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.
More Articles on Practice Management:
Selling a Medical Practice to a Hospital: 5 Advantages
5 Tips to Enhance Staff Productivity
6 Ways to Avoid Pitfalls of Personnel Management
