Now that we’re entering the fourth quarter, companies that rely on warehouse space and inventory must start thinking about gearing up for the next few months. In many industries, the fourth quarter is where the majority of revenue is generated for the entire year. At Strapping-Products.com, we thought it would be a good idea to offer a few inventory tips to help you prepare for the upcoming holidays. Should you have any questions about packaging supplies for your transportation or warehouse needs, don’t hesitate to reach out to us today at 888-803-8140.
Tips to Help With Inventory Issues in Advance of the Holidays
Below are several strategies to ensure your inventory levels can keep up with the increased holiday demand.
Order Inventory Well in Advance of the Holidays
Hopefully, this is not your first year in business. You can use the previous year’s historical data to predict the type of advance orders you’ll need to have the necessary inventory on hand when demands increase. You can also work with suppliers to get favorable pricing because you’re buying in bulk. It also makes sense to purchase a bit extra just in case this year’s numbers turn out to be even better.
Make Adjustments if Necessary
To correctly manage your inventory, you need to make adjustments as needed. Keep an eye on turnover ratios and shrinkage and perform regular inventory audits during the busy holiday season to spot problems before they become too big to recover from.
Several software solutions can help you manage your inventory levels better and alert you when problems arise.
Have a Detailed Inventory Management Process in Place
If you don’t have a detailed inventory management process, now is the time to create one. Once the busy holiday season starts, you will be stressed out just trying to survive, and keeping track of your inventory during these busy times is crucial. A sound inventory management system will balance ensuring items are in stock when a customer orders and limiting overstock.
Stay in Touch With Your Suppliers
While you may innately know your business’s ebbs and flows, your suppliers do not. Keep them in the loop if you expect significant order increases during the holiday season. This can allow them to properly prepare and ensure they’re not surprised when you place a large order they weren’t expecting.
Don’t Wait Until it’s Too Late to Plan for Inventory Spikes
The holiday season is just around the corner, and as you can imagine, this time of year always comes with its share of inventory management challenges. If you’re not adequately prepared for these spikes, you can be in a situation with frustrated customers and struggling sales. Thankfully there are things you can do now to prepare for the increase in orders that are likely coming your way over the holidays.
It’s best to start with last year’s data to give you a barometer of where things may be headed for this year’s holiday season. Analyze this data and chart out any increases you may expect for the upcoming year. Armed with this data, you should be in good shape to weather the inevitable holiday rush.
Reach Out to Strapping-Products.com for All Your Packaging Needs
One of the essential aspects of any inventory management process is packaging. At Strapping-Products.com, we have a wide array of strapping and packaging products that will ensure your items make it where they need to go. To learn more about all of our strapping products, don’t hesitate to reach out to us by phone at 888-803-8140 or via email using our online contact form. We look forward to hearing from you soon!