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No matter what size your business is, or what industry you’re in, supply chain management is often an essential part of running a successful business.  As a small business owner, managing the supply chain can be overwhelming and time-consuming, especially when you have many other responsibilities to worry about. Fortunately, technology has made it easier to manage your supply chain more efficiently and effectively. Here are some pros and cons…  Read more

As businesses grow, managing inventory effectively becomes crucial to staying competitive and maintaining profitability. One key aspect of inventory management is reducing waste and spoilage, which can have significant financial and environmental implications. In this blog post, we will explore best practices for inventory management that can help your business reduce waste and spoilage, creating a more sustainable and cost-effective supply chain. Implement a First-In, First-Out (FIFO) system A First-In,…  Read more

As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. That’s why it’s vital you use a system and process that works best for your business. Among the many methods of managing your small business inventory is the…  Read more

The holiday season is without a doubt the busiest time of year for many retail businesses. It’s a great opportunity to showcase all that you have to offer and bring in new products to see how they do. But, the excitement probably wears off when you think about managing all that inventory. Don’t despair. With a bit of preparation you can manage your inventory during the holiday season, and glide…  Read more

A business that involves inventory is exciting to set up, but it also comes with its share of challenges. It’s easy to become overwhelmed by inventory management. Adopting some helpful tools and strategies will make the inventory management process much easier. Read on for some tips on how to improve your inventory processes. Use barcodes It’s typical for a small business to start out with simple price tags because they’re…  Read more

When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads. But inventory is a critical component of your business. Sales are made and lost because of inventory control so it can’t be overlooked or left to sort…  Read more

Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. These three aspects will be studied carefully by lenders and investors − and by buyers if you intend to sell your business. But they…  Read more