This week is the National Stress Awareness week and without doubt this year has given us a lot of gray hair. As for work-related stress, with or without the side-effects of the pandemic, it seems to be inherent to managing a small business. In this blog post, we wanted to let you see how HandiFox might help you deal with the inventory-centric processes which are causing headaches.
Inventory management challenges:
- Too many numbers to process, keep track of and update on time. While trying to be on top of everything, the chances are you are gonna spread yourself too thin too early.
- Expensive mistakes coming from double entry or wrong entry errors. It is annoying not to have data you can fully rely on or at least, cross-reference. So, you end up double-checking everything. The worst-case scenario would be those mistakes might unfold too late, when some decisions have already been made based on false data.
- Locating a specific product takes much more time and effort than it should. With no real-time inventory tracking, things tend to slip through the cracks easily. It is also pretty hard to physically find an item in a warehouse with no bin location system.
- When to reorder? Over- and understocking directly affect your cash flow in an equally adverse way. So, knowing how much to order and keep on hand based on demand trends results in fewer lost sales opportunities and cash flow bottlenecks. Eventually, fewer killed neurons.
- The accounting side of things strikes a lot of small business owners as scary. Hiring an accounting consultant could fix this, they say. But no accountant will be able to fix anything, if your inventory data is a mess and not in line with the financial side.
- Keeping customers happy by having the products at the time when they need them. Being accurate and fast when fulfilling an order could also make or break your reputation.
- Busywork is too overwhelming to even consider growing your business. There is never enough time in a day - either for small or big things.
You might not experience all of those at once but facing at least 2 or 3 at a time could get your stress levels up considerably. If you have identified any of those points as your stressors, read on to learn about the help you can get from the HandiFox inventory management software.
How HandiFox is a stress-reliever
- HandiFox tracks inventory movements and levels across multiple locations. It also tracks all purchasing, order fulfilment and sales-related transactions across the same inventory sites. Wherever you are, you can log into the system and have a snapshot of all the activities in real-time.
- The barcoding capabilities of the software ensure the accuracy of data entry and verification. By scanning barcodes in and out, your warehouse workers can be much more productive while cycle-counting, picking and packing or simply searching for an item
- HandiFox supports serials, lots and expiration dates for extended product traceability, meaning nothing gets lost, digitally or physically. The system also records bin location addresses to further simplify the search
- Reorder points and desired quantity on hand settings will tweak your purchasing strategies and automate replenishment. You’ll learn (or you might already be aware of) what your best-sellers are and their seasonality from sales reports. Based on those, you’ll come up with how much of a product you need on hand and what’s the lowest number it can hit before the system alerts you about the need to replenish.
- HandiFox integrates seamlessly with QuickBooks (Desktop and Online), pushing and pulling data both ways. Whatever inventory-related data your accountant needs for tax filing or other purposes will be at hand.
- Keeping inventory levels up to scratch thanks to automated replenishment will add to your business success on the front end. Moreover, HandiFox uses a Pick/Pack procedure to ensure your customer orders are verified before leaving the warehouse.
- Once tracking, counting, purchasing, receiving, and selling are automated, you can start looking and actually seeing beyond.
We encourage all small business owners to keep tabs on their stress levels and those of their employees. If some processes cause too much friction and stress people out, it’s a plausible reason to explore technological solutions. HandiFox could help you take the unknowns out of your business and boost your confidence while running it.