Easy Inventory Management: 5 Key Components

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An article published on Entrepreneur discusses the most important steps for "painless" inventory management.

CEO of online integrative pharmacy Village Green Apothecary CEO Marc Isaacson lays out the fives steps for small business inventory management.

1. Don't order too much inventory — order what you need based on what you've sold in the past few months.

2. Inaccurate tracking — use electronic programs.

3. Lack of priorities — focus on items that matter most, usually the 20 percent of items that incur 80 percent of demand.

4. Upgrade from spreadsheets — spreadsheets can create difficulties so use packaged inventory software.

5. Make a back up plan — consider worst-case scenario and back up all the data.

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