S1E6 - The Path to Profitability: Inventory Management

The Big Small Expert

Are you ready to master the art of inventory management for your small business? This episode is your comprehensive guide. I discuss the significance of having an assortment plan - a strategic approach that ensures you always have the right product, at the right quantity, at the right time for your customers. Using a POS (point of sale system), I show you how to use reports and develop a smart buying plan. I also delve into the art of categorizing inventory based on customer buying habits, not just the brands you carry. Here is a reminder: don't fall head over heels with your inventory. The ultimate goal is to offer what your customers want to purchase, not just what you love to sell.
But the power of inventory management doesn't stop there. It's all about making data-driven decisions. I guide you on how to identify your top-selling products and when it's time to let go of those that aren't moving. This episode is a treasure trove of valuable insights for anyone passionate about retail and keen on optimizing their inventory management. So tune in, let's transform your retail business together!

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