How to Best Manage Your Inventory - 9/14/16

mil lenniumspasalon.com | meevo.com


5 WAYS TO BEST MANAGE

INVENTORYMillennium Systems International


Ruth GonzalezLearning Specialist

Millennium Systems International

Ruth Gonzalez has a background in International Business. Prior to becoming a member of the Education team,

she worked as a Business Support Specialist here at Millennium. As a Learning Specialist, she is responsible for

the internal and external education of the company, including assisting our Spanish speaking businesses.

YOUR PRESENTER


GOTOWEBINAR OVERVIEW

• All attendees are muted upon entry to the webinar

• The webinar is in “listen only” mode for attendees

• If you have questions for the presenter(s) or host, please enter them into the

“Questions” box in the panel on the right hand side of your screen

• At the end of this webinar, please take some time to fill out the brief survey

that will be sent to you via e-mail


5 WAYS TO BEST MANAGE INVENTORY

Do you want to increase your profits? A large portion of any

company’s assets rests in their inventory. Ensuring your inventory is

accurate is vital in preventing theft, creating accurate purchase

orders, and monitoring ordering trends. Learn the best ways to

manage YOUR inventory!


WHO IS RESPONSIBLE FOR YOUR INVENTORY?HOW OFTEN DO YOU ORDER?

HOW DO YOU KNOW WHAT YOUR IDEAL QUANTITY FOR EACH PRODUCT IS?


Product inventory is one of the biggest assets at your business.

Profits are lost when you have too much or too little of a particular

product. Too little product results in loss of opportunity to sell

that product. Too much of a product results in waste of capital.

You can maximize profits by properly maintaining accurate model

quantities of your inventory. Are we ordering too many? Too Few?

How often are we selling this product?

INVENTORY IS YOUR LARGEST ASSET


KNOW YOUR STOCK LEVEL NUMBERS

MODEL QUANTITY, ORDER POINT,

AND ORDER IN QUANTITY OF

1


CREATE PURCHASE ORDERS THAT INCREASE PROFITS

RECEIVE ORDERS (ALWAYS* COUNT RECIEVALS

INDIVIDUALLY)

MAKE STAFF ACCOUNTABLE FOR PERFORMING ORDERS &

USAGE


HAVE A PROCESS FOR EMPLOYEE SUPPLY USAGE

VITAL IN HAVING ACCURATE

COUNTS & PREVENTING THEFT

2


HAVE A PROCESS FOR CHECKING-OUT PRODUCTS

HAVE A SIGN-OUT SHEET THAT INDICATES PRODUCT

REMOVED, AND REASON (CLIENT XYZ, FOR STATION, ETC)


PERFORM REGULAR INVENTORY COUNTS

AT MINIMUM, EVERY MONTH &

END OF YEAR

3


IF THERE IS A DISCREPANCY, COUNT PRODUCTS WEEKLY,

THEN DAILY UNTIL ISSUE IS RESOLVED

HAVE A PROCESS FOR INVENTORY COUNTS PROFESSIONAL BY MANUFACTURER XYZ

BACKBAR BY PRODUCT CLASS


KNOW INVENTORY TRENDS

USE INVENTORY WIZARDS; UPDATE

MODEL QUANTITIES, IDENTIFY

“SLOW MOVERS” & TURN RATES

4


LET YOUR SOFTWARE DO THE WORK FOR YOU! ANALYZE SLOW MOVING INVENTORY & MARK IT

DISCOUNTED/ON SALE

UPDATE MODEL QUANTITIES IF TOO LOW OR TOO HIGH


MONITOR YOUR EFFORTS

RUN REPORTS TO AID WITH INVENTORY

BUDGETING, TREND ANALYZING, and

INVENTORY MAINTENANCE

5


PREPARE FOR NEXT HOLIDAY/SEASON/MONTH/YEAR BY

ANALYZING THE PREVIOUS YEAR ASSISTS WITH ORDER QUANTITIES

ASSISTS WITH BUDGETING

DETERMINE WHICH PRODUCTS WERE FREQUENTLY

ORDERED AND WHICH WERE SLOW MOVERS – ANALYZE &

DETERMINE WHICH PRODUCTS/MANUFACTURERS YOU

WANT


CONTACT USFor Information about Millennium or Meevo

[email protected]

For questions about today’s presentation

[email protected]

mailto:[email protected]

mailto:[email protected]
