Entrepreneur The business of producing toilet paper has been recognised as one of the fastest developing assembling commercial initiatives in Africa. Toilet paper is used in our homes, work places, schools, hotels, restaurants, shops, maternity homes, hospitals, churches, clubs and many others. It can be used in various other ways such as cleaning up messes and decoration. To start and run a business, it is not enough just to have a good, viable idea.
With a POS, the ordering process is quite easy. Since a POS tracks your sales data and inventory for you, you can quickly place orders based on up-to-the-minute sales numbers and inventory levels. You can even set up automatic reorders or be notified you when products hit a low-stock level.
If you sell in any sort of volume, this automated convenience is a major timesaver.
Creating purchase orders in Lightspeed 3. A sound process that includes checking all stock receipts against purchase orders minimizes these losses. So another key aspect of small business inventory management is to have a standard method for receiving inventory shipments.
Suppliers generally include a packing slip that lists the items and quantities in your shipment. That leads to stock shortages, backorders, and ultimately, cash losses.
How to Accurately Receive Stock Shipments Ensure that you receive all boxes, containers, or other units in the shipment Unpack the shipment and organize items by product Check the items and counts against your PO If the counts and products match, receive the PO in your POS, as shown below.
Or, adjust the stock counts in your spreadsheet or manual inventory management system If you find errors like wrong, shorted, or missing items, note these on your PO and contact your supplier immediately to resolve Shelve or store all correctly received stock, tag or label first if needed for your system.
Unlike manual inventory management methods, when you receive the PO for a stock shipment in a POS, your inventory numbers are automatically, and correctly, adjusted. Receiving purchase orders in Lightspeed 4. Second, product labels, particularly barcode labels, help you closely track your inventory and speed up the checkout process.
If you carry a large inventory, say over unique products, barcode labels can make many key functions quick and easy. They speed up the checkout process, help you do fast and accurate inventory counts, and link each inventory item to your sales.
Regardless of the type of price tags or product labels you use, a good time to tag and label inventory is during the stock receipt process. You can simply build this step into the stock receipt process we covered above.
If using a POS, you can even have barcode labels print automatically when you receive stock into the system, like this: Print barcode labels automatically with Lightspeed Once printed, labels can be affixed directly to product packaging or attached to hang tags.
In that case, your job is easy. You can just add a price label. A good small business inventory management system also records every order in detail, including each item sold. A small operation can handle this manually as long as inventory reductions are tracked regularly, say at the close of each business day.
But as you grow, a POS system will dramatically streamline your operation by automating your inventory reduction with every sale. That means every time you make a sale, each item sold is automatically removed from your inventory records. Plus, each recorded sale lists each item sold.
A POS also gives you up-to-the-minute sales totals. And remember those POs we covered in Step 2?
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As your inventory numbers click down with each sale, reorder alerts or automatic POs will generate. This makes stock reordering quick, easy and, most importantly, bases your reorders on actual sales trends, not your best guess.
Luckily, I was able to quickly restock and fill those orders.
It would have been a disaster. Now my POS system ties inventory management to every sales task. This gives me peace of mind.Business Plan Powerpoint Template This amazing business plan presentation is a clean and creative ppt suitable to show the business of your company.
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The company is a completely fictional organic denim and apparel company, however, we made sure the industry research was grounded in real world numbers as much as possible.