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\u2019ve 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.<\/p>\n
Inventory management during COVID-19 doesn\u2019t have to upend your business or cause additional stress. Here are our top three tips for managing your business\u2019s inventory in times of uncertainty:<\/p>\n
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\u2019ll never be locked into a long-term contract. Once you\u2019ve rented your temporary warehouse space with us and have your unit fully stocked, your inventory can be accessed easily.<\/p>\n
Additionally, StorageMart can act as a central delivery or pickup location\u2014ideal 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<\/a> for more details and information.<\/p>\n 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 \u201cgroup one\u201d 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.<\/p>\n What items haven\u2019t been selling as well but aren\u2019t costing your business too much to hold onto? Group those items into \u201cgroup two\u201d and keep a close eye on those items\u2019 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\u2019t moving at all right now? Don\u2019t be discouraged; many businesses are experiencing the same situation. Depending on the vendor and the vendor\u2019s location, you might be able to return some unopened merchandise thanks to provisions made due to the current economic environment.<\/p>\n During times of uncertainty, it\u2019s 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<\/a> 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.<\/p>\nOrganize and Prioritize Your Inventory<\/h2>\n
Keep Your Inventory Management Software Up to Date<\/h2>\n