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Post by kristendodd1 on May 7, 2014 20:15:19 GMT -6
Inventory is really important to a business. You should always keep track of how much you sell so you can plan for how much you should have in the future. Personally, I run a concession at trade shows and I always have an inventory sheet to keep track of how much I sell, so I can plan for future shows.
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Post by halearnold on May 8, 2014 8:25:14 GMT -6
EXCELLANT. I loved the video because it showed the personal initiative shown to solve a problem, not just whine or justify failure. But solve a problem. He is spot on that inventory can be the silent business killer and when you don't have the funds for major inventory control systems to be tailor made for what you do, you can end up in a pickle. For him he was fortunate to have someone who could create a program to assist and help his company thrive.
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Post by briandavis1 on May 8, 2014 13:08:02 GMT -6
Inventory control is a major aspect of businesses. Most businesses are using just in time inventory to keep levels low.
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Post by bleblanc on May 9, 2014 11:24:05 GMT -6
Without inventory a store doesn't exist. Inventory is an uncertain investment, because you really don't know how long it will take you to sell and item. Going $50,000 into the hole for inventory is crazy. Having a program that monitors your inventory is very important. It will allow you to keep track of inventory, not over buy, and prevent theft.
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Post by paigecrawford on May 9, 2014 15:33:26 GMT -6
Inventory is one of those things that wastes money without you even realizing it. It adds up and wastes. If you aren't keeping up with it daily, you can loose a lot of money.
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Post by kierras91 on May 9, 2014 18:52:17 GMT -6
This video was extremely funny. I would definitely share this because inventory really controls your business. I have a few friends in supply chain and they say inventory is their life. If you let it get behind its almost impossible to catch up or know what you have or might run out of.
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Post by jodiemalley on May 10, 2014 12:14:23 GMT -6
Inventory can be a part of making or breaking a business, especially small businesses. Maximzing inventory can reduce costs. Knowing what needs to be ordered and what does not is important for managers to be aware of. Since inventory is easily controlled through knowledge of products and what is needed is can be very cost effective for managers to take part of inventory counts.
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Post by xingboma on May 10, 2014 13:30:09 GMT -6
It is so true that inventory can kill a business if it's not well managed. Because it costs a lot to manage inventory. Inventory management cost involves purchasing, ordering, carrying, handling, warehousing cost, etc. Under stock your inventory may cause losing customers, over stock may cause loss of working capital. Nowadays, ERP system has been widely utilized to management inventory. Jared is lucky to have a brother who knows programming, as ERP like SAP is very expensive to buy.
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Post by jprend on May 11, 2014 21:44:42 GMT -6
I like the title of this video the silent killer. Inventories can kill you, you can overbuy and be blowing money without even knowing it. Some companies do not know this and become bankrupt and fail. He goes on to talk how him and his brother made a program that allowed them to now have a lot of inventory and customers were getting their orders quick. This is a great video for any business owner to watch and to take not one.
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Post by Spencer Ragas on May 12, 2014 15:38:23 GMT -6
I liked this video, it gives the person watching it some insight into what goes on with a small business. The problems that come up have to be solved within a budget. He says be resourceful, that is the best advice that was given and its true, being a small business is difficult because they don't have deep pockets so everything must be followed closely. He speaks of investing large amounts of money that won't be seen for months, he says this is a trying time because the business can go into debt very quickly. The key to being a good business owner ultimately comes down to how resourceful an owner can be, and how well they can critically think of solutions to problems the business faces.
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Post by Spencer Ragas on May 12, 2014 15:39:03 GMT -6
I liked this video, it gives the person watching it some insight into what goes on with a small business. The problems that come up have to be solved within a budget. He says be resourceful, that is the best advice that was given and its true, being a small business is difficult because they don't have deep pockets so everything must be followed closely. He speaks of investing large amounts of money that won't be seen for months, he says this is a trying time because the business can go into debt very quickly. The key to being a good business owner ultimately comes down to how resourceful an owner can be, and how well they can critically think of solutions to problems the business faces.
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Post by Spencer Ragas on May 12, 2014 15:39:29 GMT -6
I liked this video, it gives the person watching it some insight into what goes on with a small business. The problems that come up have to be solved within a budget. He says be resourceful, that is the best advice that was given and its true, being a small business is difficult because they don't have deep pockets so everything must be followed closely. He speaks of investing large amounts of money that won't be seen for months, he says this is a trying time because the business can go into debt very quickly. The key to being a good business owner ultimately comes down to how resourceful an owner can be, and how well they can critically think of solutions to problems the business faces.
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on May 12, 2014 15:44:38 GMT -6
Inventory control is a huge problem. Spending the time to figure out what your inventory count should be and adjusting it accordingly will help you to avoid unnecessary costs. Businesses run off of inventory and having too much could cause obsolescence.
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tessia
Junior Member
Posts: 37
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Post by tessia on May 12, 2014 20:18:37 GMT -6
I never really thought about what purchasing too much inventory could do to a small business that can't sell the items quick enough. Being able to have an accurate measure of inventory control is crucial. It was impressive to see that this man collaborated with his brother to create a computer program capable of making purchasing decisions much easier as well as enabling the company to serve their customers faster.
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Post by shennellw on May 13, 2014 10:07:16 GMT -6
Ugh, I hate doing inventory! Although, I must admit that it really helps an company when it comes to planning. They know what they sell the most of and what products don't work. They have a better understanding of how much profit they make off of selling certain items. Yes, inventory is tedious but it is something that every company needs to measure.
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