The Benefits of Integrating Your Company’s Inventory Management

As we march steadily on into the digital age, the demand to become more integrated with technology, and to avoid letting that technology become obsolete, grows more essential with each day that passes. Just as the old adage says that your new car loses value the moment you drive it off the lot, business owners can feel a similar sort of exasperation at the thought that despite their best efforts, they may be losing untold amounts of money as a flaw in their operations remains undetected.

Supply Chain Management in the Digital Age
Company’s Inventory Management

 

These operational faults come in many forms. In fact, some exist merely because the processes they affect have not adapted quickly enough to remain relevant in an ever-changing market. Truly, for these hiccups that have been “grandfathered in” it’s important to remember that what worked for Grandpa’s business won’t work here.

 

Supply Chain Management in the Digital Age

Of course, it’s unlikely that your business is run entirely through the fax machine and the power of a graphite-tipped pencil. You have daily meetings with distributors, weekly stand-ups with your procurement team, and analytics on every facet of your business broken down to the minute and the penny. However, it is the very multifaceted nature of your operations that can lead to the type of oversight where these obsolete processes slip through.

 

Companies that have inventory management as a significant part of their business model are particularly at risk of this type of hazard. They may have great processes for onboarding new clients, or a wide breadth of partnerships that help them expand into more and more territories each year. But managing their inventory—from production to distribution to warehousing—and being able to give accurate estimates on project completion, is an ever-evolving puzzle that demands a host of time, money, and energy to solve. Throw a crisis like a recession, a natural disaster, or a pandemic into the mix, and having forward-thinking operations in place suddenly becomes a matter of life and death for your business.

 

Keep it Simple

Luckily, there is no shortage of tools to help you simplify your inventory management, and finding the right one will help you reap the benefits of a fully integrated business model.

 

  • More integration in systems means fewer errors. If you have an inventory control system that is made up entirely of Microsoft Excel and QuickBooks, you will constantly be having to rely on the accuracy of your employees as they enter the data manually. As keystroke or computational errors give way to problems down the road, more time will have to be spent monitoring and updating work that has already been done. As you start to integrate your business processes, you will find that there is usually a piece of technology that can exchange two tools for one.

 

  • More integration in systems means more time saved. Not only will you gain efficiency by reducing the time spent monitoring data entry, but having access to more accurate data will make for more accurate reports on improved key performance indicators. Standardizing these processes will increase productivity and reduce the amount of time spent holding redundant meetings.

 

  • More integration in systems means a more agile business. Ultimately what we have been discussing is utilizing technology to hone efficiency within supply chain management. As companies integrate more of their processes they will become more flexible when encountering unforeseen challenges (like making informed decisions on the fly to shift operations to meet a need), and more resilient in the wake of a crisis (because more of their digital presence will be better protected).

 

Utilize & Move Onward

Utilizing technology to promote best practices within an integrated supply chain is the key to longevity in today’s ever-evolving digital marketplace. Choosing the right tool for your business will be made easier by identifying which one best simplifies your operations. Not only will this lead to greater revenue and time saved, but morale will improve as people’s jobs become easier, and productivity will increase.

The First Steps to Globalizing Your Small Business

Whether your business is small or quickly growing, it’s important to think toward the future. For many business owners, this means thinking globally. In a world where digital technology has changed how we do business every day, it’s not difficult to see why our business models have changed along with it. The way we communicate is key. The way we integrate technology into our supply chain systems is vital.

Continue reading “The First Steps to Globalizing Your Small Business”

Hanging in There: Getting a Business Valuation During the Pandemic

For as long as I can remember, I have been someone on the move: I never liked sitting still in class, I hated being stuck at home doing homework when I could have been outdoors playing, and I hated being tied to a desk job once I entered the workforce. For me, working a steady but adventure-free job feels a whole lot like taking a swim while wearing a pair of cement shoes—like I’m drowning in paperwork, administrative bureaucracy, and unimaginative thinking.

 

When I combined all of that with the student debt I racked up to go to school to get that unfulfilling job, I wound up being a success on paper, but feeling like I’d failed at realizing my own personal vision for the future. Finally, after what seems like way too many years wasted on a stranger’s vision for my life, I decided to take matters into my own hands, and jump head-first into a new direction: one that led me directly into my passions, and not away from them.

 

I’d spent years in high school and college as a long-distance runner, and although I wasn’t sure how to actualize it, my gut was telling me that I would have a fulfilling career in fitness. I started with small, but significant steps: I went “back to school” and completed a certification for personal training, then started to build up a small stable of clients at my local gym.

Simultaneously, I started an online presence and branded my personal vision for an all-inclusive, “everyone welcome” style of boutique training; although I’d often scoff at those “Instagram Models’ who’d spend half their lives monetizing their very existence to make a name for themselves, I begrudgingly adopted many of the same techniques to build my online presence, and to associate my “fast, fun, and fair” fitness routines with my brand.

A Different Kind of Gains

Soon enough, I had amassed an online client base that began to clamor for “in-person” training—the kind of clients that could keep doors open at a physical gym—should I decide to procure a space in which to build one. Suddenly, I was seeing myself the way I’d always been happiest at every stage of my life—constantly on the hunt for the next exciting opportunity and adventure. I knew it would be risky, and I was only able to procure a few initial investors to get started, but I knew that I’d be offering a tried and true product to a select base of loyal customers and that my business would grow once the word had gotten out. So, four years ago, riding on the coattails of a new bull market, and the end of the 2008 economic downturn, I went for it—the doors to my elite training gym opened. I was so sure that they always would be,

Closing Time

Once the pandemic forced the closure of my physical location, I spent a couple of sleepless nights wondering what I was going to do to keep myself in business, and I won’t lie: there were several moments when I felt that my new business was done for and that I’d be shackled to a desk again in a year or so once a vaccine had been developed.

However, I was able to push past that initial heartbreak, and tilt my eyes skyward; the most difficult aspect of working a classic desk job had been the missed opportunities for constant innovation: why would I let the pandemic take that spirit for me now? So, I listed off some ways to keep afloat while waiting for the all-clear to begin in-person classes and training again:

 

  1. One-on-one digital training sessions with premiere clients.
  2. Consistent video updates on the gym’s social platforms, with varied subjects that include: nutrition, at-home workouts, the latest in terms of safety guidelines, and the importance of a lifetime of continued physical fitness. 
  3. Offering price codes and limited offers that can only be redeemed if purchased now, to increase cash flow.
  4. Creating original content that expresses the value of continued membership: now more than ever, a clients’ need to be a valued member of a community is important to not only their physical well-being but their mental health as well. 

 

C’mon Now, Just Give Me One More 

These practices—along with evaluating my business professionally to better predict my next moves—have been essential in the fight to keep above water while riding the pandemic’s wave. The valuation process, although brutally honest and forthcoming, was anything but disheartening. Although professionals do have to take into account the obvious global disruption, and what that means for your business personally, the right evaluators will also take the “soul” of your business into account during their reckoning.

I found that, even with the hardships going forward, the evaluation process reassured me that my vision for a fitter future is still on track, no matter the obstacles. Together with my continued loyal online client base, I will be able to expand in the future with capital investors—as long as I hold on to today. 

 

Just one more rep, folks. 

3 Reasons Your Company Needs an ERP

No matter if your business has just started up, or is quickly growing, it’s not usually a matter of if you’ll need to use ERP or enterprise resource software, but when. A growing company in this digitally run world is bound to generate a hefty amount of data. Between data generated to data sources to track, there’s a lot to get sorted.

As a person who deals with consumer data in my daily business, I know first hand the impracticalities that come with trying to manage data over multiple platforms on your own (or with a small team and inefficient software). Let’s face it. Without the right tools and training, tracking the right data isn’t only time consuming, but costly. Mismanagement of data can be detrimental to a business that has just found its foothold in the world.

Although no one can pinpoint the exact moment that a small company is ready to take the leap into more complex data management systems or enterprise resource software, there are a few key things to consider and spot in your own business that might help you recognize when the moment to forge ahead has come. 

#1: Your Current Software is Hindering Your Workflow

A.K.A, you’ve outgrown it. It’s not uncommon for software to work for the first years of your startup and then, suddenly and swiftly, that software becomes a major hindrance. Growing pains are normal, and it’s more common than not for smaller companies to hold onto their familiar software for longer than they need. If you see the signs of outgrowing your software, and it doesn’t serve a purpose anymore, it’s time to move onto something better, like an ERP.

#2:Your Data Workflow Has Become Nonexistent

It’s safe to say that for almost any modern business, big or small, data is the lifeblood. But what if you’re still processing your data though an entry-level or outdated application? If you’re cutting off the source, you’re basically dooming your business to fail. An entry-level software may have been enough to hold onto the volume of data you started with—and it might have saved you substantial money at the start—but there will be a point when you just need more. Don’t be afraid of the price tag that comes with a more robust system. It’ll do more harm than good to shy away from a higher-level application to try and make do with a system that doesn’t suit your needs.

That Sounds Fine & Dandy, but Why an ERP?

Okay, great. So you realize you need a system with quite a bit more horsepower, but you might be wondering, why an ERP? Simply put, and ERP is designed especially to store hefty amounts of data, and not just in one area or another. The fact is, and ERP can handle the data that occurs across the board of your operation. From accounting and manufacturing to HR and beyond. With that, you’re allowing your business and subsequent data management some room to grow.

#3: You’re Unhappy with the Hefty Bill

The biggest issue many small to medium-sized businesses begin to notice once they’ve obtained significant growth is a spike in their system fees. Sure, you might have felt comfortable with the bill before, but now that you’ve outgrown it, you’re spending far more than you to on complicated integrations to streamline your ever-important data. If you’re not currently using an ERP, the chances are high that you’re not being efficient with your data or your finances. Integrating systems across multiple departments takes great effort: from training and labor to operations and licensing fees. If you’re lucky enough for those various integrations to work seamlessly together, you’re still likely to pay much more than you ought to be, yearly.

Where Does the ERP Come in & Why Do You Need It?

Although there are differences between various ERP systems, one thing is certain, ERPs are built to streamline your data across the board. This means lowering general costs, reducing the time spent training, reducing user error, and lowering the energy it takes to maintain multiple systems.