You have everything mapped out and planned to the point where things just seem to automatically happen. Your shelves are never bare, and there are always enough ingredients to get you through the meal rush on a Friday night. You feel confident in the data that your POS solution provides you, and in your ability to see into the minds of your customers. You should be sitting on cloud nine, but then came the COVID-19 crisis to layer you in varying levels of operating restrictions. So now what?
Adjusting to a COVID world requires you to take immediate action. One item on your action list, as you stare at the boxes of products that are no longer moving, must be how to organize inventory for small business purposes. How are you going to get it all moving again is a question being muttered by thousands of small business owners, and this is only growing louder as the uncertainty continues to grow and the world slowly adapts to the impact of COVID. Here are the seven steps you can follow to get things back on track:
- Slow down and take stock
- Determine if your POS solution strengthens your inventory controls
- Implement seamless end-to-end data
- Maximize the power of point of sale reporting and analytics
- Emphasize mobility and apps to put your inventory in your pocket
- Expand or introduce multichannel options
- Leverage your POS inventory controls to remain flexible
Step One: Slow Down and Take Stock
While not a technical issue, the age-old wisdom of slowing down to catch your breath is vital when an uncertain business climate begins to affect your business. It is important to not let emotions guide your decision making, as this may lead to irreversible damage being done to your mental health and business reputation. As the world transforms around you, step back, take a deep breath, then examine all of the options you have available to you.
Step Two: Determine If Your POS Solution Strengthens your Inventory Controls
With your emotions now under control, let’s start looking at the systems you rely on to support your current inventory processes. While it may be initially cheaper to utilize additional software to manage your inventory, over time the accuracy will erode. Instead, consider moving towards an innovative POS solution that has powerful inventory tools already built-in. This keeps all of the moving parts of your business in one place, making it easier for you to monitor all of your products.
Step Three: Implement Seamless End-to-End Data
A very important characteristic of all-inclusive POS solutions is their ability to present businesses with compatible and accurate data from all areas of the business. This provides you with the ability to easily compare sales and inventory data to determine inventory trends. In the COVID space, you will be able to see which items are more popular for online ordering, curbside pickup, or are still going strong despite only being allowed limited customers in your place of business.
Step Four: Maximize the Power of Point of Sale Reporting and Analytics
Possessing consistent and reliable data forms a crucial foundation for keeping your dynamic inventory organized. A highly capable POS solution will provide you with clear-cut and intuitive ways to get the most out of your inventory by giving you the ability to create customized reporting with nearly limitless options. These data management features will help you to build predictive inventory models based on real data, allowing you to make business adjustments that keep you ahead of the curve.
Step Five: Emphasize Mobility and Apps to Put Your Inventory in Your Pocket
Knowing that you can sort and analyze your inventory data is one thing, but the ability to do so from anywhere changes the game. You may find yourself in a position of having limited access to your storeroom or are limited in how many staff can be on duty. Using a POS solution that provides you with an app allows you to address both of these cases and more, without sacrificing your ability to run your business from close up or far away.
Step Six: Expand or Introduce Multichannel Options
When you gain the ability to address your inventory from a mobile app, you are presented with the realistic option of a multichannel business model. With powerful POS technology backing it up, you will be free to engage in COVID-relatable multichannel options such as online ordering, delivery, or shipping to help you keep the revenue flowing. Your new inventory tools will play a crucial role in keeping it all organized, allowing you to focus on transforming your business to adapt to the times.
Step Seven: Leverage your POS Inventory Controls to Remain Flexible
An important benefit of keeping your inventory organized, especially in our current levels of uncertainty, is that it gives you options so you can remain flexible in how you operate. The controls that your POS solution give you allow you to quickly shift gears without the worry of having money tied up in items that are not selling. This helps you to continue to grow and to work towards expanding the reach of your brand voice.
How to Organize Inventory for Small Business
Staying organized amidst an uncertain business environment can be a challenge unto itself. The tasks you need to complete to keep your lights on, ensuring that staff is getting the hours they need to stay afloat while placing a high value on the safety of all parties can quickly become overwhelming. You don’t need to do alone, especially when next-gen POS technology is a click away from becoming a reality in your business.
The best way to quickly regain control of your inventory controls is to seek out an experienced POS solution provider that has a deep understanding of the challenges you face. They will ensure that the solution you implement completely addresses all of your pain points while helping you to build in new efficiencies that can be as nimble as the world can be. This sets you up for not just treading water, but for finding new avenues to pursue so that you can continue to grow.
In a period of change, talech has a number of POS solutions that can help your business adjust operations smoothly. From reaching new audiences to engaging with your existing customers more often, we give you the tools to adapt quickly and with confidence. Get your free personalized demo to see how you can benefit from talech POS.