You might be surprised to learn that there are a ton of inventory management software programs out there designed specifically for small businesses. Even though these programs are so critical, it seems like not too many business owners actually realize how important they are. I’ve noticed that many people don’t fully understand the massive impact that inventory control software can have on whether their business succeeds or fails.
But having a good system to track your inventory is hugely important! Without a way to monitor exactly what products you have in stock, what’s been ordered, when things will get shipped out, etc., it’s incredibly tough to run an efficient business. You might unexpectedly run out of your top-selling items, get stuck with excess stock that just takes up space, or even lose track of what needs to be reordered. What a nightmare!
The right inventory management software keeps everything organized for you automatically so you always know where you stand. You can see at a glance what needs to be restocked, where your biggest profit-makers are, if you have the right amount of materials to complete customer orders in a timely fashion, and more. When you don’t have visibility into those crucial details, you’re basically operating blindfolded!
So while inventory control programs might seem boring on the surface, they seriously make or break so many small businesses. Don’t underestimate the power of choosing and implementing the right system early on. It’ll save you from tons of preventable headaches and can be the key to growing your company to new heights!
Inventory Control Software for Small Business
When we are talking about inventory, we are talking about the materials. It also includes final products and (work in progress) goods sold by businesses to get revenues. Inventory needs to go out so that money can come in. That’s why in business, it is crucial to have inventory as well as having them out.
But most importantly, it is crucial to track the inventory – if you want a profitable and efficient business. Poor management in the inventory can lead to failure. In fact, it is one of the 8 major reasons why small business would fail. What about inventory management software? It’s the program that can help you (as well as other small business owners) to track the inventory and manage them.
Unfortunately, not many people understand its importance. In fact, almost 50% of the employees are still doing manual (inventory) processes – or they don’t track inventory at all! Sure, you should be able to access Excel and manage accurate recording, but the whole thing would be error-ridden (exposed to risks and mistakes) and also time-consuming. It would also be responsible for the costly operations and inefficient management.
Inventory management software typical consists of applications (for business, naturally) that can organize, manage, and track material purchase, product sales, and other production processes. In the old days, inventory management was done manually and traditionally – with paper and pencil.
These days, businesses can take benefits from digital systems with RFID (Radio Frequency Identification) or barcodes to check where the raw materials being located, when the shipments arrive, or when their products would be shipped. With this software, you can reduce the energy, efforts, and time to put into basic tracking. You can focus on finding, reducing, and analyzing the inefficiencies happening in business operation.
The software is available for all kinds of businesses – big or small. However, inventory control software for small business is considered more pressing and more important because small businesses usually have early challenges in the startups. They need to make sure that they can survive the ‘storm’ during their early days in starting up the business.
The Importance of Inventory control software
So, what is the importance of inventory control software for small businesses?
- It helps to control and also reduce costs. Without the software, accurate accounting can’t be implemented – and it affects future orders.
- Efficient and seamless tracking can help businesses run efficiently – enough to generate growth and turn a profit. It would be impossible to have seamless tracking without the app or the software
- Inventory inefficient can lead to inaccurate inventory records. And it will result in higher (longer) lead time – or the time needed between a process’s initiation and execution.
- Longer lead time will lead to slower response (to market or customer’s demand), stock-outs, and market changes. In the longer run, it will create customer disapproval and disappointment that may lead them to choose other manufacturers or service
- For small businesses, a shorter lead time is extremely crucial. It is important for the competitive edge and advantage.
For small businesses, inventory turnover is crucial. It refers to cost of goods being sold then divided by (the average) inventory at hand. If the inventory turnover is too high (or even too low), your business may suffer from unable to meet the market’s demands or overstocking. Nothing benefits you as they will cost you. Low turnover will lead to deteriorating value as the products would be on the shelves for too long. High turnover, on the other hand, would lead to high shipping costs because you need to replace the out-of-stock goods quickly. This is why inventory control software for small business is especially crucial for the continuation of your business.
Finding Good System
When choosing the right software for your small business, you need to consider a system that can help track the entire inventory: the finished goods and raw materials. It should also have its own forecast system to show you levels of inventory. It should have barcode scanning the ability to deliver better automation and minimize data errors. It should also have real-time updates and alerts. The software should be scalable and it has good integration feature with other systems, like accounting software.
Picking the Right Inventory Control Software for Small Business
It’s a good thing that there are some of the best candidates for reliable and best inventory control software for small business. Here are some of the options
Sellbrite
This is one of the best inventory control software for small businesses that offers abundant of features, including delivering a balance between purchase orders, sales, and stock. The user interface is easy to operate while offering centralized (inventory) management.
The software is handy to prevent overstocking. It has unique customer service and reliable outcomes. This is a paid service, but it offers a trial period up to 14 days. Moreover, the package is quite inexpensive, starting from less than $20 a month.
Orderhive
This software is running on cloud-based technology that helps you with everything. It handles product movement, e-commerce automation, and order fulfillment altogether. If you want to make smarter and cleverer business decisions, this would be the perfect software. The technology is modern with e-commerce automation, real-time sync, and simplified management. Instead of depending on guesswork, the software supports accurate tracking too. Easy and simple integration is made convenient. Although it is a paid service, it is inexpensive. Not to mention that you can also enjoy a trial period for 15 days.
Finale Inventory
It is a multichannel software with a cloud-based system. The app has been used by many small (and also medium) businesses. The concept of the software is about warehouse management, multipurpose integration, and centralization. The software helps with reordering points calculation, manage stock-outs, and manage to restock forecasting. The software can also coordinate online sales and warehouse channels while updating the constant stock changes. You should be able to make use of its robust reporting engine to deliver customizable reports. Through its affordable, advanced, and transparent platform, you should be able to enjoy seamless operation and business convenient to the higher level.
Multiorders
You can use this app to integrate with your own business. Multi orders have many advanced and helpful features that make it quite popular among other software. As one of the best software in the business, it offers an affordable platform while focusing on its ease of use. You can use the software to incorporate other sales channels (whether they are online and offline). Moreover, the app is handy to optimize workflow solutions, printing labels, managing stock levels and prices, deal with orders, and also connect (shipping) carriers. The tracking feature can help you deal with inventory levels and update orders automatically. You can also use it to connect to various online channels, such as Etsy, eBay, Big Commerce, and Amazon.
Inflow Inventory
This is an ideal software that balances out everything – good support, intuitive interface, and simple operation. You can use it to manage orders, curate reports, track goods, handle other transaction and trade operations, generate invoices, and so much more. Not only small businesses can make use of the software, but medium and big companies too. as a paid service, the software offers plenty of helpful features. It can also integrate with Zapier, QuickBooks, Amazon, Shopify, and others quite easily.
Conclusion
If you want your business to grow and develop efficiently, considering these software would be an important part of your growing plan. With these many inventory control software for small business, it shouldn’t be hard to narrow down your options.
