4 Biggest Inventory Management Challenges Businesses Face and How to Overcome Them

December 14, 2018


Companies regularly face all sorts of challenges, and how you combat them is going to have a lasting impact on whether you can stay in business or not. Inventory management might not be something that comes to the forefront of your mind when you think about such obstacles, yet if you fail to conduct such management properly, you can quickly find yourself in serious trouble. You may find yourself needing to have a look at Techfino’s Netsuite buyers guide or a similar cloud-based solution. Here are four of the most substantial challenges that often come up in the realm of inventory management.

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Filed Under: Operations Tagged With:

Tips to Select Procurement Management Software for Your Business

March 13, 2018


Procurement is one of the less glamorous, yet very important, function within any business. It does not get as much attention as sales and marketing function, but it contributes equal value to the business. True, it does not generate revenue, but the savings you can achieve using the right procurement approach drops straight to the bottom line and substantially improves profit. This is why businesses that understand the value contribution of procurement pay great attention to deploying proper processes, personnel and technology to get the most out of it.

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Filed Under: Technology Tagged With: ,

Infographic: Increase Business Turnover Right Now

July 13, 2017


Increasing your turnover should also mean you boost your profits this year. So, it’s essential that all entrepreneurs focus on that goal. Depending on the nature of your operation, there could be thousands of ways to make that improvement. However, we’re going to mention some simple strategies on this page that should work across the board.

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Filed Under: Management Tagged With:

How to Build Good Relationship with Your Suppliers

April 18, 2017


How you approach your business’ suppliers should be a strategic plan in every business – whether selling products or services, all businesses are dependent on their suppliers. However, many business owners get this relationship backwards. To them, they are in a dominant position because they are the ones who write out the orders and checks; therefore, they can exploit this relationship by making unreasonable demands and even going as far as seeking personal perks.

It’s important you get something right – the relationship you have with your suppliers SHOULD be good if you want a reliable supply of products or services. When you find good suppliers, treat them like gold. Work hard at creating a mutually understanding and respectful relationship, just as you would with your customers.

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5 Ways Micro Loan Can Benefit Small Business

May 31, 2016

Microloan
Small business owners need working capital to deal with ups and downs of cash flow, pay for operating expenses, and invest in growth – but they usually don’t need the same large amounts of capital that big companies require. Instead, many small businesses can get by with smaller “micro loans” in amounts of $50,000 or less. Even a small amount of money is often enough to make a big difference for a small business.

Here are a few ways that small business owners can use micro loans to help their businesses succeed:

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Filed Under: Finance Tagged With: ,

How to Emulate Apple’s Supply Chain to Boost Profit

May 14, 2015

Supply Chain
It is said that a chain is only as strong as the weakest link in it. There are many facets of a supply chain and just one weakness can hurt the entire chain. One of the best run companies in the world, Apple, is renowned for its supply chain. The current CEO, Tim Cook, graduated with a degree in supply chain management and has helped to make the company more profitable. He has been credited with their massively increased efficiency and profitability, so there are plenty of reasons why other businesses should pay attention to how they run their operations.

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Filed Under: Technology Tagged With: ,

How can Distribution Software Help with Inventory Control

December 17, 2014

Inventory
Inventory management and distribution is a complex process that requires a thorough understanding of the buying motives of local customers and a way to understand seasonal trends. Without this thorough understanding of how inventory moves, you may not be able to adequately stock stores with the items your consumers want. Conversely, you may also be stocking items that your customers don’t want to buy at the moment or in as great of a volume as you have stocked.

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7 Funding Options to Solve Cash Flow Crisis in Your Business

January 26, 2014

7 Funding Options When Your Business Has a Cash Flow Crisis
Cash flow crisis is the primary reasons most small businesses fail. If you don’t watch cash flow like a hawk your business will end up in trouble sooner rather than later, and in many cases this may prove fatal. Nevertheless, many small businesses will encounter cash crunch at some point in their existence. How you deal with can determine whether your business will be able to survive or meet the graveyard. The immediate action you need to take when facing cash flow challenge is to find found sources that can provide cash on a short-term basis and help you meet your cash obligations to your creditors and employees. Below we describe 7 options you can explore to find cash needed to keep your business going.

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How to Sell Excess Inventory Quickly without Marking it Down

June 9, 2013

How to sell excess inventory without marking it down
Every business finds a need to get rid of excess inventory quickly at some point. You may end up with excess inventory for number of reasons. Clothing retailers need to sell remaining winter jackets at the end of winter. You may misjudge consumer preference and buy too much of pink trousers that are no longer trendy. You might even find a need to free up some cash and one way to do it is to sell excess inventory.

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Filed Under: Marketing, Sales Tagged With: ,

Coming Revolution in POS and Credit Card Processing Systems

March 10, 2012


Rejoice, Small Business Owners!! There is a revolution underway in the way small businesses process credit card transactions and use Point of Sale (POS) systems. This is going to help small business owners in a big way by leveling the playing field with large competitors. We have always maintained that it is possible for small business owners to beat their larger rivals by finding a niche and focusing on customer service. Now, you are getting extra help in other areas where large businesses used to have an edge. A company called Square has introduced a portable credit card device that can process credit card transactions on-the-go with just a mobile phone. Last week, they took it one step further and introduced a free POS app on iPad that will modernize the point-of-sales system for small business owners. According to Square, this new app replicates and enhances the features of cash register systems, such as order taking, inventory management and customer data analysis significantly.
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Filed Under: Operations, Technology Tagged With: ,