughout these past few weeks? How to manage inventory when social distancing, shipping delays, and other mandates make your typical inventory workflow inoperable.

Inventory management during COVID-19 doesn’t have to upend your business or cause additional stress. Here are our top three tips for managing your business’s inventory in times of uncertainty:

Use Self Storage for Accessibility and Centralized Delivery

If excess inventory is weighing on you, self storage is a short-term, budget-friendly solution that can act as a temporary warehouse. When you rent a unit at one of our facilities, not only do you have a wide variety of sizes to choose from, but you’ll never be locked into a long-term contract. Once you’ve rented your temporary warehouse space with us and have your unit fully stocked, your inventory can be accessed easily.

Additionally, StorageMart can act as a central delivery or pickup location—ideal for helping your employees with social distancing efforts. Most StorgeMart facilities continue to accept deliveries. The policies vary by store, so check with your local StorageMart for more details and information.

Organize and Prioritize Your Inventory

Grouping your inventory can help you prioritize what merchandise needs to move faster to help keep your business healthy. What inventory has continued to sell well during these times? Prioritize those as “group one” and consider making those the most accessible items in your warehouse or storage unit. You might want to look into restocking those items sooner rather than later, as well, given the shipment delays most businesses and customers are experiencing currently.

What items haven’t been selling as well but aren’t costing your business too much to hold onto? Group those items into “group two” and keep a close eye on those items’ sales metrics. It might be time to hold a special promotion for that stock or to highlight them through your digital marketing efforts. Do you have some high-priced inventory that isn’t moving at all right now? Don’t be discouraged; many businesses are experiencing the same situation. Depending on the vendor and the vendor’s location, you might be able to return some unopened merchandise thanks to provisions made due to the current economic environment.

Keep Your Inventory Management Software Up to Date

During times of uncertainty, it’s easy to let some business best practices slide as priorities shift. Now is not the time to lose track of incoming and outgoing inventory, so no matter the size of your business, invest in a management software that can help save you some major inventory headaches in the future. Already have a system and a software in place? If business has slowed down and you have some extra hours in your workday, now would be a great opportunity to audit your current inventory for accuracy and to start evaluating next steps to move that product out the door.

At StorageMart, we know the current environment has impacted millions of businesses globally. We can help you and your business with inventory management while remaining agile to adapt to changing times. Find the nearest storage solution facility today.