Inventory Management

This article is from Shopify, and was republished and shared through Elksourcing with the permission of Shopify. Original link：https://www.shopify.com/retail/inventory-management I used to dread the word “inventory.” As a part-time cashier in high school, the word meant only one thing: lots and lots of counting. It’s common for businesses to reconcile their inventory at the end of the year by counting all their physical stock 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 your inventory, and you’ll get that money back (and then some) when you sell it. Holding inventory ties up a lot of cash. That’s why effective inventory management is crucial for growing a company. Just like cash flow, it can make or break your…