An inventory is a list of items owned by a company, including its products and any other physical assets.
An inventory is usually arranged by category, and is used as a tool to track stock levels and to identify stock that needs to be ordered.
Knowing how to create one is essential for any business, as it helps you keep track of your inventory and manage the purchase and sale of products.
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Why is it important to have an inventory?
Having an inventory is important for companies for many reasons.
First, it helps companies control their inventory so that they can replenish it when needed.
Without an inventory, companies will be hard-pressed to supply products when they need them.
Another advantage is that it can help companies keep track of the total value of their products, as well as any changes in the cost of products over time.
How to create an inventory in just 7 steps
It’s essential for any company to keep track of products, supplies and equipment.
It’s also a great way to spot problems quickly and make sure everything is accounted for.
Knowing how to do this effectively can save you a lot of time and money in the long run.
📢 Step 1: Locate a space for counting the stocks
El primer paso para crear un inventario es localizar un espacio para contar las existencias.
Debe ser una zona limpia y bien iluminada de tu negocio, donde puedas guardar los artículos a contar.
De este modo, podrás llevar un registro de los artículos que ya has contado y de los que aún quedan por contar.
📢 Step 2: Create a spreadsheet
After finding the right space, it’s time to create an inventory spreadsheet.
Depending on the platform you use, such as Excel, Pages or Google Sheets, you will need to determine the categories that will be used for your inventory list.
Once you have done this, start building the list of products for each column.
This will make it easier for you to remember which product belongs to which inventory category.
📢 Step 3: Identify metrics for inventory control.
The next step is to identify the metrics for inventory control.
Depending on the type of stock you have in storage, you must decide which goods will be subject to inventory and how they will be quantified, whether by units, volume, weight or other metrics.
This step is necessary to ensure that you have full control over your inventory.
📢 Step 4: Label and package items according to prefixes, subcategories and lot/box numbers.
Once you have identified the metrics, you should start labeling and packaging items according to their prefixes, subcategories and lot/box numbers.
This careful labeling can help you easily spot any potential problems, as well as help you identify items at a glance.
It can also help you quickly retrieve them later, since you’ll know exactly where to find any item you’re looking for.
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📢 Step 5: Make a list of inventory names
After labeling your items, the next step is to create a list of all inventory designations.
This list should include the resulting categories and items, their corresponding codes, locations, contents and quantities.
All of this should be carefully noted and kept in order, so that it will be easier for you to control your goods and keep track of the stock used.
📢 Step 6: Check the cash flow
A good management strategy will help your company improve its cash flow.
You must ensure that goods are sold so that you can make money and pay your suppliers for the products received.
If it is accurate, you will not be able to correctly identify the items to be sold and you will not be able to recover the money paid for them.
📢 Step 7: Using inventory software
Using software is crucial to accurately manage your products and control your stock.
While it is possible to use a spreadsheet to keep track, the truth is that the right software can save you a lot of time and money in the long run.
Software can also help you better manage your data, determine the right privacy and cybersecurity protocols, and better manage the day-to-day operations of your business.
Stock management tips
Here are some tips to help you manage your stock:
- 💦 Know your threshold. Make sure you have enough stock to meet customer demand, but not so much that you have items left over.
- 💦 Use software to help you track and manage your stock. This will help you save time and make sure your inventory is up to date.
- 💦 Keep accurate records. Be sure to immediately enter any changes or transactions into your inventory system.
- 💦 Maintain a good relationship with your suppliers. Be consistent with your orders and communicate with your suppliers to make sure they can meet your needs.
- 💦 Stay organized. Keeping your organized will make it easier to find items and track their location.
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Conclusion
Having a well-organized is essential for any business, as it helps you keep track of your stock and manage the purchase and sale of products.
Taking an inventory involves several steps, such as identifying items to include, organizing them, creating a warehouse map, and labeling shelves, storerooms, and other items.
It is also important to manage inventory, such as monitoring stock levels and making sure they are sold on time.
With the right steps and proper management, companies can create a successful inventory.