Welcome back to this long-running blog series. As you probably gleaned from the title, we are talking about things you can do to make your business more successful in the long run.
We scanned through the importance of Barcodes last week, and now it’s time to move into new territory with Multiple Locations.
What Are Multiple Locations?
While the other things I’ve talked about in this series are tools or actions that you can take, multiple locations are different. This time I’m going to talk about the smart way to move into more than one location.
When you decide you need to open a second, third, fourth, or whatever number location, it’s important to analyze your inventory management capabilities. If you have a shortage of products in one location, how quickly can you replenish it from another location? How do you even tell how much inventory you have in each of your locations?
How to Manage Inventory in Multiple Locations
To keep track of inventory in multiple locations, you should use a powerful inventory tracking solution, such as Fishbowl, which lets you:
- Get an overall look at your inventory in all of your locations
- See how many of a specific item you have at each location
- Check total inventory value, turnover ratio, sales, quantities, and other metrics on a per-location basis
- Transfer goods from one place to another
- Identify seasonal trends so you’re ready for fluctuations in demand
By having the tools you need to keep an eye on your inventory needs across your company, you can handle any challenge. Growth is a good thing, but if you’re not prepared, it can lead to serious problems.
Having multiple locations is one sign that a business is growing and doing well. But in order to handle multiple locations and the challenges and opportunities that come with them, a business needs to have a solid inventory tracking system in place. If they have the features listed above, they should be just fine.
Here are links to the other eight parts of this series:
- Inventory Management
- Cycle Counting
- Supply Chain Management
- Warehouse Management
- Inventory Tracking
- Software Integration
- Pick, Pack, Ship
Next week will be the final installment. Come back to learn about the importance of: Multi-currency!
Robert Lockard is a copywriter with Fishbowl. He writes for several blogs about inventory management, manufacturing, QuickBooks, and small business. Fishbowl is the #1-requested manufacturing and warehouse management software for QuickBooks users. Robert enjoys running, reading, writing, spending time with his wife and children, and watching movies.