Retail Inventory Management

 If you are getting started with a retail business where you plan to buy products from your suppliers and then sell them to customers with a margin, then you would need a tool to track your business in an effective way.

BEFORE YOU PURCHASE READ !!

Why do we need an Inventory and Sales Management tool?

I am sure you will agree that you need to know the following information in order to manage your business better.

• How many items you currently have in inventory of each product so that you can take orders from your customers accordingly? If you cannot fulfill orders from your customers on time, you will be losing credibility as a business.

• Which products are low in inventory (compared to a Re-order point)? This helps in deciding when and what to buy in purchase orders to your suppliers.

• Which products are selling well and which products are not? This will help you decide to buy profitable products and not buy those that are not.

• What is the profit/loss you make from your business? This is obvious. If you are not turning in profit, you need to improve the business strategy.

• Who are the best customers and best suppliers? Building great relationships with the suppliers who bring in most revenue will be helpful. Providing special service to your best customers will likely result in more sales in future.

In order to get to this information easily and quickly, we need some kind of software. There are several sophisticated and expensive cloud based software available to manage inventory and sales for retail businesses.

For small and medium size businesses, especially when we are starting up, it is important that any software we choose is easy to use, customize and not expensive. This is why I am excited to present a Excel template as a solution.

YOU WILL GET A USER MANUAL WHICH WILL INCLUDE HOW TO USE THIS TEMPLATE STEP BY STEP