One of the major aspects that makes a business successful is having knowledge of inventory management. Knowing what stocks are in demand, where to acquire them, and how to manage or distribute them can greatly contribute to the increase of profits and client satisfaction which would be advantageous to the company. Inventory management is not just about checking what’s available and what’s not—it is about whether the company can produce what its clients need on time. In this article, we will discuss the importance of inventory management, how you can benefit from it, and how to create an inventory checklist that you can use at any time.
FREE 10+ Inventory Checklist Samples
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What Is Inventory?
Inventory is considered as materials important in making goods for sale. Inventory is more commonly known as stocks, which purpose is to be sold for profits. There are currently three types of inventory, namely: raw materials, work-in-progress, and finished goods. Inventory management pertains to the act of ordering or storing stocks, a process that is extremely vital in supply chain management. On the other hand, inventory control is a method used by business owners to make sure that there are enough stocks to fulfill the market’s demands.
How to Make an Inventory Checklist?
To effectively manage and control inventory, it is important that you have a handy tool that you can use to write them down. In the following paragraphs, we will help you create an inventory checklist that you can utilize for your business or in your home with the steps we have provided below.
1. Pick The Right Checklist Template
The very first thing you will have to do in the process of making an inventory checklist is to get the right material for it. For this step, we strongly suggest that you get a template so you don’t have to start from scratch. A template is also preformatted, meaning that there is no need for you to manually design it from the get-go. Of course, you will need to pick the right format for its appropriate purpose, otherwise, you would have only spent your money on nothing. A template can also be stored in digital format, so you can either edit your inventory online using a spreadsheet or print it anywhere you are.
2. Write the Stock Details
Next, make a detailed and comprehensive list of all your personal, store, or business products. Write them down starting with the brand name, product code, and the date of manufacture or expiration date. If you are using the checklist to do a thorough inspection of your inventories at home, you start with the description of the material (e.g., chairs, tables, etc.). Then, write down the total number of the products or items next to it (depending on the placement of the amount category in your checklist).
3. Include The Price
Whether it is for business or for personal use, you still need to write down the amount of the product or item on your checklist. This is very important so that you will know how much you have acquired the item and how much you will sell it for. If you are preparing the checklist for home items, you only need to write the exact price of the material from when you bought it.
4. Update Your Checklist
If you want to make sure that there is no shortage of your items and you want no delay in deliveries from your supplier, it is very important that you update your checklist always. One of the many problems when it comes to managing a business is that most employees or owners do assume that there are still supplies available when in fact they are already out of stock. This will be harder for you to gain profits since your clients will go somewhere else to look for an item that you cannot provide.
How should I make my inventory checklist a permanent part of my business?
For you to utilize the inventory checklist effectively, we highly recommend that you make your own online inventory sheet tracker go along with it. When you have a digital inventory, it is easier for you to transfer any and all information from your printed checklist so when you lost it, you will still have a backup.
What other categories should I include in my business inventory checklist?
Another thing that you can include in your business inventory checklist is the storage area of your products. This will literally help your employees locate the items quickly especially if they are new to the company and are still under training.
What are the benefits of having a checklist?
A checklist helps you identify what tasks you need to complete so that you won’t have to tediously repeat them. In the case of inventory, a checklist helps you determine the products that you need to order, store, or dispose of with a detailed accounting of every single item.
Inventory is one of the core components of a business, and that is why you need to make sure that it is managed and controlled properly. If you want to do effective inventory management, then best to get a tool that you can access at any time. Download our editable and professional inventory checklist templates today and kick-start your tasks without any difficulties.
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