Have a Strong Accounts Payable System in Place
Accounts payable is how you track, understand and pay any outstanding invoices with suppliers. A strong accounts payable system will let you stay on top of what you owe and ensure you pay your bills on time.
Inventory management doesn’t have to be complicated — just follow these tips:
- Implement and integrate good inventory management software
- Review your sales and stock levels, and set up automatic reordering and fulfillment
- Measure and forecast seasonal trends and changes in demand
- Manage your suppliers effectively
- Balance profit margins, turnover, revenue and sales
- Create free cash flow in your business to grow and take advantage of supplier promotions
Bring these areas together, and you’ll have a robust inventory management system that will strengthen and support your business as you grow.