239 | Why You Should Be Tracking Inventory at All Stages of Business with Katie Hunt
Are you tracking your product inventory in one established place? Your inventory management and tracking system can make such a difference in your business—in any stage that you’re in!
In today’s episode, I’m sharing the benefits of tracking your inventory, what to consider when selecting your tool, plus a few tools you can check out!
I recently had a question come up regarding inventory management that I thought would be so valuable to share here on the podcast. The question read as follows:
“What is the purpose of tracking inventory in one place? I track inventory in Etsy but do not have one place where I track everything across all sales platforms. I currently make my products in studio and on demand as orders come in, so I do not have any inventory to track. It seems like so much trouble, so I haven’t dealt with it yet… but should I be tracking inventory and if so, why?”
The short answer is yes, but let’s dive into the why and how behind establishing an inventory tracking system!
How Tracking Inventory Will Benefit Your Business
There are a variety of reasons to track inventory in your product based business, so let’s review some of the advantages you’ll have in tracking it! Tracking your inventory will:
Allow you to see which are running low in stock so you can reorder or reprint before you run out.
Save you money on rush production fees.
Help you plan ahead and refill product more systematically and calmly without a financial expense
Streamline fulfillment systems and save you time.
Analyze what sells best and what you should produce higher volume to get price per piece down and increase profit margins.
Help you avoid and manage customer service issues, allowing you to proactively communicate with customers and manage expectations.
Overall, tracking inventory will allow you to run your business more smoothly.
What to Consider When Looking at an Inventory Management System
In our industry, especially in our community, Inventory management systems have been something we’ve struggled with in finding a tool that does it all and meets our every need. So before you jump into a potential inventory management system, it’s important to ask a few question in regards to the tool:
Does this software sync with my existing sales channels?
Does this sync with my shipping software?
Does this sync with my bookkeeping?
Does this allow me to track raw materials as well as packaged goods?
What is the cost? Do I need to hire a developer to customize?
How much training will this require?
Now that you know what to consider when selecting your system, here are a few programs you could test out to see if it’s a right fit for your business:
Hopefully, today’s episode has brought you a little inspiration and motivation to set up your inventory management system!
Today’s episode is brought to you by LABS, the 12 month group coaching program of robust support for your product based business. With a focus on foundational building in your business, you’ll find support in patching the holes in your systems to build success in every aspect of your business.
If you’re a product based business owners that wants to strengthen the foundations of your business, LABS is the program for you! Whether you’re brand new or you’ve been in the game for a while, we offer a track for each that is catered to your needs in business. LABS fills in the holes and cracks in your business and opens quarterly for enrollment. If you’re ready to enroll in Labs, make sure you’re on the waitlist!
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Connect with Katie Hunt
Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.
Website: prooftoproduct.com | Instagram: @prooftoproduct
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