TOP 8 TIPS
Already we have seen that some clients’ businesses are booming with unprecedented demand for their products, while others are feeling the effect of customer uncertainty.
Here are our Top 8 suggestions to make sure your business is in the best position possible during the coming months and for when things bounce back:
1. Implement accurate, flexible, cost saving Inventory Software
Get the small things right so you can be certain that you are making accurate business decisions. Take control of your inventory and your operational processes. Don’t let customers down or give your competition a chance to take your business.
2. Utilise staff resource to clean up and prepare your data
When implementing a new software solution the data clean up and preparation is often the biggest investment in the project in terms of resource allocation. If you have staff that are restricted from doing their normal roles in the business, why not utilise their time and get them working on the data to make the move to your new solution quick and painless
3. Tighten up your inventory control
Correct your receiving processes, record true landed costs, correct discrepancies on the spot for live inventory updates, and implement an accurate “pick-pack-ship” workflow. Crack down on all touch points between goods arriving until the goods leave your doors.
4. Adjust your Reorder Points
Use Fishbowl to help you set and adjust your Reorder Points. Allow for the increase or decrease in demand for your product, look at your supplier lead times, and adjust your Reorder Points accordingly.
5. Cycle Counts
If you have extra time available, spend it doing spot checks on your inventory. Use Fishbowl’s barcode scanning app to help you do this quickly and accuratley. Make sure your stock levels are true so you can accurately serve your customers.
6. Dormant Customers
Study your customer’s order history, see which customers have not ordered from you recently. Pick up the phone and give them a call to see if they need stock replenished. They will probably be happy to hear from you! Fishbowl will help you with this in the future by simply running the “Dormant Customers Report”
7. Manage Payment Terms
Make sure you’re getting paid on time so that you can pay your suppliers and cover other expenses.
If your products are in high demand right now, adjust your payment terms so that you can pay your suppliers for more stock. If your shelves are being cleared but you don’t get paid for this for 30 days, how will you pay for the replenishment stock?
8. Are you a Manufacturer? Build some sub assemblies
Spend your time wisely now and build some of the sub-assembled components so that when your orders start coming back in, you have a head
start on the manufacturing orders.