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Reorder point formula & calculator for efficient stock management
Maintaining optimal inventory levels is a constant balancing act. Too much stock ties up valuable capital and warehouse space, but too little leads to stockouts, missed sales, and frustrated customers. To keep things level, you need to know when to reorder goods. That’s why using the reorder point (ROP) formula is crucial. It lets you […]
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Avoid Excess Inventory: Master the SKU Rationalization Process
Is your warehouse overflowing? Are you struggling to keep track of every product you have in stock? It’s time to take control of your inventory with SKU rationalization. This strategic process involves eliminating underperforming SKUs from your product offerings. By identifying and eliminating those slow-moving or redundant products, you unlock a host of benefits, from […]
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A guide to understanding and managing current assets
The modern business world is always changing. Markets shift, competitors come and go, and unexpected opportunities slip away almost as quickly as they pop up. The key to surviving and growing in such a volatile landscape is financial agility, which means having the cash to adapt your strategy, no matter what comes your way. This […]
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The markup percentage formula (and why it matters)
Your markup percentage might seem like just one of many numbers to know — but don’t let it get lost in the hustle and bustle of running a business. It has a direct, continuous impact on your company’s bottom line. And over time, you may need to adjust it to generate healthy profits and comfortably cover […]
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Optimize your operations with office inventory software
Imagine an office without furniture — papers stacked on windowsills, no filing cabinet to house them in, and employees working on the floor. It’s a ridiculous image. But it goes to show that no matter how big an office is or what kind of products or services the company offers, its success relies on its in-office […]
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How to set up a small business barcode inventory system
When you’re running a small business, your to-do list might be the length of a novel. It’s easy to let asset management fall by the wayside. But whether you’re a small eCommerce business or a bustling boutique, your company leans on its inventory to draw customers and generate revenue. You must maintain optimal stock levels […]
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8 tips for an effective warehouse inventory management system
Meet Aidan and Sam, a young couple who take a woodworking class together to find a hobby they both enjoy. Their new pastime quickly becomes a passion, and before long, they start a business creating beautiful, unique furniture from reclaimed wood. But after two years, Aidan and Sam’s operations have outgrown their garage, and the […]
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10 primary reasons for holding inventory
Imagine you’re a high-end furniture manufacturer. You source materials from suppliers with three to four weeks’ lead time, and the production process takes another two. But any delays outside those expected wait times lead to problems and stockouts if you’re not careful. To meet demand quickly and efficiently — and to please customers — […]
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13 key objectives of inventory management
With smart inventory management, your business will enjoy many benefits. Here are the top 10 benefits of good inventory management. […]
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How to take control of your inventory with SKU numbers
Every product has a journey — a series of steps that get it from the factory floor to the customer’s hands. If your company only sells one product, tracking that journey isn’t too difficult. But as soon as you add another item to your catalog, it’s harder to do things like fulfill orders, keep accurate […]
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The complete guide to small business inventory management
Imagine you’re at the starting line of a hurdles race. You hear the pop of the gun and take off running. But wait. You hit your first hurdle within five feet of the starting line instead of the usual 45 feet. With no time to build momentum, you smash into it and fall to the […]
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Cannabis Dispensaries & Growers
Cannabis dispensaries & growers: Staying compliant & growing your business with Metrc If you’re in the process of getting your cannabis business off the ground, no doubt you know the importance of putting together a business plan — but do you know about METRC? METRC has become an integral part of the cannabis industry in many states. […]
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Intuit Inventory software
Counting, recording, and then recounting inventory again one by one with paper and pencil used to be the norm for businesses not too long ago. Stockouts, multiple entries, and bad data were not uncommon due to human error. It was clear the business world needed a quick, user-friendly alternate to track assets that eliminated the […]