Retail businesses live and die based on how organized their storages are. An organized storage means that a business can provide its goods and services at all times and keep the customers satisfied.
Taking the time to perfect the organization of your storage also helps with reducing the possibility of theft that always occurs in every business. Technology developments in this area make things easier, but in the end, it’s still about keeping track of the goods and putting everything its place.
Remember the 20/80 rule
Small retail owners know that 20 percent of their merchandise is responsible for 80 percent of the income. This means that some products are always needed and in demand while others are less valuable even if they cost more. The way you organize your storage needs to reflect this fact.
After you figure out which 20 percent of your goods are the most valuable keep track of them and make sure you always have more than you need. It’s also a good idea to keep these items close and reachable at all times.
No one likes to clean up and it often gets put off until it becomes a problem and the storage becomes a huge pile of mess. This doesn’t only look bad it’s how things go missing or get stolen. The only way to get ahead of this problem is to have a cleaning schedule and stick to it no matter what.
Use the cleanup to get rid of old and expired products, and to recycle anything that’s damaged but can be salvaged. This should be done once a week, but you should review the whole process every couple of months as well.
When you enter your storage you should be able to find every item easily. This is especially important if you have a lot of employees going in and out. They should be able to find their way quickly and easily.
The easiest way to accomplish this is by using labels containing detailed information about the product, its price and purpose. This could be done with quality DymoOnline label makers and by carefully tracking the goods.
There are a lot of storage management apps out there and most of them are pretty useful. The apps use barcodes to keep track of goods, and cameras to let you know if anything moves. This isn’t enough and you’ll have to inspect the warehouse personally on regular basis, but it helps.
The best thing about the apps is that they can be used to calculate how fast you are running out of a certain product and, therefore, provide you with a better picture when it comes to refills and re-ordering, which is where most of the money is wasted.
Keep the receipts
In the course of running a business every day, you need to make a lot of purchases and gather a lot of receipts. More often than not things need to be returned or repaired, and for that you need to keep track of the receipts and warranty licenses. It’s important to have a system for tracking them.
The easiest way to go about it is to let go of paper entirely and scan all the receipts as soon as you get them. They can’t get lost in the cloud and it saves valuable space.
Retail businesses need to keep track of their storage. It makes running a business easier and it saves money in the long run.