Kirk Tanner explores ways to improve many processes across your business.
Welcome to Whiteboard Wednesday. I’m Kirk Tanner, Chief Marketing Officer at Fishbowl. Today we’re going to talk about your business’ processes and your inventory processes.
And we’ve got this nice little drawing here with all of this information down here. When you have a business, information is critical. And there’s more information than you’ll ever be able to understand, but part of your job is figuring out what pieces of information you need because you need to build a foundation for your business, based on really accurate information. Otherwise you’re not going to have a lot of success.
But let’s assume that you’ve identified this and you’ve built that foundation, okay? Coming up here to our little scale, we’ve got a couple pillars over here.
Let’s talk about the data pillar fist. This is business data – things like your reports and taxes, and other things that you’re collecting that help you make business decisions. If you do this right and you organize it right and you’re thorough about this, what that allows you to do is identify trends in your business, find where there’s variances, make corrections and adjustments, and those are all the kinds of decisions that you need to make so that your business runs smoothly.
Now, if you just kind of let this happen, it might become too heavy with too much data, which is useless. Or you might not have enough and not be able to make these decisions in a way that are impactful on your business, at least in a positive way.
On the other side, this pillar over here has to deal with our inventory. You might have 70,000 pieces in your inventory and you don’t want to list that 1 through 70,000. You’ve gotta organize your inventory by categories, and it’s gotta be done in some meaningful way so that you can actually find what you need quickly and easily.
If you do this right, you can measure all your inventory, it’s accessible, and it’s gonna be up to date. Work orders can come in, purchase orders can go out, and it’s all done very smoothly because this is done in a meaningful way.
So you want to do this where it’s all balanced. You don’t want this one to tip it to one side or this one to tip it to the other side – to get it nice and balanced. And when you do that, the data side over here is like a map. It’s got all this valuable information on it, but it doesn’t do a lot of good unless you’ve got this working right, which acts kind of like a GPS.
A combination of the GPS and the map, you can go out and navigate in this business world. And you can do this manually in your business. An automated software solution allows you to do this much more efficiently and smoothly – saves you a lot of time and energy, avoids mistakes.
But if you do that, you can go out here and navigate the business world, compete in an environment where you can stay ahead of the competition, and be very successful.
That’s it for this Whiteboard Wednesday. Join us again next week. Thanks.