If you are in the business of purchasing inventory and are not using a supply inventory spreadsheet template, you are probably very frustrated. There are many reasons for this but one is that you have to spend time tracking all the sales you are making and the sales you are losing and to get those numbers back up in line and make sure everything you are doing is still producing sales. However, I want to focus on the reverse side of this equation and show you how to become better inventory management.
The first step in being able to do a better job at this is making sure you are having enough time. Many extremely productive people have very little to no free time to get things done. I know that I enjoy my work and am very responsible so I can’t seem to find the time to sit down and finish off a spreadsheet. This is why supply inventory spreadsheet templates are so powerful. If you have access to them, they will take all of the time out of the task at hand and allow you to focus on all the other aspects of your business.
Try to take some of the duties off your plate and delegate some of it to others. Make sure you have an effective work routine that allows you to get things done while having time to relax and then you will be able to focus on your inventory spreadsheet. It’s easier said than done but there are ways to eliminate some of the smaller tasks from your day.
Another important aspect of managing your inventory is that you should create an inventory database or spreadsheet. This will allow you to chart all of the transactions you make with your suppliers and the work you have completed for them. This will allow you to know what they are telling you about your business and whether or not they are satisfied with the progress you are making with your inventory.
Keep track of each shipment you send and how much it cost you to ship it. When you have accurate data daily, you will be able to see exactly how your business is performing and how much money you are wasting on unnecessary expenses. The amount of money that you are wasting can be very high especially if you are shipping products to places that are going broke because they don’t have the money to purchase the product.
Another good inventory spreadsheet template is to make a spreadsheet and analyze how much you are spending on prices. Even if the prices are going up, you still need to keep an eye on them. Of course, this does not mean you need to increase the price of everything, it just means you need to make sure you are spending the same amount on a lot of items and making a good profit on your purchases. It also means you will need to figure out how to cut costs wherever possible.
One of the best things about using a supply inventory spreadsheet template is that you will be able to compare two different businesses ‘ earnings with one spreadsheet. Because each spreadsheet will look and see things differently, it will be easy to see how much money you have been able to save. Also, this will allow you to take advantage of supply inventory tools such as cutting room time and eliminating other costs that you can’t measure.