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Post by shantel on Apr 28, 2014 18:31:55 GMT -6
This video was very refreshing, because of the type of business that was displayed. I really thought it was very unique. Moreover inventory is a very critical to a company's performance. It is one of the key component that can lead to a company's demise if not managed correctly. Lastly, finding way to utilize or create resources is critical to all company's, and for small business it could be just what they need to make it over the hump.
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Post by brittanycompton on May 1, 2014 0:05:08 GMT -6
In my job, one of my jobs is doing inventory. This is not the best part of my job but it is necessary. It allows our business to know what sells, what doesn't, what to reorder and what to stop ordering. Keeping this all logged and tracked keep the book up to date an in order. It is all done on the computer so it does make my job easier. I thought that this video was extremely important for us students to watch. Inventory control systems can cost company a bunch of money his idea and process he developed for his company is very effective for business.
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Post by jimmykotter on May 1, 2014 11:15:06 GMT -6
i would love to develop a system that could manage inventory at the business that i work at. its a small shop where we service vans that we rent for van poolers. i love the fact that this company used something that a family member put together for the managing inventory. one of the most savvy things we can do with our money is to try to get things done in house
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Post by Rosie on May 1, 2014 12:27:15 GMT -6
I've always loved the concept of inventory. The process of distribution and logistics is pretty cool to me, and being able to produce a smooth flow of products and operations interests me. My favorite part of this video is when the speaker said something along the lines of, "I basically fixed my own problem". That just seems like the most obvious way of being successful and innovative in business.
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Post by kourtneyb on May 1, 2014 17:31:23 GMT -6
This videos shows how many small business's can be impacted both positively and negatively through inventory. Having too much inventory can truly ruin your small business. It can take away your money because you have too much product in stock that will not be sold for a long time. If you are able to keep up with your inventory efficiently then you can create an advantage between you and your competitors.
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Post by stephaniesmith on May 1, 2014 22:01:43 GMT -6
I totally agree with this guy. He is smart and looks like he is running a successful business. It is all about inventory and how you handle that said inventory. A lot of decisions can stem from how inventory is handled in this situation. It is a great idea to find a solution for the sized business you have and meet that need based on what works for the customer.
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Post by asanchez on May 1, 2014 22:27:12 GMT -6
I most definitely understand the issue of inventory. I manage buying for my office right now, and finding that perfect balance between supply and demand is quite difficult and it's not an exact science. I think that it takes a hand on person to manage such a task. I agree that he's right about this being a small business focus more than a large company's.
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Post by asmith422 on May 3, 2014 13:30:21 GMT -6
I found this video very interesting. No matter what your business is you will need an inventory but you have to adjust that inventory based on the demand from your customers. It's important to have cash flow at all times because you will have to pay for inventory without having sold anything to your customers yet. In other words you will be losing money before you make it. Find the right inventory control for your business and make sure you choose the most efficient way.
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Post by karenwag on May 3, 2014 15:01:31 GMT -6
I was already aware that too much inventory is bad for a business. Especially if that inventory is not moving. Mostly, this knowledge was gained through watching the television show, Shark Tank. Whenever someone who is looking for an investment has a lot of inventory, the sharks look at that as a negative because inventory is money. Jared's story about his team creating a program to track that is great. He gives tips on why and how inventory should be kept track of. This is a great video especially for someone who is a small business and entrepreneur major.
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Post by arenee1370 on May 3, 2014 16:12:43 GMT -6
I think this would be a good video for someone looking to open their own small business. I like videos like this because it truly gives me knowledge about owning your own business and becoming an entrepreneur. I only wish I was in a position to use the information gained. The one thing that he said that caught my attention is that small business owners have to be savvy with how they either get their materials.
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Post by joshuabrungart on May 4, 2014 13:49:42 GMT -6
Inventory and proper inventory ordering and controls are essential for the success of a business. As a business you have to have the products your customers and demand so you can meet your customers needs. If a business does not know how to properly manage their inventory it could make them or break them. Products expire, some products are seasonal and only ordered by customers at certain times of the year, some products may be more popular than others, etc. Businesses have to know when to get rid of the inventory at at rate that they will not be stuck with products that have to be thrown away when they expire, or products that were seasonal and did not sell may now have to be sold at a huge discount to discount stores or suppliers. In contrast if you do not have enough inventory of the products that your customers demand then you will lose business, and you could potentionaly lose that customer for life if they decide to turn to a competitor who does have what they want and they may be frustrated and never turn to your business in fear you may not have what they want next time.
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Post by melanconcaitlin on May 4, 2014 20:11:39 GMT -6
Having knowledge about inventory, in a business, gives a company a huge advantage. Inventory is essentially everything to a business; your product, what you sell, and how you make your money. Containing poor knowledge about how much inventory you should have, what your cost profit ratio on the inventory should be, and other tasks involving inventory can potentially destroy a company.
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Post by benallbright on May 5, 2014 13:15:51 GMT -6
Managing inventory is very important. When people manage inventory correctly, success will come into play. If you cant control your inventory then you can't control your business.
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Post by godwesso on May 6, 2014 5:36:53 GMT -6
TITLE-USAMM-Inventory: The Silent Killer
In managing inventory of a company one has to keep up with productivity and this creates efficient in the workplace. Inventory control is essential if you want to run a business that is in high demand, and with certain kind of software databases this is possible. We are the technology there but we have to learn how to use it and develop databases that are compatible for the workplace. Inventory control saves costs and helps companies plan/budget ahead based on sales that have been made and finished goods that are still in the warehouse.
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Post by Shondrea Lovette on May 7, 2014 11:17:17 GMT -6
Swelling can be dangerous but healthy growth can be goods. inventory are tangible dividends that a business use to make a profit or living. those tangible items can be an asset or liability if not properly manager and it is good to have proper inventory but the inventory have to be sellable to make a profit because if not is unwanted wasted that is taking up space in business that may be need for new sellable items that may bring growth and profits to the business.
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