3 Ways Your Business Can Manage Inventory Effectively

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Inventory control is the primary way of ensuring a thriving business. Loss of inventory or any mistakes in the accounting of inventory can injure your business financially.

Hence, it is crucial to manage inventory efficiently – especially with an ideal space like a self-storages. It allows you to easily fulfil restocking tasks while completing other activities at the same time, ensuring optimal efficiency throughout. Continue reading on to understand how you can have better inventory management.

Select the right space

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Without a doubt, the best way to manage inventory in the first place is with a spacious and multipurpose space. Especially if you’re looking towards a self storage, you should know that it is advantageous for both small and large businesses. From ensured security of stored items to easy and flexible expansion, in the long run, there are many benefits to enjoy. Moreover, with a work or storage space close to your employees’ home or main supplier – it’ll be a lot convenient for your team and easier to complete manufacturing or packaging duties.

At Work+Store, business owners don’t just enjoy choosing from a suite of the cheapest self storages and workspaces, but as a tenant with us – you also get to enjoy round-the-clock accessibility, camera surveillance, and Zero Deposit Guarantee. In other words, there’s no need to submit a rental deposit in advance, and you can simply use the additional cash for future business use like expansion. In regards to that aspect, we are also able to help meet it through our flexible tenancy terms. Besides a short duration of rental period, tenants may also convert to a broad range of services and products within our property or our parent enterprise, LHN Group, where you’ll find options like an industrial unit, event location, and many more.

Perform regular audits

Auditing helps to find out every detail about how the inventory team does their job, and get a better idea of how your items are moving. It’ll also help you recognise slow-moving inventory, which can help you avoid wasting your capital and storage space. This is possible by coming up with tactics to sell your products – by offering special promotions or discounts. After all, the aim of a business is to maximise on profits and minimise costs and losses. Proper auditing of inventory will help you to achieve this easily.

With Work+Store, you can enjoy up to 10 different locations islandwide – the list including Kallang, Pasir Panjang, Ang Mo Kio, Tampines, Bartley, Bukit Merah, Upper Tomson, 72 Eunos, 100 Eunos, and Aljunied. Meanwhile, if you’re searching for a cheap office for rent within the North-East region – we have our Ang Mo Kio location up for rent with discount up to 30% off, with several units available right now. To add on, it’s completely revamped and comes equipped with brand new facilities, from lighting, air conditioning, up to a powerpoint. For more options, we even have our upcoming Toa Payoh Work+Store location with an abundance of parking lots and food selections. More information will be updated once we’re nearing the establishment’s completion date.

Conduct regular quality checks

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Regardless of your type of business, be it a startup or ecommerce – quality check on your items at all times is crucial. Selling sub-standard products to your customers will only damage your brand’s reputation and prevent you from acquiring sales in the future. Hence, ensure your inventory is in the best condition possible for sale.

For smoother quality checks and inventory management, our workspaces are ideal in fulfilling both aspects as they can perform as ancillary offices as well, helping you keep track of your stocks while going about your usual activities. We provide the cheapest self storages and workspaces whereby storage units begin from 6 sqft and ranges up until 7 sqft while workspaces start at 88 sqft. The integration of a conventional workspace and storage space has led to heightened efficiency in logistics procedures and goods attainment – allowing for improved customer service.

When you know how to keep track of your inventory more efficiently with the right steps taken, it’ll improve your business sales and performance in the future. Hence, start off with these tips for greater business growth.

Even during these tough times, many businesses – new or old, large or small, are all putting in their best efforts to tide over this difficult period. While sustaining a business is important, so is ensuring employees and yourself are at your best state of health. As such, we strongly urge all existing and future tenants with us to remain as cautious as ever – by following the set rules and measures by the government and incorporating the appropriate health and safety implementations to keep everyone safe. When every individual does their part, it is much easier to maintain and even slow down the spread of the virus.

If you wish to find out more about Work+Store and our other storage options, feel free to contact us at +65 6578 9966 or WhatsApp us at (65) 8345 9966. Alternatively, you can email us at space@workstore.com.sg for more information!