Let’s be real… running out of inventory is detrimental to your business: you cannot sell from an empty shelf. The opposite extreme is having excess inventory, because your money will be tied to slow-moving, obsolete or expired shelf-life products. Many small businesses tend to rely on gut feeling when it comes to managing their inventory:…
Cycle counts is the process of counting certain items of your inventory every few days in such a way that your total inventory items are counted at least every quarter or year. Cycle count criteria may be based on different criteria such as: Control groups. When you make your counts focused on a small control…
My reply would be, for how long or at what cost, as eventually you will have to pay the toll? The industry standard for inventory accuracy ranges from 64% to 98%. The statistics seem to indicate that inventory records tend to be less accurate in smaller businesses that in large ones. The probable reason is…