👋 Hey folks!
This is going to be a quick but very vital for your business post about the importance of managing your inventory the right way. 💼💰
Finding suppliers and buying the product from them is only the start. I hear people sometimes say that they make money when they buy product. 🛍️💸 This all may sound nice and hyped, but the fact is, they make money when the product actually sells. 💰📈
It is easy to get into the buying mode and get lost in increased spending and get excited seeing the bump in sales numbers. 💥📊 But if you don’t manage your inventory lifecycle right, you will inevitably end up sitting on a lot of unsold product aka cash spent. 💸😬 And inevitably will run into cashflow issues, not even mentioning paying Amazon’s FBA storage fees. 💰⚠️
Which why I feel that it is highly important for everyone in retail business to understand that the product is only as good as it sells. 💡📊
To better explain this process to my VAs, I have created this schematic below. I called it “Inventory Life” or “Inventory Lifecycle” 📝🔄. Think about all the steps your inventory needs to go through in order to be sold. 📦🚚💵
You may have slightly different approach to managing your inventory than we do, but this is what we use in our business. 💼💪
Remember, effective inventory management is key to optimizing your business’s profitability and success. Let’s dive in and ensure your inventory thrives throughout its lifecycle! 📈🚀