Understocking costs you customers, which also costs you money. Overstocking is a wasted expense that costs you money. Getting an accurate view of how much stock you need is incredibly valuable for any business.
Smart decisions are made based on data, and tracking all of your inventory on a central spreadsheet will help you see all that data at once and plan accordingly. As you may have noticed if you follow the news, this isn't the ideal world.īut inventory management is the best tool we have for approaching that ideal. In an ideal world, you'd automatically have exactly enough stock to supply everything customers wanted, and no extra stock that they didn't want. Track all of your vendors in one place so you not only know where they're located and what products they provide you, but who your contact is so you can recognize them if you run into them at the supermarket. In order to sell stuff, you need to get stuff.
Here we see each center coded in with the address, city, and state, a picture so you remember the warehouse, and a list of which of your products they ship. If you have customers buying online-which you probably do the Internet is so popular that you're using it right now-then it's useful to track the fulfillment centers you use to ship orders. (Probably that expired sour cream definitely gross.) Seeing the quantity of items sold and the total price will let you see at a glance which of your items are the most popular, and which are bringing in the most gross revenue. Tracks the sales of each product, by date and point of sale. In addition to showing the unit price and how many units you have in stock, each item also shows the fulfillment center so you know exactly where that stock is shipping from. Each item has a picture along with the product number and name, to make sure you don't accidentally confuse your 20-0003 "rectangular bedside table" which happens to be small, with your 20-0006 "small bedside table" which happens to be rectangular. Here we have columns organized by category, so you can track all your side tables in one place. The first step in inventory management is to know exactly what inventory you have in stock. But if we dive into the tabs of this spreadsheet template, you'll see that it's actually arranged in a very logical way: An inventory management spreadsheet can certainly look complex, because it contains a vast amount of information.
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