Planning is Crucial in Effective Asset Tracking

When you go to start a business, the first thing you do is devise a plan. You plan the type of business, the location, the décor, the products and services you’re going to offer, and your marketing strategies. One thing most people overlook when planning, however, is one of the most important aspects of the business itself: inventory tracking.

Owning a business comes with the responsibility of keeping count of what items and services you have on hand, what you will need to complete certain tasks or fill orders, and knowing how much profit is being made from the inventory. Having an accurate way to track this information is crucial to determine the profitability of the company. Do you want to track everything on paper in a ledger? Do you want to use a spreadsheet, which would be time consuming and require the input of several formulas? Would you prefer to use a software system which is designated for this particular task?

Knowing not only how you are going to track your inventory, but when you are going to update the inventory information, is important for a number of reasons. Orders, for one, from suppliers where goods are purchased, cannot be accurately placed without having the inventory in front of you. No business owners needs 50 of an item they can get by with only having 5 of. This is especially important when dealing with inventory that has a shelf life. Expired products are a waste of money which no business needs. Having an accurate tracking system in place will limit the over purchase of items which are not needed.

There are a number of good tracking systems on the market, like assetGEEK, which are available at little cost to the company. This is a good way to track and manage an aspect of your business which can be a hassle.  

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