How To Seize Small Business Inventory Opportunities

Posted by Karen Erdelac on Oct 25, 2017

How To Seize Small Business Inventory OpportunitiesInventory is perhaps the most important asset your company has and proper management is essential to the profitability of your small business. Strategically purchasing and storing necessary items opens up additional funds for you to grow your business. Here we’ve outlined several ways additional business capital can help you take advantage of inventory opportunities.

Seasonal Opportunities

Many manufacturers will purge their surplus inventory during the slower winter months and it’s important that small business owners take advantage of this opportunity. While you may be loyal to your current suppliers it’s to your advantage to shop around for seasonal deals. This also presents a chance for you to try a new product line or different materials as you won’t be paying full price for them. This can open up new markets for your company and possibly reduce costs well into the future.

Increase Storage

How To Seize Small Business Inventory OpportunitiesHaving the ability to store surplus inventory can significantly reduce costs and ensure you are prepared for any type of shortage. This could include an addition onto your current establishment or renting outside storage space. For those in the food industry an investment in a walk in freezer or additional refrigeration will allow you to stock up on items with longer shelf lives. The ability to purchase non-perishables at bulk rates can significantly improve your profit margins, giving you room for a more diverse menu and higher quality fresh items.

Management Software

Purchasing inventory management software will have a far-reaching effect on your business. There are different products available for nearly every industry and these increased controls will help you keep track of your current inventory and alert you when stocks are getting low. They help to save time for your management team and will let you know of any discrepancies. Organizing your inventory will save time and money and ensure you don’t over purchase or run out of important items. Management software will help you keep your inventory at optimal levels and allow you to focus on growing your business.

Promotions

Having additional inventory can allow you to run promotions and sales without cutting into your bottom line. Purchasing in bulk whenever you have the opportunity will help you compete with larger businesses and keep your marketing budget in line. Giveaways and customer rewards programs can be expensive and difficult to account for, but purchasing bulk inventory at a discounted rate will ensure you don’t negatively affect your revenue stream.

Quikstone Capital Solutions has been providing small business owners with small business capital to stabilize and improve their companies for more than 10 years. If you are in need of a cash to cover unexpected costs, or if you’re looking to make long overdue improvements, Quikstone Capital could be right for you. With the ability to quickly qualify and get your money in a timely fashion, there is no more convenient option. 

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Topics: Small Business