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Post by gkboone on Apr 4, 2014 11:06:48 GMT -6
Inventory control can be a huge problem for small businesses who lack the capacity to own expensive programs that help make inventory decisions easier. Having too little inventory hurts in the short run, but too much inventory hurts in the long run. I like that his brother came in and helped him develop a program to monitor inventory control. I'm sure creating such a program takes a great deal of talent.
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Post by meganlynch on Apr 6, 2014 11:13:54 GMT -6
I think we learn through our business courses the effects that inventory can have on the books. Inventory can be a major asset, but if it is obsolete then your company is in trouble. Inventory control can help a company in numerous ways, which is why it is stressed so much in the college of business. From this video, I also took away being more resourceful from with in the company. Why spend thousands on a program if they have the capability to make one themselves. I'm sure a lot of companies could save money by doing things like this themselves instead of outsourcing.
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Post by ken9390 on Apr 6, 2014 18:08:23 GMT -6
The idea of carrying too much inventory seems elementary but it is up to the leaders in that business to determine how much inventory is too much. Having all that cash tied up in inventory makes your company less liquid, which also makes it harder to meet your short term obligations.
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Post by kati3 on Apr 7, 2014 12:47:20 GMT -6
It is a fine line between having enough inventory to supply demand and having too much inventory. It is important for every business that produces products to have a good inventory management system. It wouldnt take long to have more inventory than you can sell. Its important to have the right amount of stock.
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Post by susiekaz on Apr 9, 2014 17:36:59 GMT -6
Inventory is a huge asset to a company. At the same time, it can also be a liability. I see this in my current position all of time even as just a bartender. There is only a certain amount of shelf space in our bar. When there are too many different types of liquors or beer on the shelves that aren't being sold it creates numerous problems. One problem is that the money on the shelf is just sitting there! If an expensive brand of scotch isn't being sold, the money you have spent on it is just sitting there not creating any type of cash flow. Also the space taken up by that liquor bottle or case of beer could be used for something else that may be sold more.
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Post by chelsearickett on Apr 9, 2014 18:34:10 GMT -6
Inventory CAN break you. I learned that in accounting. Inventory immediately puts in the hole. It has risk, due to the fact that something can happen to it like theft or fire. After a certain period of time it can lose value and then you will be forced to sell it for less than break-even price. It also takes up storage space, requires security system, upkeep, etc.
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Post by jessicaratelle on Apr 10, 2014 15:39:09 GMT -6
This video can be very helpful for people especially those running their own small business. With so many formulas and programs today, it is easier to manage inventory but you still must be resourceful. In a small business where youre not turning over your products as quickly, you must be aware of how to manage what you always have in stock. If you can be efficient in this, your company will be profitable.
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Post by jjohnson on Apr 11, 2014 7:52:59 GMT -6
Makes sense to me. This begins to dabble off into accounting, but I have always seen inventory as a liability, not an asset. If you have spent the money to purchase it and it is just sitting there, it’s a liability; you haven’t made a profit off of your investment. It is important for companies to realize their problems and come up with ways of fixing them. The solution may not always be the most ideal choice, but if it keeps your company moving at a successful rate I say do it.
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Post by jsherman on Apr 13, 2014 14:02:04 GMT -6
Inventory control can be a hassle at times. It is a matter of knowing how much to have on hand that wont cost you a lot, to knowing how much you actually will sell. If you have too much than it will always be a hassle but if you don;t have enough on hand then you would loose out on making sales. It's like a catch 22.There is a downfall to each side of the problem so it's just going to be one of those problems you have to deal with.
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Post by dnewson on Apr 20, 2014 19:18:14 GMT -6
This video provided good points on how to handle inventory control as well as the importance on being aware of what your actual inventory contains. If you are top heavy in inventory it can actually hurt your company as he explains. I would share this video with others.
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Post by sdoescher on Apr 20, 2014 20:50:39 GMT -6
This video raises good points. While it is easy to simply order more, it is an inefficient use of resources. Working smart and doing more with less is the best way to grow a business. Cash is limited so using it in the most efficient way as possible and eliminating excess inventory can result in significant increases in profits. Computers have completely change the way companies do business and if managers fail to make use of inventory analytics they will surely suffer.
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Post by jessweaver on Apr 22, 2014 14:09:30 GMT -6
Without a doubt, inventory can be extremely detrimental to a company. The longer something sits at your warehouse, the more you are losing money on it. Many companies continue to buy products because they do not want to run out and not have any for their customers. Most companies over buy and therefore waste money on products they do not need. I think this video offers a great tip: be resourceful. Being resourceful may take a little longer but in the long run, it will pay off.
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Post by darnette on Apr 26, 2014 16:24:10 GMT -6
Great video. I see many veterans starting their own businesses after experiencing drawbacks on some military supplies. In regards to supplies, the customers doesn't see how the supplies are delivered but they sure do notice when that item is out of stock. Small businesses experience more inventory problems than major corporations due to lack of resources and diversity in suppliers. Like stated in the video, small business owners have to be resourceful.
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Post by ashleysegalla on Apr 27, 2014 13:59:42 GMT -6
Inventory can hurt a company just as easy as it can help it. Having too much inventory means that you are producing too much without selling it all. This hurts the company because you are not producing as much revenue as you have potential to create. Making a program to track inventory is a quick and relatively easy fix to this problem. I believe that I can use this idea in the future in my business.
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Post by robertnicholson on Apr 27, 2014 14:26:02 GMT -6
the goal for any retail is too have immediate inventory turnover. Every moment that you are holding onto it you are essentially loosing money. Why, you have to pay to store it, Your money is tied up in this investment when it could be earning elsewhere. This ID has been around for while but is still being learned.
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