Investing in the right stock management software is the most effective way to achieve small business stock control. The best ERP software in Australia will enable your small to efficiently manage and monitor stock, integrating point of sale and accounting.
So why invest in small business stock control? Here are our top three reasons why small businesses see the return on their investment in stock management software.
Reduce your costs
Small business owners can be tempted to over-order on stock to qualify for bulk discounts from suppliers. And big orders allow room to negotiate for better payment terms. However, the cost of storing and shipping more stock than you need can negate the initial perceived financial benefit. Add to this, if stock doesn’t sell then it needs to be discounted or in the worst-case scenario written off. The right small business stock control software will ensure that you’re only buying the stock that you need.
Improve cash flow
The inventory held by a small business is considered to be an asset and as such holds a dollar value. However, you can’t purchase anything with it or pay your bills. You have to sell the stock for cash in order to do this. If small businesses understand the inventory that they need and buy smaller quantities more often, cash flow is improved rather than being “tied up” in stock.
Improve customer satisfaction
Small businesses of course need to make sure that they are purchasing enough stock to meet customer demand. If items are out of stock your customers (or potential customers) will have a bad experience – and customers tend to remember this and take their business to a competitor. You may not only lose the sale but the customer entirely.