Explain the various inventory control methods.
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by Casandra Campbell
Inventory Management
Apr 7, 2017
7 minute read
31 comments
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I used to dread the word “inventory”. As a part-time cashier in high school, the word inventory only meant one thing: lots and lots of counting. It’s common for businesses to reconcile their inventory at the end of the year by counting up all their physical product and making sure it matches what's on the books. For big companies like the one I used to work for, this requires everyone's help.
These days, I understand just how important solid inventory management is. Inventory is a placeholder for money. You paid money for it, and you’ll get that money back (and then some) when you sell it.
Why Inventory Management Is Important
Holding inventory ties up a lot of cash. That's why good inventory management is crucial for growing a company. Just like cash flow, it can make or break your business
by Casandra Campbell
Inventory Management
Apr 7, 2017
7 minute read
31 comments
Email Pinterest Facebook Twitter LinkedIn

I used to dread the word “inventory”. As a part-time cashier in high school, the word inventory only meant one thing: lots and lots of counting. It’s common for businesses to reconcile their inventory at the end of the year by counting up all their physical product and making sure it matches what's on the books. For big companies like the one I used to work for, this requires everyone's help.
These days, I understand just how important solid inventory management is. Inventory is a placeholder for money. You paid money for it, and you’ll get that money back (and then some) when you sell it.
Why Inventory Management Is Important
Holding inventory ties up a lot of cash. That's why good inventory management is crucial for growing a company. Just like cash flow, it can make or break your business
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Set Par Levels. Make inventory managementeasier by setting “par levels” for each of your products. ...
First-In First-Out (FIFO) “First-in, first-out” is an important principle of inventory management. ...
Manage Relationships. ...
Contingency Planning. ...
Regular Auditing. ...
Prioritize With ABC. ...
Accurate Forecasting. ...
Consider Dropshipping
First-In First-Out (FIFO) “First-in, first-out” is an important principle of inventory management. ...
Manage Relationships. ...
Contingency Planning. ...
Regular Auditing. ...
Prioritize With ABC. ...
Accurate Forecasting. ...
Consider Dropshipping
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