|
Post by bmcgarry13 on Mar 16, 2014 22:06:49 GMT -6
Businesses want a high inventory turnover rate (amount of times inventory is replaced); if the turnover rate is high then inventory holding rates will be lowered meaning costs will also be lowered. It also means the inventory is getting replaced due to a sufficient number of sales. Therefore, it basically signals good wealth. USAMM solves their problem by creating a “homebrewed” and unique inventory system which involved inventory, logistics, and computer science. It illustrates a very strong message: small businesses must be flexible and adaptable to compete with bigger businesses. Whereas a bigger company could of taken on higher amounts of inventory due to greater amounts of money, a smaller company would have been stifled by dangerous amounts of inventory.
|
|
|
Post by allisonschex on Mar 20, 2014 18:36:26 GMT -6
This video was interesting and could be helpful for small business owners. Jared saw a problem with military supplies and he fixed it by making his own company. This is a smart move because if you have a issue, most likely others are too. Jared also points out that growing inventory without a good control system is dangerous because you can find yourself in a hole you can't get out of, this is extremely important for any business.
|
|
|
Post by kelseywatson on Mar 23, 2014 13:59:03 GMT -6
I can imagine the amount of products this person has in his business could make inventory challenging. It would be difficult to order the correct amount for any business. I think it's amazing that this person is willing and dedicated to do whatever needs to be done in order to keep the business moving. He ended up solving his problem with computer programming.
|
|
|
Post by patrickschwaner on Mar 24, 2014 17:13:09 GMT -6
Inventory management is important for any business. It is especially important for small businesses, such as the one in this video, because they don't have the resources that their much larger competitors have. I like the fact that this guy started his own business after he solved his own problem. This demonstrates a very innovative way of thinking.
|
|
|
Post by katelynjones on Mar 25, 2014 11:05:25 GMT -6
Creating a business that solves your own problems is such a good idea. You were once a consumer of that product or service so you know how limited the resources were. Not having the budget for inventory and programming, things could tend to get complicated. Giving the customers what they want is always a good business tactic.
|
|
|
Post by lmoore on Mar 26, 2014 9:04:05 GMT -6
Small businesses have to be resourceful when they don’t have the resources major companies have. If you don’t have a good inventory control system the company could find itself losing money. Because USAMM came up with their own control system they were able to be successful and mange their inventory so they wouldn’t lose money.
|
|
|
Post by mwinner123 on Mar 26, 2014 22:39:49 GMT -6
It's funny how many ideas for businesses come from a personal problem or question of the business owner. In this situation, this solider needed a medal and decided to develop an entire company around his need and idea. However, being a small business with small amounts of capital and income at the start, it is critical that you implement the most cost effective and efficient processes into your business, or you may fail or be drowned in debt. Inventory is most certainly an issue for any business, especially when your inventory control gets out of control. Having a firm understanding of the effects of Supply and Demand, while also understanding ways to effectively manage your inventory levels will help your business grow and be profitable. Sure, you may never make the billions and millions that some big companies make, but if you can create jobs, sustain your life, and enjoy what you do and run, your life will be fulfilled and will be full of happiness. It's not always about the money; But rather, it is most often about loving what you do.
|
|
|
Post by Jessica Aucoin on Mar 27, 2014 16:53:51 GMT -6
I really liked this video! It’s important to keep track of inventory because it can ruin a business. If your business is carrying more inventory than demand, then your company has wasted money just sitting there. Likewise, if your company’s inventory can’t keep up with demand, then there’s a chance of losing potential customers. It’s important to know how much of a particular product you need in order to run a successful business.
|
|
|
Post by amandayoung3231 on Mar 28, 2014 9:23:00 GMT -6
I agree. I work in a retail store and inventory is a dreaded time. We constantly are updating our inventory counts, to ensure an accurate and smooth process when we have our big inventory day. That inventory day is one of the longest days in the retail sector.
|
|
|
Post by codylejeune on Apr 1, 2014 14:50:20 GMT -6
Inventory can kill a business. It is best to have a good bit of inventory on hand, but too much can kill you because you could have spent a lot of money stocking up on inventory. When you are stocked up on inventory, you can lose a bunch of money if you are not selling your inventory fast enough.
|
|
|
Post by racheleperes on Apr 1, 2014 22:08:43 GMT -6
This video can be very useful for any small business owner. Many small businesses either have too much inventory and have a big warehouse of unsold items or some may not have enough inventory and run out of items within a week, which can be very expensive. It is important to find what works best for your business and to run with it, just like Jared did.
|
|
|
Post by brettstirling on Apr 2, 2014 9:48:23 GMT -6
This video is a simple but important point about business inventories. There are plenty of ways to efficiently manage inventory so as not to dig your own grave with investing in a product. Simply misinterpreting demand can ruin an inventory, especially items with short shelf life. In this case economies of scale may be your best friend and it could be your worst. While overstocking an inventory may not mean you won't sell it, this inventory is stagnant money. This is value that could be used elsewhere in the company for purposes that would keep you out of the red.
|
|
|
Post by nataliedodds on Apr 2, 2014 14:13:02 GMT -6
This video is very encouraging because it shows how people can bounce back from their mistakes when they learn from them. Inventory management is a very important aspect of having a successful business. I for one, absolutely hate doing inventory because it is so tedious! I know it has to be done but I never want to do it for a living.
|
|
|
Post by csimo123 on Apr 2, 2014 22:22:13 GMT -6
I like this video for specific reasons. First he started his business because he saw a problem and fixed and now make a living from this. I like that, i wish i could do that, be happy and work on my own and be my own boss. Second is the inventory management i think that the best way is having an electronic system and have humans check it for any errors. The overall goal of a business is to make profit so having alot of inventory you are not maxing profits.
|
|
|
Post by wwerner on Apr 3, 2014 11:15:21 GMT -6
I would share this video. I worked for Wal Mart as an IMS worker. Which is Inventory management services, we had to pull what was need and then stock the shelves. What ever was surplus was brought to the back room then we binned each item. This process was the worst you had to scan it in label it give its bar code on paper then move it to top shelves. It was an absolute pain to do, also this was done at 3 in the morning which makes it even worse.
|
|